When investing on disability insurance, most of the advice and suggestions that you receive will be to buy a long term policy. There is no doubt that this is good advice but when you look at the complexities of getting the most out of your insurance policy, nothing really is absolute. Hence, even a long term policy can fall short of meeting your needs optimally and there could be gaps in coverage that you will have to fill with additional investments in other policies. This is where the short term policy to cover against disability is considered along with other variants of such insurance. The short term policy also has its utility despite falling significantly short on coverage in relation to customer needs.
Coverage during elimination period
Considering the fact that the average duration of disability in the United States is over 31 months, you must get a long term doctors disability insurance policy. However, at claim time, the benefits of a long term policy could take as long as 3 months to roll out. How are you going to meet your expenses during that period?
This is why experts will always advise you to buy a short term physicians disability insurance which has a maximum coverage period of 6 months. However, the benefits in a short term policy roll out in just 15 days at the most and that can cover you during the long elimination period of your long term policy. A short term disability policy also costs much less and proves to be quite valuable in neutralizing the elimination period of your long term policy.
How to get the most out of your policy
Buying a healthcare professional’s disability insurance is complicated if you consider the benefits that you want from the policy. It would help to know that every long term policy comes with many riders offering additional benefits that you can add to your policy for a nominal additional cost.
In fact, it becomes necessary to add riders to your policy because your long term healthcare professionals insurance policy has several limitations that can result in a fair amount of coverage gap. Since doctors have much higher income than most other professionals, the benefit limitations of a long term policy cannot adequately cover such income. The riders help to close the coverage gap effectively.
You will need the help of a reliable insurance broker
As a doctor, you hardly have the time to balance your personal life with your work and it is always a tussle. If you want to spend all your spare time studying and understanding how an insurance policy works and which riders will work best for you, it could be frustrating. An industry professional like a disability insurance broker is much better placed to help you select the best riders.
Of course, it is important that you select the right insurance broker because there are individuals in this profession that you may not like to hire. Speak to family and friends and ask them to refer you to a broker whose services they found satisfactory. They may or may not represent multiple disability companies but they have the experience and industry insights to know what will work best for you.