Getting disability insurance is not something very exciting to think about, but ignoring it is also not something wise, especially if you are a veterinarian. A veterinarian handles animal well-being and, to do so, exposes them to wounds, injuries, infections and animals.
Examining animals to diagnose their health problems, treating and dressing wounds, performing surgeries on animals are all part of their job. This job comes with a considerable amount of risk which is associated with animal attacks and infectious agents which can lead to disabilities. Therefore, it is of utmost importance to veterans to get disability insurance done.
Veterinary disability insurance
The definition of disability will determine the quality of the plan and the disability benefit you will receive. To get a good disability plan, you must focus on the definition of disability within your contract. The waiting period before you are paid an income, your ability to make a partial claim, or a claim based on loss of income.
A disability claim generally falls under two categories which are own occupation, and any occupation. Own occupation policy defines “total disability” as a condition that prevents the insured from performing the substantial and material duties of their regular occupation.
While an any-occupation policy will simply define “total disability” as being unable to work in any occupation.
As a veterinarian, you must have “own occupation policy” to get the best deals. Especially if you are in the early stage of your career and want to pursue further specializations. A disability insurance for practicing veterinarians includes:
– Start date or waiting period, which is the number of days you need to wait to qualify to receive your disability benefits. This period starts from the date you are disabled and in the case of a veterinary, it’s a 30, a 60, or a 91-day benefit start date.
– Proportionate disability means if you are working as a disabled person in any gainful occupation, in this case, they compare your current salary to your prior salary and the difference% is the amount you receive as a benefit.
– Partial disability means how much work potential you are left with. It means how much monthly benefit the insurance company will pay you if you couldn’t do one or more of your daily work duties or if you can only spend half time or even less than that at work.
– Prior earned income is the highest average monthly earned income over a set period. This income determines your income loss when you make a proportionate claim.
– Future savings protection provides payment of monthly savings benefit, if you are disabled and not working in any gainful occupation.
– Return on premium, which allows you to receive a part of your premium paid to you after the policy is in effect for a certain length of time.
Veterinarian disability insurance includes other things like cost-of-living change and future earning protection. All the terms and conditions must be properly read and reviewed before finalizing a plan. As a veterinarian, you must conduct an annual examination of your insurance portfolio with the help of your financial adviser and get the disability insurance covered.