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A Guide to Professional Disability Insurance

A Guide to Professional Disability Insurance

For anyone who has spent years in education, training and practice to reach their career goals, being disabled is certainly a difficult thing to think about.  Professional disability insurance is a very important coverage for anyone to consider purchasing to protect against the loss of lifestyle that would come with disability, especially for a professional earning a high wage.

A professional is generally someone who is earning a good living and has spent many years attaining the education and the experience to place them where they are.  Professional disabilty insurance helps to protect these people in the case of an accident or illness that renders them incapable of performing their chosen profession.  Because these are jobs that are accompanied by both high salaries and heavy responsibilities, when someone in a high ranking profession is disabled it can be a heavy blow to both the person and the company.

While most companies offer some form of disability insurance to their employees, it may not be enough to keep their bills paid and allow them to continue to live as they have in the past.  Professional disability insurance is a private policy that is designed to make certain you are able to continue your lifestyle in the event of disability.  Much professional disability insurance on the market is in the category of what is known as own occupation insurance.  This means that the insurance company agrees to pay out benefits to the insured whenever they are disabled to the point of being unable to perform their current occupation, even if they are able to find other employment.

This type of insurance is a good choice for professional disablity insurance because it allows for the fact that even though you might be able to continue working, it is possible you will never be able to make the same salary again.  Thus, a professional who is rendered incapable of doing their current job and takes a different one at half the salary can continue to see a larger income because the disability insurance will help to make up the difference.

Professional disability insurance can be very expensive, because of the amount of money the insurance company will have to pay out should you have a claim.  If you make a high salary as a professional however and have no other way of continuing to pay your bills if you become disabled, the cost of a professional disability insurance policy will seem very small in comparison to what you might lose without it.

Everyone should have disability insurance; no matter how much money you make or what your occupation, we all need to be protected in the case that we can not work.  For professionals, however, some disability policies simply do not provide the coverage that they need.  Professional disability insurance can cover all of your bases.  Not all insurance agencies sell this type of policy; look for an insurance agency that specializes in policies for professionals and will make certain you have the right coverage for your needs.

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