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Since not every insurance company is willing to provide monthly benefits in these amounts, you will want to locate those that do in order to serve this market. Eligibility is generally restricted to professionals who are independent and self-employed, but highly compensated executive employees might also be considered. Typical occupations acceptable for professional DI insurance includes physicians and other health professionals such as dentists, optometrists, psychiatrists and pharmacists.
Aside from the large dollar benefits involved, professional DI policies operate essentially like any other individual policy. As indicated in an earlier chapter, professionals are eligible for the most liberal benefits of any occupational group. Chapter Eight of this text discusses the various occupational classes more fully. Because of the high incomes involved, one of the major differences between writing professional DI policies and others is that social insurance benefits are not large enough in comparison to actual earnings to interfere with the income replacement calculations and cause over insurance problem.
Reading the list of typical professional occupations above, you can see that these are people who provide vital services for society and who are frequently self-employed. Performing these services is the key to the professional person's livelihood. The inability to earn income by performing these services affects not only personal finances, but also the very life of the business itself since it is those services that keep the business operating. |
