If you have disability insurance, that does not guarantee coverage when and if you ever need it. Take, for example, one of our clients who had practiced family dentistry for over twenty years. When he first opened his practice, he made sure to purchase a private disability policy from a well-known insurance carrier. He wanted to protect himself, his family and his business in the event he ever suffered a debilitating physical or mental illness or injury that prevented him from working on his patients.
Unfortunately, our client was involved in a serious car accident. Although he came out of it relatively unscathed, his left arm was permanently damaged, making it impossible for him to work as a dentist. He thought the insurance policy he had paid expensive premiums for would cover him. He was wrong.
He returned to work, managing the practice, leaving the hands-on care of his patients to his partner.
Our client came to us after he filed his claim with his insurance company, and they informed his that, under the terms of his policy, he was NOT covered.