Wednesday, October 20Welcome

Getting Disability Insurance is Part of a Doctor’s Occupational Risk Management 

Doctors save the lives of millions of people every year and yet they themselves are exposed to a high risk hospital environment. Here the chances of getting infected by any of the numerous diseases that abound, is very high. As a doctor, you are among those groups of people who earn and live well but have you ever considered a situation where you may not be able to work and earn an income due to disability caused by illness or accident? A lot of people in the healthcare services tend to overlook the chances of falling ill even though they help scores of unwell folks get well. That’s why you need disability insurance for doctors to cover you against any kind of illness-induced disability. 

Most disabilities are caused by illness, not accidents

Contrary to what most people assume, the main cause of disability is not accidental injury but illness. Hence, it won’t be wise to shrug off any suggestion to buy disability insurance for physicians. It would be equally unwise to assume that your accident insurance will cover you against that.  

Accidents also cause disability and depending on the severity of your injury you could be disabled for a year or two if not more. Will your accident insurance cover your expenses during this period of disability? No, it won’t; in that case, how will you pay your bills? That’s a question you ought to ponder upon seriously and look up disability insurance options immediately. 

Get cover against disability but choose the right policy 

It would be a mistake to assume disability insurance as another necessary evil that you need to get done with somehow. With that kind of an approach, you will end up buying a short term healthcare professionals disability insurance. This won’t serve your purpose as it will cover you for a maximum of 6 months. 

If you are disabled for a year or more, a short term policy won’t be of much help. Yes, it is cheaper for obvious reasons but you are not getting insured just to fulfill a formality. Long term disability insurance services will provide a minimum coverage of 2 years and that can extend right up to your retirement age. 

Find a reliable insurance advisor to get optimum cover 

Like all other insurance policies, this kind of insurance also comes with a large number of terms and conditions as well as riders that allow you to customize your policy as per your needs. Unless you are used to it like a disability insurance broker, it would be tedious reading of the policy fine print to understand all of it. With all the time constraints of a doctor, that would be challenging. 

Speak to family and friends to know about a reliable and experienced insurance broker who works for reputable disability companies like MGIS, which offer good policies. You would also like a company that has a good claim settlement record. If the broker is referred by a dear one or a friend who is satisfied with his/her services, there is no reason why you won’t get the same level of services.