Physicians looking for disability insurance will quickly learn from a simple online search that companies preach, “Discounted, Own Specialty Disability Insurance.” The importance may get overlooked as a physician digs deeper into possible contracts, trying to understand the specific wording. We recommend not losing site of a discounted, own specialty disability insurance plan by understanding and referencing its core definition.
Discounted
Per Dictionary.com – To deduct a certain amount from (a bill, charge, etc.). Would you prefer to pay the full amount for your disability insurance OR 15%–20%–25% less than full price. Discounted premiums for the life of the policy is our recommendation.
Own Specialty
Purchase a plan that protects you in your own medical specialty. Look for language that states: Total disability means that, solely due to sickness or injury, you are not able to perform the material and substantial duties of your occupation. If you are a physician and have limited your duties to the performance of the usual and customary duties of a Specific Professionally Recognized Medical Specialty, we (the Insurance Company) will consider that specialty to be your occupation.
Read the fine print: Beware of Group & Association Plans that do NOT provide a True Own Specialty of Disability.
Disability
Per Merriam-Webster dictionary: A condition (such as an illness or injury) that damages or limits a person’s physical or mental abilities, the condition of being unable to do things in the normal way: the condition of being disabled, limitation in the ability to pursue an occupation because of a physical or mental impairment. Always check the policy contract language to see how injury, sickness, total disability, residual disability, etc. is defined.
Insurance
Per Investopedia.com: A contract (policy) in which an individual or entity received financial protection or reimbursement against losses from an Insurance Company. Please make sure to purchase protection from a financially sound and reputable insurance company.
If you’re looking for a new policy, or want to make sure your current one meets this definition, contact us for a free (no obligation) quote and review.
