Unquestionably, the entire medical field is becoming much more specialized with an increasing number of medical specialties branching into subspecialties. Cardiology is certainly no exception with its subspecialties of cardiac electrophysiology, echocardiography, interventional cardiology and nuclear cardiology, each with its own body of knowledge and requisite clinical skills. As one of the highest paid medical specialists, cardiologists have a lot at stake in protecting their particular specialties against the possibility of a long-term disability. Obtaining the right disability insurance for cardiologists shouldn’t be left to a generalist insurance company; rather, it requires a disability specialist who understands their unique needs and knows how to protect their particular specialty.
Cardiologists who practice one of the subspecialties all start out as board certified general cardiologists. So, it is possible that, if, due to a disability, they were unable to perform the material duties of their specialty, they would be able to function as a general cardiologist. The critical issue for cardiologists is that such a transition following a period of recovery would most certainly result in a loss of income especially if they need to limit the number of hours they work.
Obtaining disability income protection that covers a medical specialty is of vital importance to cardiologists. Without specialty specific language as part of the “own occupation” definition of disability, your policy many not pay benefits if you’re able to function or be retrained to work in another medical specialty or occupation.
Cardiologists Need Specialized Disability Coverage
Regardless of your specialty or subspecialty, as a cardiologist you have too much at stake to leave your most valuable asset under-protected. Nothing less than a specialized disability insurance plan customized to your specific situation can provide the optimum level of protection. At a minimum, disability insurance for cardiologists should include:
- A Specialty Specific Own- Occupation definition of disability which states that, if due to a sickness of injury, you are unable to perform the substantial and material duties of your occupation, you are eligible to receive benefits even if you are able to earn an income from any other source. *Cardiologists should seek to obtain the longest, true own-occupation coverage available.
- Guaranteed Increase Options that allow you to purchase additional monthly benefits without evidence of insurability.
- A Residual Income Rider that will pay benefits on a proportionate to your loss of income due to a partial disability.
General cardiologists are eligible for the most favorable occupation class offered through many disability insurance carriers. So, if you’re planning to eventually practice as an interventional cardiologist, it’s recommended that you obtain the best possible disability coverage now as it can save you as much as 20 percent on your premium. It’s important to note that, if your current policy includes specialty specific language, it will continue to cover your subspecialty of interventional cardiology.
With your future financial security at stake, your disability income plan is the most important component of your overall financial plan; so it shouldn’t be left to off-the-shelf solutions or general insurance agents to ensure your most valuable asset if fully protected. Doctor Disability specializes in developing customized long-term disability income solutions for cardiologists. Our teams of disability specialists has access to world class resources and the top tier specialty insurance carriers with the expertise to match your specific needs to the most effective disability insurance plan at the best value.
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