It is important for CRNAs to carefully consider the policy provisions when selecting an individual disability insurance policy. Some provisions to consider include:
- Definition of disability: Make sure the policy defines disability as the inability to perform the material and substantial duties of your occupation as a CRNA, rather than just any occupation. This ensures that you will receive benefits if you can’t work as a CRNA, even if you are able to work in a different occupation.
- Own-occupation coverage: Look for a policy that provides “own-occupation” coverage, which means you will receive benefits if you are unable to perform the specific duties of your own occupation, rather than any occupation.
- Non-cancelable/guaranteed renewable: Consider a policy that is non-cancelable and guaranteed renewable. This means that the insurance company cannot cancel the policy or increase your premiums, as long as you continue to pay your premiums on time.
- Benefit period: The benefit period is the length of time that benefits will be paid to you if you become disabled. Look for a policy that provides benefits until age 65, as this will ensure that you have coverage until retirement age.
- Elimination period: The elimination period is the amount of time you must wait before benefits begin. Look for a policy with a shorter elimination period, such as 90 days, rather than 180 days, as this will allow you to start receiving benefits sooner if you become disabled.
- Cost of living adjustment: Consider a policy that includes a cost of living adjustment, which will increase your benefits each year to keep up with inflation.
- Future increase options: Look for a policy that includes future increase options, which will allow you to increase your coverage in the future, without having to provide additional medical information.
- Discounts. It is important to see if you are able to obtain disability insurance with discounts such as those offered through Set for Life Insurance.
These are just a few of the important policy provisions to consider when selecting an individual disability insurance policy as a CRNA. It is important to carefully review the policy and speak with a qualified insurance professional to ensure that you select the right policy for your needs.
For more information about CRNA disability insurance or to request a quote, contact Set for Life Insurance today!