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As a medical doctor or doctor of osteopathy you need to take your time evaluating
the various options for disability insurance. Every contract is not the same,
and in your occupation the same company probably has different classifications
depending on your normal duties at the time you apply for coverage. Disability
insurance is not something you should take lightly, because if you don't pay
attention to the details, as an ophthalmologist you could end up with an inferior
contract. The major reasons we believe you should choose the Berkshire contract
are;
1. Definition of Total Disability
2. Graded Lifetime Benefit Period
3. Residual Disability Rider
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Different Classifications and Definitions
One of the items you must evaluate when choosing a disability insurance policy
is the definition of total disability. Berkshire is one of very few carriers
that offers own-occupation benefits to ophthalmologists, most of our competition
only offers income replacement contracts. Now as an ophthalmologist the length
of your own-occupation period is going to depend on you, and whether or not
you are performing surgery. An ophthalmologist performing surgery falls into
Berkshire's occupational class 3, which means that, if issued, you will receive
a disability insurance policy containing a definition of total disability that
offers true own-occupation benefits for the first five years in each claim.
After five years in the same claim, it becomes a modified own-occupation definition
of total disability.
An ophthalmologist that does not perform surgery can apply for a disability
insurance policy with a definition of total disability that offers true own-occupation
to age 65 with no modification to the benefits after five years in the same
claim. If you do not perform surgery, when you request a quote from our web site
please make sure to note that you do not perform surgery.
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X45 Graded Lifetime Benefit Period
One of the best features offered by any insurance company is the graded lifetime
benefit period. This is the forgotten option when it comes to disability insurance,
and Berkshire offers this benefit to ophthalmologists. If you ever became permanently
disabled, and unable to bring home your normal income, would you want your benefits
to stop at age 65? What will you do for income after age 65, because odds are
that you have not been able to fund your retirement plan as well as you had
hoped if you have been collecting long term disability payments for several
years. Depending upon when a disability began, a graded lifetime benefit period
may continue to pay your disability insurance benefits to you for as long as
you are still living and disabled. Every day we shock people when we show them
that a graded lifetime benefit period is really not much more expensive than
a benefit period to age 65.
Residual Disability Rider
Another strength of the Berkshire disability insurance policy is the residual
disability rider. Berkshire's ProviderPlus policy (Forms 1100, 0100, 2100) has
a residual disability rider that does not require a loss of time or duties to
collect benefits, the primary requirement is that because of sickness or injury
your loss of income is at least 20% of your prior income. As an ophthalmologist
your time devoted to certain duties, or the amount of time you spend on certain
duties does not necessarily translate into income, why would you take a policy
that pays residual benefits solely based on a loss of time and duties? The Berkshire
policy protects what is important, your income.
Contact Our Agency
Thank you for taking the time to review our web site, if you would like to speak
to a disability insurance specialist please call our office today. The toll
free phone number is 888-513-2300, or you can request
a quote which will be completed for you within the same business
day.
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