Mar 17, 2023 - Disability Insurance for Doctors, Long Term Disability Insurance by Seltzer & Associates
Long-term disability insurance is a financial protection against income loss if you become disabled and are unable to work. This investment in your future can provide peace of mind by providing replacement income when a disability prevents professionals from maintaining their careers and livelihood. In professional careers, such as doctors, the disability insurance coverage contracted for at the beginning of a medical career may no longer be adequate as a doctor’s career grows and develops. Fortunately, disability insurance companies offer a variety of policies and riders that can augment coverage to adjust to a doctor’s changing needs over a career. One of these riders is called a future increase option or future purchase increase. This optional, additional disability insurance coverage allows the disability insurance benefit to grow as a professional grows in their career. Insureds are able to secure this option early in their careers at a lower premium rate and increase their disability insurance coverage as their income increases.
There are several policy provisions to consider when you are selecting your disability insurance policy. You will want to pick a policy that will provide income replacement coverage that will meet your needs now and in the future. This is a difficult balance to strike as high premiums for benefits and additional rider coverage can be challenging for medical professionals starting out their careers and not yet earning their full potential. You do not want to limit your ability to obtain adequate coverage in the future or have to complete additional applications and qualification screenings in order to obtain adequate coverage in the future. This is where a future increase option can set doctors up for financial security by allowing an increase in the amount of disability insurance benefit to be awarded when a doctor is unable to work due to a disabling condition.
A disability insurance lawyer can help explain your private disability insurance policy and the applicable riders that may provide you additional replacement income funds should you become disabled and unable to continue working in the medical field. Seltzer & Associates has decades of experience representing doctors nationwide in their pursuit of disability insurance benefits. If you have questions about your claim for disability insurance benefits and the additional provisions you may have in your contract, you should consult with Seltzer & Associates about your coverage and disability insurance benefits.
Understanding Future Increase Options
Future increase options for long-term disability policies can help you by allowing your disability insurance coverage to grow as your career and income grow. Your disability insurance policy can have an upper limit of replacement income you can be awarded if you become disabled and need to rely on your disability insurance benefits. You will not always have the opportunity to buy additional disability insurance coverage as you advance in your career, at least without applications that can be time intensive, medically invasive, and costly in regard to additional premiums. The future increase option rider allows for your disability insurance coverage to increase as your career grows and your monthly income increases, thereby protecting a larger portion of your lifestyle by covering expenses that are likely to increase as your income grows. For example, after years of practicing medicine physicians are more likely to have additional expenditures for home and car purchases and supporting dependents than when they were first starting their careers. Not filling the gap of increased income can leave a shortfall of income even with the assistance of disability insurance benefits if you become disabled and unable to practice medicine.
You will need to review your disability insurance contract to know when you are able to exercise this option and what increases are available according to your policy. Just as with all disability insurance matters, paying attention to deadlines for your future increase option is critical to success in obtaining your financially-secure well-being when you are facing a disability crisis.
Other Disability Insurance Riders to Consider
The future increase option is not the only additional policy you may wish to purchase when you are selecting your disability insurance coverage. Some insurance policies exclude coverage for a number of scenarios, such as only providing coverage if the insured is totally disabled. It is a good idea to explore your individual disability insurance options and select the coverage that is right for you. These additional disability insurance riders for doctors may include:
- Disability insurance benefits to cover a disability that prevents working in any occupation
- Loan repayment for medical school loans
- Coverage that specifically provides disability insurance benefits when the disability is related to mental or nervous disorders or addiction
- Cost of living adjustment coverage
- Catastrophic injury coverage
Regardless of the options you select, your disability insurance benefits should be available to you when you need them. Do not leave yourself financially vulnerable if you become disabled. Doctors suffering from disability need to work with an experienced long-term disability attorney to secure their benefits and obtain the full coverage of disability insurance benefits to which they are entitled. Seltzer & Associates is ready and available to help you with your disability insurance claim.
Make Sure You Are Seeking All Your Disability Insurance Benefits
If your disability insurance claim is denied and you are appealing the decision, you need to make sure that your disability insurance attorney knows that you have a future increase option rider. This will allow your disability insurance lawyer to evaluate the correct amount of money you are owed from the time of denial and what your future payments should be with the augmentation allowed by the future increase option. This may also become important if you need to pursue litigation to secure your disability insurance benefits. Seltzer & Associates has experience litigating disability insurance claims and obtaining favorable settlements for clients to secure their financial well-being when a disability prevents them from working.
Schedule Your Free Consultation
If your disability insurance claim is denied, you should discuss your disability insurance policy and riders with an experienced nationwide disability insurance lawyer. Contact Seltzer & Associates online or by calling 888-699-4222 to schedule your free consultation to discuss your claim for disability insurance benefits.