Ophthalmologists possess rare cognitive and motor skills. Disability insurance for ophthalmologists protects the income that these skills generate. Below are 4 key guidelines to follow when exploring disability insurance for ophthalmologists.
- Own Occupation Definition of Disability – It doesn’t take much to disable an ophthalmologist. It is critical that an ophthalmologist have an own occupation coverage definition of disability so that the full disability benefit is received as long as the ophthalmologist cannot practice ophthalmology.
- Partial/Residual Benefit – This pays a portion of the monthly benefit if able to practice ophthalmology 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 in any way. Guaranteed renewable alone may be enough for ophthalmologists 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 an ophthalmologist’s lifetime earnings potential, even though he/she is no longer medically disabled.
If you are an ophthalmologist or other physician in search of the most comprehensive and cost-effective disability insurance, contact us to review the disability insurance available to you.