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disabilityincomepro.com
DI for Opthalmologists
As a medical doctor or doctor of osteopathy you need to take your time evaluating the various options for disability insurance. Every contract is not the same, and in your occupation the same company probably has different classifications depending on your normal duties at the time you apply for coverage. Disability insurance is not something you should take lightly, because if you don't pay attention to the details, as an ophthalmologist you could end up with an inferior contract.
The major reasons we believe you should choose the Berkshire contract are;
1. Definition of Total Disability
2. Graded Lifetime Benefit Period
3. Residual Disability Rider
Different Classifications and Definitions
One of the items you must evaluate when choosing a disability insurance policy is the definition of total disability. Berkshire is one of very few carriers that offers own-occupation benefits to ophthalmologists, most of our competition only offers income replacement contracts. Now as an ophthalmologist the length of your own-occupation period is going to depend on you, and whether or not you are performing surgery. An ophthalmologist performing surgery falls into Berkshire's occupational class 3, which means that, if issued, you will receive a disability insurance policy containing a definition of total disability that offers true own-occupation benefits for the first five years in each claim. After five years in the same claim, it becomes a modified own-occupation definition of total disability.
An ophthalmologist that does not perform surgery can apply for a disability insurance policy with a definition of total disability that offers true own-occupation to age 65 with no modification to the benefits after five years in the same claim. If you do not perform surgery, when you request a quote from our website please make sure to note that you do not perform surgery.
X45 Graded Lifetime Benefit Period
One of the best features offered by any insurance company is the graded lifetime benefit period. This is the forgotten option when it comes to disability insurance, and Berkshire offers this benefit to ophthalmologists. If you ever became permanently disabled, and unable to bring home your normal income, would you want your benefits to stop at age 65? What will you do for income after age 65, because odds are that you have not been able to fund your retirement plan as well as you had hoped if you have been collecting long term disability payments for several years. Depending upon when a disability began, a graded lifetime benefit period may continue to pay your disability insurance benefits to you for as long as you are still living and disabled. Every day we shock people when we show them that a graded lifetime benefit period is really not much more expensive than a benefit period to age 65.
Residual Disability Rider
Another strength of the Berkshire disability insurance policy is the residual disability rider. Berkshire's ProviderPlus policy (Forms 1100, 0100, 2100) has a residual disability rider that does not require a loss of time or duties to collect benefits, the primary requirement is that because of sickness or injury your loss of income is at least 20% of your prior income. As an ophthalmologist your time devoted to certain duties, or the amount of time you spend on certain duties does not necessarily translate into income, why would you take a policy that pays residual benefits solely based on a loss of time and duties? The Berkshire policy protects what is important, your income.
Feel free to contact one of our disability insurance specialists. We can help you find answers about every major insurance company's disability insurance contract.
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W-2 Employees |
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