Depending on the risks you face and your responsibilities as a practicing vet, an insurance company will customize your coverage to meet your needs. With sufficient insurance, it protects you from financial losses when you’re ill or too hurt to work. Here are a few features of customized disability insurance for veterinarians:
Own-Occupation Coverage
Insurance companies use different guidelines to determine if you’re disabled and eligible to receive benefits. One of the insurance options available is own-occupation coverage, which states that a veterinarian is disabled if they can’t perform certain duties in their profession. This means that if you are unable to treat animals or perform surgery due to a sickness or injury, you can still receive payment.
With own-occupation coverage, it’s easy to pay for mortgage, student loans, and living expenses when you can’t work due to disability. It also allows you to work in another job, such as teaching or consultancy, and receive your monthly payment. While you recover or transition to a new role, this insurance replaces your lost income and alleviates financial pressure.
Residual Disability Benefits
Also known as partial disability benefits, this policy replaces a percentage of your earnings if you work reduced hours or perform limited tasks due to an impairment. Since your income would decrease when you’re unable to work, this type of coverage makes up for your current and previous salary. You can do lighter roles like record-keeping that won’t strain your body, and still get paid until you recover properly.
Some polices allow you to customize your residual disability benefits depending on the income you lose, while others have a fixed amount. You may also decide how long you want to receive the payments, whether it’s a few months during recovery or several years if you don’t heal. If your workload increases, you can talk to an insurance agent to help you update your coverage.
Cost-of-Living Adjustment Rider
If the price of different items increases, the cost-of-living adjustment rider compensates you for such changes. This type of disability insurance for veterinarians protects your savings from draining due to inflation in the market. When you have the cost-of-living adjustment (COLA) rider, it increases your monthly disability compensation each year by a certain percentage.
If you have dependents relying on your income or are facing a long-term disability, this feature offers financial security. When you have this rider, you can pay for medical expenses, such as therapy and rehabilitation, without worrying about inflation. Your benefits grow automatically, reducing the need to buy additional coverage to make up for gaps.
Business Overhead Expense Coverage
If you own or share a partnership in a veterinary practice, business overhead expense coverage pays for some bills. This policy helps you cover mortgage, rent, utilities, and accounting if you’re disabled and can’t afford these expenses. You can also use the compensation to pay for equipment leases, maintenance, and office supplies, among other costs.
Without this coverage, you may need to cover these bills out of pocket, which drains your finances. By purchasing sufficient insurance, you help verify your practice continues to operate smoothly without financial difficulties. Insurance companies pay this amount for a few years only, which means it suits short-term to medium-term disabilities.
Future Increase Option
The future increase option allows you to increase your disability coverage without answering health questions and going through medical exams. As your career improves, you get more money through owning a practice, a raise, or offering more services. With these new changes, you need coverage that matches the income growth to prevent issues like being underinsured.
Every few years, you and your agent can review the income changes and update the policy to verify it covers your expenses effectively. When adjusting this rider, you present proof of increased income, like pay stubs, to your insurer to process paperwork.
Purchase Disability Insurance for Veterinarians
As a practicing veterinarian, sufficient coverage protects your finances when you’re disabled, whether you treat small or large animals. Depending on the state you live in and your profession, an agent can help you choose suitable riders. They will evaluate current and future expenses, as well as any other factors that influence the coverage you need. To secure your financial future, call a trusted insurance company today to purchase disability insurance for veterinarians.
