Disability Insurance for High-Income Professionals

Louisville-based oral and maxillofacial surgeon Dr. Christopher C. Babcock, DMD, is a member of the Kentucky Dental Association and the Kentucky Society of Oral and Maxillofacial Surgeons. Christopher C. (Chris) Babcock, DMD, also works in the financial industry as a licensed insurance broker. Due to his personal experience with a severe spinal injury, he is an advocate of comprehensive disability insurance policies for professionals.

Disability insurance policies enable employees or self-employed individuals to continue to earn a portion of their income while they recuperate from a serious illness or injury. Disability insurance differs from workman’s compensation, which does not cover disabilities related to chronic conditions or injuries that occurred away from the worksite.

Short-term policies cover temporary disabilities that last less than six months. Common uses of short-term disability coverage include pregnancy, maternity leave, back problems, and mental health issues. Long-term disability kicks in after the policyholder is unable to work for more than three to six months. Depending on the policy’s language, this benefit may last for several years.

Many policies define a disability as being unable to perform the duties of the policyholder’s profession. This means that the individual is compensated even if other types of work are available that the policyholder may be able to perform. Disability insurance is critical to the protection of income of highly paid professionals, such as doctors and lawyers.