Most physicians, especially the busy ones, have little time to think about the possibility and effects of suffering a debilitating incident. Statistics prove that busy professionals have a greater chance of suffering a severe disability that can put them out of action for long. To manage the financial implications of such a situation, you will need the support of disability insurance to cover the risk.
What Is High Limit Disability
High limit disability insurance is the right option for those who need a good flow of income to cover their expenses when they cannot work. However, given the complex nature of insurance policies, you may need the right advice and proper guidance to purchase the right high limit disability insurance. There are many options available now when compared to the past. These options offer more flexibility and can be tuned to meet your specific income needs.Basic physicians disability insurance plans can protect just 20 to 50 percent of the income of a highly paid professional such as a doctor or a dentist. If you are looking for monthly compensation of around 70 percent of your income, high limits disability insurance is a perfect choice.
Covers Your Income Risk To The Maximum Extent
For individuals as well as professionals, disability insurance can be purchased on a group or single basis. You must find a reliable disability insurance broker to access the best options. The best high disability income insurance plans can cover your risk to the extent of 70 percent of your current income following an event that puts you out of action for an extended period.
Group disability income insurance is provided by the employer or a sponsor of a professional association. If the hospital you are working for provides group long-term disability insurance, make sure you have one that does not end when you change jobs. High limit disability insurance plans are available that allow continuous protection even when there is a job change.
If you believe the group disability insurance policy you are currently enrolled in is not comprehensive enough, you can purchase a high limit disability insurance policy without affecting the group policy. The benefits of your disability insurance policy may or may not be taxable, depending on who pays the premiums.
Why You Must Consult a Reliable Broker
High income disability insurance service is specifically designed for professionals who draw a high monthly salary. However, it must be noted that as income increases, the participation limits of disability income insurance providers decrease. A rising income may entail investing in multiple disability income policies to achieve around 60 to 70 percent of income for a highly compensated physician or a dentist.
If you are looking for an even better disability income insurance plan, you can consider guaranteed income insurance. These are available without having to answer any personal or medical questions. However, you will have to meet specific terms and conditions to qualify.
Many physicians and dentists who earn a high income are not aware of this type of disability insurance service. Talking to a reliable and experienced broker specializing in high limit disability insurance can help you explore the best options.