If something should happen to you what will happen to all the people you support. It is not only the family that rely heavily on the income from the main bread winner but what about the investments that you have made as well.
If something should happen to you what will happen to all the people you support. It is not only the family that rely heavily on the income from the main bread winner but what about the investments that you have made as well. It is unfortunate that disability insurance is regarded as a cost but having a good own occupation insurance can protect you, your family and your assets.
Finding the right Occupation Disability Insurance
Own occupation insurance is basically an insurance that will cover you when you are working in the occupation that you were trained in. It must not be confused with the term any occupation disability insurance because the two are totally different. Any occupation disability insurance will generally only pay benefits if the person is not able to work at all. With own occupation disability insurance, you will receive compensation as soon as you are not able to perform the duties that you were trained in.
There are variations to the own occupation insurance whereby some will still pay compensation while you are performing other duties which are not your usual occupation. Before committing to a disability insurance get advice from professional advisers who specialise in disability insurance to ensure you get the one that will suit your circumstances.
You need to consider how much the policy will pay on a monthly basis and for how long. Some will pay 50% of your monthly income but this might not be enough to keep your current lifestyle and the monthly financial commitments. If that is the case then one needs to consider a higher pay out per month which will, ofcourse, come with higher premiums.
You might even be covered at the hospital that you are working but you will need to ensure that if a disability or illness occurs that the compensation will be sufficient. If not it will be worth your while to consider taking a policy that will cover the gap.
You might need to consider policies that allow you to make adjustments. Even though you think that 12 months might be enough for a disability insurance one never knows the actual circumstances. It is also important to take into consideration what happens to the benefit payments if you do find work but in another field.
Disability insurance is becoming more common but it is often overlooked. As intern doctors, it is the right time to start considering how you are going to protect your income. The great thing is that the premiums from a younger age are more reasonable. You would not like a situation whereby you build up your life and having it all taken away by some unfortunate incident. That is the greatest benefit of having an own occupation doctor disability insurance knowing that you will have an income should something go wrong.
There are plenty of Agents and Insurance Brokers that will be able to give you the correct advice. It is important that you understand fully what the policy covers before you enter into an agreement.