Does Purchasing Disability Insurance Affect Other Insurances You Have?
As an experienced Life Insurance Broker, I often receive questions from physicians and dentists about whether purchasing disability insurance affects other insurances they have. It is very common for a physician or dentist to have several different types of disability coverage. They may have coverage through their automobile insurance; they may have coverage through Social Security, Workers’ Compensation coverage, or a group long term disability. They may have association coverage and they may have individual coverage.
Many of those coverage’s will offset for each other. In other words, you won’t receive full group long term disability insurance and Social Security coverage. They will offset each other and be reduced by each other.
The one plan that is paid in full regardless of your other coverage is an individual disability policy. To obtain that coverage, you have to inform the insurance companies of other coverage that you have. Once you have obtained your individual coverage, it is not reduced by any other coverage nor does it reduce any other coverage that you have. The individual plan is the one that you take with you. Think of it as your core coverage to go along with all the other benefits that may or may not be payable in full.
If you are a physician or dentist with questions about whether or not purchasing disability insurance will affect the other insurances you have, contact our professional Disability and Life Insurance Brokers for guidance. Let our experience work for you.