Physicians
Occupational
Definition Classes
Defines
the circumstances in which benefits will be paid considering your
occupation as a Physician.
Physicians
Occupational
Rating Classes
Defines the chances that a disability will occur
in a particular occupation. The
highest occupational rating class equates to the lowest premium rates.
Physicians should only consider a
disability insurance contract with "specialty own-occupation language".
The policy should deem your specialty as your occupation.
One
should also make certain that the contract offers the longest own-occ
time period available industry wide.
Total disability means
that, due to sickness or injury, you are unable to perform the material
and substantial duties of your occupation. Your occupation by contract
is the occupation/occupations, you are engaged in at the time of
disability. The contract language states your are considered totally
disabled even if you are at work in some other capacity.
Note
the difference between invasive specialty practices and
non-invasive specialty
practices
as it applies to the benefit allowed in the contract. Usually
invasive practices are limited to 5 years of own-occ definition of
disability at which time the definition changes to a modified own-occ
definition.
Invasive Procedures
Physicians in some specialties who don't
perform invasive procedures may qualify for better rates.
These specialties are:
- Cardiologists
- Dermatologists
- Endocrinologists
- Immunologists
- Neonatologists
- Neurologists
- Ophthalmologists
- Pathologists
- Radiologists
- Urologists
Invasive is defined as any surgical
procedure
We will
always strive to seek the carrier with the best possible contractual
provisions for your specialty. Please feel free to call us at 1.888.500.2693 to discuss
your questions and/or your
concerns.
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Surgeons
The disability insurance industry has capped the amount of
individual disability insurance they will offer any surgeon at
$10,000 a month. Some contracts allow for the addition of another
carriers policy, to a total monthly benefit of $15,000. This
language might also apply to other specialties.
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Radiologist
A non-invasive radiologist can usually be covered with a specialty
own-occ policy to age 65 An invasive radiologist can
usually obtain a specialty own-occ policy for the first five years
of the policy, followed by a modified own-occ definition. |
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Residents / Interns
Graded premium schedule allows residents to purchase larger
amounts
of coverage at lower premiums.
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Dermatologist
If you are a non-invasive dermatologist you can generally
receive a higher occupational classification and therefore a
lower premium and a longer own-occ definition period at the time
of claim.
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Cardiologist
Contract language may be different for
performing invasive cardiology as opposed to performing
non-invasive cardiology.
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Optometry
Most optometrists are self employed and have substantial
business overhead. Consider an additional
"professional business overhead expense"
disability insurance policy with coverage of up to $30,000 a
month.
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Anesthesiologist
Most off an anesthesiologist's income is derived from performing
epidurals. Make sure that this procedure is considered in the
own-occ definition of the contract you choose.
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Emergency Room Physicians
Emergency physicians fall into Berkshire's occupational class 3.
Should you become disabled under the terms of the policy,
Berkshire will pay you a pure own-occupation benefit for the
first five years of a claim. After five years in the same claim,
the definition shifts to a modified own-occupation benefit.
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Ophthalmologist
In your specialty different companies will must likely offer
different risk classes which define your normal duties at the
time of application for coverage.
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Dentist
Most companies will now offer the dental specialties an
own-occ definition of total disability to age 65. Some may offer
lifetime benefits. |
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OBGYN
Make sure that the contract defines "obstetrician/gynecologist"
as your occupation, and will pay you if you cannot perform
the material and substantial duties of an
"obstetrician/gynecologist"
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Nurses
Most top rated companies will offer nurses
an own-occ policy provision for the first five years of
disability. |
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Oncologist
Look to include a "residual disability benefit" with
unlimited recovery language
in you policy, to cover partial
disability.
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Veterinarian
A veterinarian should consider covering his/her income, business
overhead, a disability partnership buy/sell agreement if a
partnership exists. |
Related Topics
●
Types of Disability insurance
coverage
●
Renewability Provisions
●
Benefits
●
Definition
of Total Disability
●
Optional
Benefits
●
Residual
Disability Benefits
●
Other
Policy
Benefits
●
Terms
●
Occupation
Definitions
●
Occupation
Class Look Up
Not all insurance products from all insurance companies
are available in all states.
Note:
We do not provide legal or tax advice. The general
information presented on various tax aspects contained in
this site are not intended to be relied upon as tax advice.
Individuals should seek the advice of a qualified tax
professional regarding the taxation of these benefits as
they apply to your particular situation.
These
benefits are offered in all states except: AK, HI, & WY.
License #'s: CA: OC38446 MT: 29724 F00-0283-LC
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