Cardiologists are some of the most highly-trained physicians; completing up to 7 years of postgraduate training. Disability insurance for cardiologists protects the income that is generated by the skills learned during training. Below are 5 key guidelines to follow when exploring disability insurance for cardiologists.
- Own Occupation Definition of Disability – It is common for cardiologists to subspecialize. It is critical that a cardiologist have an own occupation definition of disability so that the full disability benefit is received as long as the cardiologist cannot practice cardiology or his/her subspecialty.
- Partial/Residual Benefit – This pays a portion of the monthly benefit if able to practice cardiology on a part time basis. All claims either begin or end on a partial basis, so this benefit is critical.
- Non-Cancelable and Guaranteed Renewable – This ensures that the insurance company cannot raise rates or modify the policy in any way. Guaranteed renewable alone may be enough for cardiologists older than age 50.
- Recovery Benefit – This allows for benefits to continue beyond recovery if still suffering a loss of income. A long term disability can derail a cardiologist’s lifetime earnings potential, even though he/she is no longer medically disabled.
- Are you engaged in invasive procedures? It is important to disclose whether you perform invasive procedures in order to ensure you are provided accurate quotes. Some companies class invasive cardiologists differently than non-invasive cardiologists.
If you are a cardiologist or other physician in search of the most comprehensive and cost-effective disability insurance, contact us to review the disability insurance available to you.