To become a physician is a long process as it takes a lot of skill learning and knowledge before you could actually practice medicine. Decades of hard work and a huge pile of money is invested to become a physician. But, there are risks that could show up in your life that would prevent you from being able to accomplish this task and one such risk is disability.
It is estimated that one out of four individuals will be disabled at some point during their career. For a physician medical illness is actually a more common cause of disability that prevents them from working.
There is a perception built around disability that it occurs in a sudden traumatic accident but in general medical illness is a more common cause of disability.
Best physician disability insurance provided by instant disability
Instant disability provides you an income to live on and maintain your lifestyle if you become disabled.
Although the insurance types includes short term and long term policies. But, to cover a huge salary which keeps your living standards on a high profile needs to be ensured for a long term period. Long term disability insurance pays a predetermined amount until you either recover from your disability or reach the age of 65. In certain cases the age bracket restrictions can be removed.
Younger physicians will get the insurance policy in a little cheap price comparatively to the older physicians because they are less likely to have pre-existing medical conditions.
Instant disability extra insurance coverage –the long term disability insurance covers around 60 to 65% of your income. The coverage amount is based on your salary and not according to your clinical productivity. If you’re employed increases your salary based on your clinical productivity then you should be purchasing more disability insurance coverage to maintain the same reimbursement. It’s best to do it as soon as possible because with your increasing age the rates also rise as your risk of disability also increases.
Instant disability not only recommends you best policies but also avoids you to not run into pitfalls ex-Sometimes hospitals also provide you group disability insurance that is usually a cheaper one. This cannot cover most part of your income so better go for individual disability insurance for physicians. Group disability insurance will simply not be enough for you.
Instant disability also provides you free disability riders which you would definitely not want to miss. We also provide cost of living adjustment to the physicians which are based on the inflation rate it is also called as inflation rider. This rider allows your payout for disability to be adjusted based on the CPI.
Best thing about Instant disability insurance company is that we understand the financial requirements of our clients so we have reduced the waiting period to the minimum. As soon as the whole process of verification is done which is called as elimination period your insurance amount will be signed to you for a monthly basis.
Our policies are portable as well as amendable. In case, If you want to get a policy with the future purchase rider that will allow you to increase your coverage amount as earnings rise in later years.