Disability insurance is something that any professional should consider having. As a person's profession becomes more and more specialized however, having Disability income insurance becomes more important. One profession for which Disability insurance is very popular is the medical/health care community. Health care professionals are not only exposed to debilitating illnesses and injuries every day, but also work very hard at achieving their level of specialty and income potential. By the later years of residency, most medical residents are already beginning to look into Disability insurance.
Medical residents should be aware that purchasing Disability insurance can be more complex than just requesting quotes and looking for the least expensive option. In fact, although pricing can be important, it should be one of the last things that is considered. Prior to considering the pricing of a Disability income policy, medical residents should learn about the various definitions and provisions that exist within a Disability contract. Additionally they should also consider the various options that exist in terms of paying premiums.
Medical residents should focus on looking for specific provisions within a Disability contract that will help to effectively protect their income. To assist in the process of shopping for Disability insurance, the following is a list of important provisions to look for:
-Renewability Provision: Noncancellable and Guaranteed renewable
-Definition of Total Disability: True Own-Occupation, Modified Own-Occupation
-Residual Disability benefits: Provide benefits for partial disability claims
-Benefit limitations: Avoid 24-month benefit limitations on mental/nervous claims, if possible
Optional Riders.圣基茨护照
Although there are many more provisions included in a Disability insurance policy, these are some of the ones that should be compared and reviewed most carefully. Since no one knows how, when, and for how long they may become disabled, it is impossible to know exactly what provisions will or will not be needed. Therefore the best thing to do is purchase the most comprehensive and liberal policy available, with the intention of protecting against as many circumstances as possible.
In shopping for a comprehensive and quality policy, medical residents may experience some level of "sticker shock", meaning the price for Disability insurance is slightly higher than expected. Although a resident's income will increase after residency, there are many financial obligations that may exist and for that reason, it is important to be conscientious of the two payment options that are available. Medical residents can purchase Disability insurance that has a Level or Graded premium schedule.
Not all insurance carriers offer Graded premium schedules, but it may be worth considering. A graded premium schedule is designed to increase over time - which allows for extremely low costing premiums during residency and the earlier years of practicing, but higher costs in the later years. Once the level premium schedule is more affordable, residents can submit a request to the insurance carrier to structure the premiums on a level basis. Although the level premium will be higher by that time, it may be worth the liquidity that was created throughout the earlier years.
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