Definitions
Your policy's definition of disability is of paramount importance. It should clearly state that...if you are unable to perform the primary duties of your own occupation because of illness you are disabled. There are policies that indicate that you are disabled if you cannot perform duties in any occupation. Avoid them. You are a Surgeon...and through an automobile accident...you have the nerves in one of your hands badly damaged. If you...
have a good
disability policy
you are considered disabled and after the policy's elimination period you will begin receiving income from it. You may be able to practice in some other area of the medical field, may be in an advisory position...had the definition been any occupation...you would not get paid by the
insurance company.
You should also pay special attention to whether or not your disability insurance policy has a clause which covers you for partial or residual disability. After a while, and with treatment, you start to receive feeling in your hand. You want to go back to your profession but you can only perform some of the duties in your own occupation. You can, but with a reduced income from the policy.
When purchasing your professional disability insurance policy you should make certain that your policy is non-cancellable and guaranteed renewable. This guarantees that it cannot be canceled by the life insurance company at any time and the terms and conditions of the policy cannot be changed. The premiums cannot be raised for the policy's duration.
