Taking into consideration the highly unstable and unpredictable employment scenario the world over, it is not surprising that most employers offer attractive insurance protection schemes to retain the services of their employees on a long term basis. The policies are usually chosen to include life coverage, health insurance protections, disability insurance, annuity benefits and liability coverage.
One of the most popular insurance solutions chosen by large healthcare networks and professional associations are group life insurance policies and Accidental Death and Dismemberment (AD&D) policies.
So what do these policies cover?
Basically, a group life insurance plan offers coverage to a considerable number of people associated with a particular profession or employer. The coverage is applicable to full-time and part-time employees regardless of gender, age, income or social status. The benefits from such schemes are paid out in the event of an employee passing away due to any of the specified causes.
AD&D policies are more specific and offer coverage for particular losses or disabilities incurred due to accidents or injuries. This involves cases that may result in the loss of limbs, eyes or hearing abilities due to unfortunate accidents. Since life insurance does not usually cover disabilities, it becomes integral to sign up for Group life AD&D healthcare professionals disability insurance policies as well.
Life insurance policies vs. AD&D policies
Now let us take a comparative approach towards group life insurance policies and AD&D policies.
- One is not a replacement for another
Remember that AD&D disability insurance services cannot be considered as an alternative for life insurance schemes. However, it can offer useful coverage and payouts when you have incurred specific types of disabilities.
- The difference in death benefits
Do not expect the same death benefits of your life insurance policy from your AD&D disability companies. Although an AD&D policy does payout death benefits, it only covers accidental deaths. If you die due to any other cause, you will receive benefits only from your life insurance plan.
- AD&D is not usually bought as a standalone policy
While life insurance policies are considered as comprehensive plans in themselves, AD&D disability insurance Utah policies are generally offered as additional insurance or a benefit rider of the existing life insurance coverage. Of course, dentists, doctors, and healthcare professionals always have the option of purchasing an AD&D policy on their own. However, it is usually beneficial only if coupled with a life insurance plan.
- AD&D offers valuable coverage for debilitating accidents
When you are involved in a tragic accident that results in the loss of limbs, eyes or ears, AD&D can provide valuable financial security. However, you cannot expect a payout from physicians disability insurance policies unless the accident leads to death.
To offer healthcare professionals the benefits of both these classes of insurance policies, large hospital networks now offer both these policies for their employees. Since the premium amount for group healthcare professionals insurance schemes is considerably lower than that of individual insurance plans, it is a win-win situation for both employers and employees.
For more information about disability insurance solutions specifically designed to meet the expectations of healthcare professionals including doctors and dentists, visit https://www.mgis.com/solutions/group/group-life-and-add/ now. Explore the numerous coverage options on the resource geared to cater to all types of healthcare practice across different income levels.
