Many people, including doctors, ignore disability insurance while buying insurance products. 

It is possible that a broker advisor never suggested it. 

On your part you may assume that a disabling event will never happen. As a doctor you are careful. You will never get into a car crash, have a heart attack, a stroke or aneurysm. We believe these are the things that happen to other people. 

All that was until recently. Now the media is full of disability news stories caused by coronavirus. 

And not surprisingly, you hear some of your friends or close ones in dire financial trouble due to their partners’ covid -19 illness. 

If you are lucky that your employer is offering disability protection insurance, then there is no need to bother.

Otherwise, you must buy one. But how do you go about it? When you browse through the internet, providers are many, and products even more to confuse you. 

May was the disability insurance awareness month. The internet was replete with disability stories and disability podcasts. It was the time to understand and make a strategy for disability protection. 

Do not fret if you missed it. It is still never too late to buy a disability cover. 

Should you consult with a broker agent advisor? 

Of course, you must, because a broker advisor has better insights into various insurance policies, the pros and cons of each and other matters. 

Nevertheless, your practice, income and needs are unique. Even while consulting the best agent in business, never fail to ask the following questions. 

1.What is the difference between short-term disability insurance and long-term disability insurance?

Get to know whether there are short-term products that run longer than 3-6 months. For the long-term policy, ask the duration of coverage, and the waiting period before the benefits start kicking in.

2.What injuries and illnesses does the policy cover?

Every plan has its own definition, so it is important to understand this aspect. Keep in mind most disability insurance policies do not cover

• Injuries suffered during war or rioting
• Self-inflicted injuries 
• Any preexisting condition
• Disability suffered during incarceration 
• Disability during a criminal act 

3.Will I need an individual disability policy if I already have disability coverage through a group plan?

This is important. If you own a group cover, an individual plan may appear redundant. Group plans usually offer lesser benefits than individual plans. So, get adequate clarifications from your broker advisor before making an informed decision. 

4.What amount will the disability policy pay?

Most products pay about 60 percent of your pre-disability earnings. The benefits must be tax free, as they usually are. With a cost-of – living adjustment, the amount you receive can nearly be equal to your pre-disability income.  

You may have many more questions, for example what will happen if you lose your medical license, and if there are any products that do not require underwriting. 

Getting educated by the right source is the key to making informed decisions. One such dependable source is MGIS. It has a long-standing industry reputation for providing top-class insurance solutions to physicians, dentists and other healthcare professionals. 

The provider’s specialty is group long term disability. MGIS has gained wide acceptance for its excellent product design, billing services and end-to-end claims coordination.