Purchasing Disability insurance is an important and responsible thing for any professional to do. Depending on your occupation and interest, there are many ways that a person can obtain Disability insurance: through a group plan at work, individually or even through a professional association. Although many associations offer individual policies, many times they do not offer as quality of a product as is available on the individual market. For Veterinarians who are interested in obtaining Disability insurance, you should be sure to review all options carefully as each can differ greatly.
Although Disability insurance is important for any professional to have, medical professionals are some of the biggest proponents of having it – possibly because physicians and nurses witness debilitating injuries and illnesses every day. Most medical professionals are not only proponents of Disability income but more importantly, understand the value of protecting their specific occupation and using a quality Disability contract to do it.
Sadly, many Veterinarians who are responsible enough to obtain Disability Income insurance just do not give it the due diligence it deserves. Many Veterinarians simply decide to purchase income protection from the American Veterinary Medical Association (AVMA), because it is easy, priced affordably and endorsed by the AVMA, which to some people may imply a high level of quality. The truth is however, that the Disability insurance policy offered by the AVMA is not as good as many Veterinarians would expect.
There are three primary concerns that exist with the AVMA coverage, which can very easily be addressed by individual Disability insurance from most of the major insurance carriers offering Disability Income. The first concern is related to the renewability of these policies. With individual Disability insurance, Veterinarians can purchase Non-cancelable and Guaranteed renewable policies, which guarantees that the pricing and provisions of the contract cannot be changed by the insurance company. With the AVMA options, Veterinarians are forced to purchase a Guaranteed renewable policy only, which means that premiums are susceptible to change.
The second concern relates to the definition of total disability, which may be one of the most important provisions of a Disability insurance policy. When selecting the AVMA option, Veterinarians are provided the option of selecting a Modified Own Occupation definition of disability or paying an additional premium for a definition that closely resembles the True Own Occupation definition of disability. In either situation, Veterinarians that become disabled and unable to do their work will have limited options. With individual Disability insurance purchased separately however, Veterinarians have the option of purchasing a True Own Occupation definition of disability, which truly protects a Veterinarian’s medical specialty.
The third and greatest concern is regarding the Residual Disability benefit of a Disability policy, which provides benefits for partial Disability claims. With most individual Disability policies available from the major carriers, a person does not have to suffer a Total disability for any specific period of time in order to qualify for residual benefits. With most insurance carriers, the only requirement is that a loss of income greater than 15-25% (depending on the carrier) is incurred as a result of debilitating injury or illness. With the AVMA residual Disability benefits, Veterinarians must first experience a total disability for at least 30 days prior to qualifying for any residual benefits. As you can probably imagine, it is significantly more likely to experience a partial disability than total disability – hence the reason why this benefit is so important. Additionally, the way that benefits are paid will vary between the AVMA policy and those available from certain insurance carriers. The differences are substantial and this should be a very important factor to consider for any Veterinarian considering purchasing Disability insurance.
Purchasing Disability insurance is not something that should be taken lightly. Considering that you are likely to pay into this policy for the better part of your working years, shouldn’t it be something that is worth your while and money? As a Veterinarian, you should be concerned with protecting your medical specialty and your ability to earn an income. Review your options carefully and, although it may be difficult, put pricing aside while researching your options. Disability insurance is not a type of coverage that should be based on pricing alone. Prior to making any decisions, you should try to remain unbiased throughout reviewing the contractual differences within your options. To learn more and request information on the options available for Veterinarians, visit Veterinarian Disability Insurance.
