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Today, most physicians have access to group long term disability insurance for physicians. Choosing this employer-based coverage can easily seem like the most reasonable and convenient option. However, physicians who choose group disability insurance lose out on various benefits associated with individual plans. To ensure adequate coverage, physicians should strongly consider the following advantages that individual plans offer.
- Stability – Group plans do not always guarantee the stability that most people expect from a disability insurance policy. A group plan may not be transferrable if a physician changes jobs, and securing new coverage later may be problematic. Group plans can also be vulnerable to rate changes or cancellation.
- Flexibility – In addition to transferability, individual plans allow more customizable coverage amounts. An individual plan can address a greater proportion of lost income, including bonuses. An individual plan may also feature a less strict or more occupation-specific definition of disability, resulting in greater coverage.
- Cost-Effectiveness – Due to the factors mentioned above, individual long term disability insurance for physicians typically offers greater or more readily available coverage. This ensures that physicians see a better return on their investment. The coverage amounts that individual plans offer can also adjust for inflation, leading to even greater returns.
Understanding the Options
Before committing to a group long term disability insurance policy, physicians should at least compare a few equivalent individual policies. Individual plans can often provide a more tailored fit and more comprehensive coverage, and these features should not be undervalued. Both of these characteristics can pay off significantly in the event of a claim.
If you own a classic vehicle, you need insurance just like do on any auto. Cars and trucks that are more than 20 years old have different needs, and you can’t just go to the blue book to get a true value. If you’ve modified and improved your vehicle, it has a different valuation than another car without any modifications. To make it even more difficult to value your vehicle, there are no standard definitions for classic, antique, and vintage cars. Your car insurance for classic car needs to be customized for your vehicle.
Classic car insurance is not based on the number of miles you drive, but the value of your car. Even if you’re not driving your car, it can still be damaged while in your garage. Think hurricane and theft. Most insurance companies will require that you store your classic car in secure and locked garage, but what if the roof fell on top of your vehicle? Car insurance for classic car is available during a restoration so that your car is protected while it’s in the shop.
Even if you don’t have an appraisal on your classic vehicle, you can still get coverage based on an agreed value. This is different from the actual cash value you would receive on a regular policy. Agreed value does not depreciate. Make sure your classic vehicle is covered by finding the right policy.
One of the reasons why it’s so important that real estate professionals keep their coverage current is that policies are issued on “claims-made” basis, which means that claims must be reported during the policy period. That period ends when a policy is cancelled or by allowing it to expire.
In addition, switching companies at renewal does not result in the loss of prior acts coverage, as long as the switch is completed before the policy expires and the new company provides coverage under a real estate agent insurance policy for prior acts. This may vary from insurer to insurer, so it pays to do the research. For example, if you switch to one that does not have prior acts coverage, you could be running the risk of not having coverage for an older claim when you need it. Most agents and brokers realize that there are times when a claim may take a year or two before it surfaces, which is why keeping prior acts coverage is so vital.
Many agents carry their own Errors & Omissions (E&O) policy
Often real estate agents have their own E&O policy even if the broker they work for has a company plan. In this way, regardless of any circumstances surrounding the broker’s policy, the agent always has control over their own individual coverage and therefore can make sure to keep it current. Most individual premiums are priced low enough to make this a smart decision on their part.
The fact is that real estate agents, brokers and appraisers nowadays end up in court more than ever, regardless of how careful they might be. It would be a big mistake to allow your coverage for past work to lapse. Unfortunately, many homeowners are filing a large number of complaints, often ill conceived, due to emotional responses to any dramatic loss in equity.
Regardless of whether there is actual fault, agents can end up spending unwarranted time and resources providing for defense of a lawsuit, even if they have done no wrong. This is the best argument for keeping your prior acts coverage, as not having this feature can really cost you should a problem arise from the past.
Finally, remember that most insurance policies require you to report claims and incidences in a timely manner. Otherwise, a carrier may refuse coverage if they feel the delay in reporting hurts any defense.