If you are an optometrist shopping for individual disability insurance, here are some tips to help you through the process.
1) Compare plans from multiple companies. Prices can vary from company to company. Some companies put the optometrists in a premium occupational class which reduces the premium.
2) Look for a policy that is noncancelable, guaranteed renewable. This means that once you have your policy, the premiums are guaranteed for the life of the contract and the company can never modify your contract.
3) Discounts. If you are affiliated with a discounted employer, you may be eligible for a discount. If a discount is not yet available, perhaps one can be implemented to help save you money.
4) Own occupation. Be sure the policy covers you if you can’t work as an optometrist even if you can work in another occupation. Be sure it covers you in this capacity for the full period of time, not a limited period such as 2 years.
5) Premiums. Compare the premiums that are fixed and guaranteed for the life of the contract.
6) Check with your employer. You may be eligible for a group disability policy. If your employer pays the premiums, it may be taxable to you. As such, consider supplementing your policy with an individual policy that can fill the gap and is portable if you ever leave your current employer.
For more information about disability insurance for optometrists, contact Set for Life Insurance today!