Why Professionals Choose Private Disability Coverage
By DJ on Aug 23, 2008 in Health/Medical
When you consider the fact that every time you get paid, a portion of your income automatically goes into the Social Security system to provide an income for the retired and disabled, it’s easy to assume you don’t need to carry your own disability insurance. The trouble is, state-funded disability payments are strictly regulated and can be difficult to get approved for, regardless of your contribution to the system.
Many employers provide access to a group disability insurance policy – typically enabling workers to purchase coverage for up to 60 percent of their salary. For some, there is even the opportunity to bump this coverage to 80 percent, making group options very attractive. However, if you are a trained professional with a particularly lucrative set of skills, own occupation disability insurance might be a better way to go.
Disability insurance for physicians is an important part of responsible financial planning for doctors interested in making sure their income and lifestyle are protected in the event of an accident or illness preventing them from returning to work. Dentist disability insurance is another specialized type of coverage that is designed for professionals with a particular set of skills. By purchasing an own-occ insurance policy, you are better suited to guarantee your income level regardless of injury or illness.