The work activities of dermatologists require high-level cognitive functioning and certain motor skills. Disability insurance for dermatologists protects the income that these work activities generate. Below are 4 key guidelines to follow when exploring disability insurance for dermatologists.
- Own Occupation Definition of Disability – Disabled and can’t practice dermatology but can still teach dermatology? Dermatologists with own occupation protection would still receive their full benefit in that scenario.
- Partial/Residual Benefit – This pays a portion of the monthly benefit if able to practice dermatology on a part time basis. All claims either begin or end on a partial basis, so this benefit is just as critical as own occupation.
- Non-Cancelable and Guaranteed Renewable – This ensures that the insurance company cannot raise rates or modify the policy. Guaranteed renewable alone may be enough for dermatologists 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 dermatologist’s lifetime earnings potential, even though he/she is no longer medically disabled.
If you are a dermatologist or other physician in search of the most comprehensive and cost-effective disability insurance, contact us to review the disability insurance plans available to you.