What Riders Should Be In Every Medical Professional's Disability Insurance Policy?

What disability insurance riders should every medical professional purchase and make part of their disability policy? Every medical professional should have a customized own occupation disability insurance policy. That will provide you with financial peace of mind and security if you are to become disabled. But your agent is going to offer you a number of riders. Which ones are worth the extra cost? These riders can include residual disability, inflation protection, future purchase options, catastrophic disability, retirement benefits. Let's find out which is the right rider for you. There is no doubt that disability insurance is expensive but adding riders to the disability policy can be money well spent. Your agent is going to offer you a smorgasbord of riders. But not all rider options are created equal. Let's learn more. Which riders should you pass on and why? Inflation protection index your benefits to inflation. It's normally based on the CPI index. I think it's a waste of money in view of the state of the United States economy. A retirement benefit rider requires the insurance company to put some money into some type of retirement investment in addition to paying your monthly benefits. Since these are insurance products and not traditional retirement investments I pass on it because it's lining the pockets of the insurance company. A better option is a higher monthly benefit that you can use and invest as you see fit. So what rider is a maybe? Well a catastrophic disability benefit will pay for care if you're unable to do two or more activities of daily living as a result of disability. This rider might be an option if you have a family history of disease such as multiple sclerosis, Parkinson's, autoimmune disorders or dementia. Purchasing this rider can be a tough call. It might be wiser again to simply purchase a larger primary benefit. What riders would you be a fool not to purchase? The future purchase option allows you to increase your benefit amount at a later date without having to undergo a physical or deal with a pre-existing condition exclusion. This allows you to increase your benefits as your income increases with minimal hassle. Residual disability option is a must. It should be purchased by every medical professional. Residual disability benefits are paid on a monthly basis when you lose at least 20 to 25 percent of your monthly income as a result of your disability. The amount of the residual payment is generally based on the percentage of your loss and it's calculated monthly. This formula will vary from disability carrier to disability carrier so you've got to read the fine print in your rider closely. The residual disability benefits can allow you to continue to practice until you decide to retire or you can no longer work. If your monthly loss of income is between 75 to 80 percent you're normally paid residual benefits as if you're totally disabled. In other words you can earn 20 to 25 percent of your before monthly income and collect the full amount of your total disability benefits. The residual disability option gives you the control over your return to work. Otherwise you're going to find yourself in an all or nothing total disability situation. This gives you options. Do yourself a big favor. You owe to yourself and your family to purchase an individual disability policy from an independent agent and you should have those proposed policies and riders reviewed by an attorney such as myself. Yes I know you're probably going to pay more but you're going to get a tailored personal protection that you can count on. Don't make a mistake that can rob you of your peace of mind and financial security. Call me today at 727-894-3188. If you have questions about buying a disability insurance policy, increasing coverage, or applying for your benefits I'm the right call 727-894-3188.