Why Your Physicians And Other Employees Need Group Life and AD & D Coverage
Physicians and dentists with good practice generally have little time to think about their own health. While health insurance is mandatory for all professionals, you must look beyond health insurance and go for Group Life and AD & D coverage as a physician.
Group Life and AD & D coverage is a wonderful disability insurance plan for employees. It provides adequate income cover and protection for accidental death and injuries, resulting in permanent loss of various parts of the body. Owners of healthcare facilities can make sure their doctors and staff members enjoy the security of such an insurance plan. It can boost the overall value of the benefits employees while providing comprehensive protection at affordable rates.
Continuous Cover At No Extra Cost
Group Life Insurance for employees ensures a continuous cover, mostly on a non-contributory basis. It means you are not required to pay for the premium. The employer is fully responsible for the full cost of the policy and its coverage. The benefit is generally extended based on the salary of the physician. There is also a maximum benefit clause involved in such policies.
Group Life Insurance is also based on the job title and position of the physician in the healthcare business hierarchy. The higher you are placed, the better insured you will be. There are accelerated benefits also offered by some of the leading disability companies. Those employees that are terminally ill can access a portion of their benefits while they are still alive, according to a top disability insurance broker.
Does Your Plan Come With an Elimination Period?
When employees become disabled, they can get and maintain life coverage of an adequate quantity depending on the plan and age. The plan can be customized to boost coverage and enhance payouts when you cannot attend office due to illness or a disability. The coverage comes into effect immediately on notification of the illness or injury. Eligible employees can get immediate benefits if employers have chosen the elimination period properly or completely do away with the elimination period.
As a beneficiary of the group life and AD & D coverage, you can choose to receive an interest-bearing payment or a one-time, lump-sum payment, depending on your needs.
Check For Portability Features and Terms
The AD & D Coverage can be availed by employers for eligible employees to protect against accidental death and covered injuries. If your employer pays the insurance premium, make sure you know the terms and conditions properly. This is important to understand if you and your loved ones are adequately covered under the AD & D plan. Also, check for portability. You don’t want to suffer a gap in the coverage if you leave the healthcare facility for some reason. A portable AD & D plan will ensure continuity in coverage and protection even when you change your job.
Choosing the right insurance company is imperative to enjoy the key benefits of Group Life and AD & D coverage. Consult a disability insurance broker with many years of experience for the right suggestions and guidance.