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What You Need To Know About Own Occupation Disability Insurance Policies

Armen Hareyan's picture

Disability Insurance

Purchasing disability insurance, however, can be tricky and expensive.

You've worked hard to get through medical school, gone on to specialize and now, you need to protect one of your most important assets: your income stream, says Frank N. Darras, the nation's leading disability and long-term care insurance lawyer.

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Policy features, advantages and benefits vary greatly. While some policies are iron-clad and pay benefits when you need them, others have holes and can cause financial disaster, should you become disabled.

Darras offers the following tips:

-- Always buy as much individual coverage as you can afford. While doctors think (like everyone else) that they will never become disabled, the reality is that one third of all Americans between the ages of 35 and 65 will become disabled for more than 90 days.

-- Buy your policy as soon as you can, as coverage is the cheapest when we are young and healthy.

-- Even if your practice offers a group policy, be sure you buy your individual coverage first, and pay the premiums for the policy yourself so any benefits will flow tax-free.