Why Should a Physician Have Disability Insurance?

As a physician, it is important to understand the crucial need to protect ones income with physicians' disability insurance. Most physicians likely have experience with the fragility of the human body and also its great resiliency.
Why Should a Physician Have Disability Insurance?
A physician's skills lie in his or her knowledge and ability to physically and mentally apply that knowledge. A physician has made an extraordinary investment in time and money to get where he is today and his family's continuing financial well-being is tied to the application of that medical knowledge and skills. The right disability policy protects that investment.
If a physician is unable to perform his duties, he should be aware of the need to insure the replacement of that income with quality disability insurance from the right insurance company.
What are some of the attributes to look for in physician disability insurance?
A disability insurance policy for a doctor should:
• Be backed by a financially strong disability insurance company with top financial strength ratings from the independent rating services. Financial strength is the first consideration. After all you will be making a "deposit of your future earnings" with this financial institution in the event of your disability i.e. they'll be the "bank" that holds your income. Make sure it's strong.
• A physician's disability insurance policy should have an "Own Occupation" definition of disability. The insurance policy should define disability as the inability to perform the material and substantial duties of your occupation known as the "Own Occupation" definition of disability.
• Ideally the disability insurance policy should have an even stronger own occupation definition of disability – It should define your occupation not only as a physician but further define your occupation as your specialty.
• There are more important issues to consider including the important issue of recovery benefits. These differ widely among companies.
One should get a physician disability insurance policy for a doctor that covers loss of income during recovery versus one that defines residual disability as "time and duties."
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Author Bio:
Author, Neil Willner, owner of ProtectYourIncome.com, Disability Insurance Online, provider of disability insurance quotes and information, writes articles on disability insurance for ProtectYourIncome.com. For more information, visit http://www.ProtectYourIncome.com.