A smooth running medical practice can come to a screeching halt with a disability. You can lose everything you so painstakingly set up within no time. That’s why insurance experts recommend high limits disability insurance. Are you wondering how it can help you?
You don’t think twice about insuring your most precious possessions. But you probably overlook the fact that your most precious asset is your health. How about insuring it with one of the most comprehensive policies?
What is High Limit Disability Insurance
High limit disability insurance is a simple way of ensuring that your medical practice does not come apart if you cannot work because of a serious illness or a permanent disability. It can help you keep covering the running costs until you can recover or make an alternative arrangement.
High-limit disability insurance for physicians is designed for high-income earners. Depending on the plan you choose, you can get a compensation of around 65 percent of your regular income. You can take that compensation percentage even higher by smartly combining multiple disability income policies. Choosing one of the best disability companies can assure you of timely and hassle-free protection.
How To Ensure Continuity
It takes years of commitment and hard work to become a licensed physician. It takes some more years to establish a steady and successful practice. When you are so highly trained and successful, and when the lives of others depend on your health and abilities, you must not put anything at risk.
By investing in healthcare professionals disability insurance from a leading insurance provider, you can mitigate the risk of premature termination of your practice or a halt to your work because of an illness or disability. You will get monthly benefits commensurate with your earnings so that your life does not come to a grinding halt. A well-chosen plan can help you get at least 65 percent to 70 percent of your income. It will help you run your business uninterruptedly till you recover or till the term of the policy.
If you choose your physicians disability insurance plan smartly, you can also earn a lump sum benefit if your disability is permanent. It can help you recoup future earnings losses as the benefits can be multiple times your annual income.
Worried about the premium you have to pay for the best disability insurance policy? Premium rates depend on your age, gender, and monthly benefits. Premium will also depend on factors such as occupational classifications and riders. The younger you are, the lower your cost of the premium will be.
Before deciding on a high limit disability insurance plan, you must also understand the recovery benefits. Some policies come with unlimited recovery benefits inbuilt in the residual disability rider. For some plans, the recovery benefit is available as a separate rider. Make sure you get a clear picture from an experienced disability insurance broker before signing on the dotted lines.