As a veterinarian, you face the risk of getting hurt on the job, especially if you work with large animals. It is not uncommon for vets to suffer injuries or illnesses that leave them permanently or temporarily disabled. Should the worst strike, having disability insurance for practicing veterinarians can protect you from devastating financial consequences.
If you’re looking to buy disability insurance, you may wonder what features to draw attention to.
Before we get to that, let’s keep one thing clear; no two insurance policies are the same. They should design your plan with features that meet the unique circumstances of your case.
Here is what to look for in a veterinarian disability insurance.
1. Waiting Period
An insurance policy will have a waiting period, also referred to as the elimination period. You cannot receive benefits during this period, which is often between 14 and 180 days from the date you are disabled. The longer your waiting period, the lower cost of premiums. A 90-day elimination period is considered the sweet spot.
2. Benefit Period
The benefit period is a standard feature. When we say a maximum benefit period, we mean the timeframe within which a policy is guaranteed to pay benefits. Once the period elapses, you won’t receive benefits, even if you can’t continue working.
The benefit period can last a few months or until you reach the retirement age.
Longer benefit periods will attract a higher coverage cost. Suppose you purchase a veterinarian disability insurance plan that lasts until age 65, and you, unfortunately, become disabled at age 40. The policy will keep paying benefits until you turn 65. That’s why this type of protection costs more.
3. Monthly Indemnity And Limitations
Monthly indemnity is the income you’ll receive until the end of the benefit period. The best disability insurance for practicing veterinarians should offer guarantees on the level of benefits as long the insured meets the policy terms and definition of disability.
Please note that an insurance company may limit benefits depending on the type of disability suffered.
4. Coverage Changes and Renewability
Insurance policies are subject to change. Some changes could lead to an increase in your premium rates.
If you want coverage that will not affect your premium schedule and benefits in the future, you’ll want to purchase a non-cancelable and guaranteed renewable policy. With this type of plan, it is the policyholder who can allow changes.
A guaranteed renewable policy will not offer you enough security, as the decision to raise your coverage rates belongs to the insurer. However, increasing premium happens under certain circumstances.
Consult With The Experts in disability insurance for practicing veterinarians
We did not provide an exhaustive list of veterinarian disability insurance features. Each case is unique. The best way to go about purchasing the right plan is to discuss your income protection needs with Total Planning Veterinary Services.
Experts will evaluable your case and recommend solutions based on individual specifications, such as level of income, monthly expenses, training, and education.