Protecting Your Future Income
An injury or illness that prevents a physician from working has the potential to cause tremendous financial distress. Combine this with the delayed income and commonly high student loan debt of many physicians, and the financial effects could be disastrous, even irreversible. Individual disability insurance provides physicians with a simple solution to a considerable risk.
Working with an experienced financial professional you can trust is critical. We provide physicians with the objective information, resources and personalized support needed to make informed and prudent decisions when buying disability insurance. This allows you to obtain the appropriate disability insurance policy for your situation and medical specialty, at the best price.
We enjoy helping people with their disability insurance because we truly believe it’s important and have witnessed it’s benefits in action. That said, quality disability insurance policies can be costly, and we believe it’s important to find a balance between quality coverage and affordable premiums. Securing adequate coverage, without the extra bells and whistles, is better than not securing coverage at all because of ultra-high premiums – at least that’s our opinion. Private disability insurance policies can be customized, and we encourage consumers to learn about their options, but generally recommend the following features:
- Benefits payable to age 65 (longer benefit periods are obviously better, but also more costly and may not be a priority for those with a budget)
- Noncancelable and guaranteed renewable (secure pricing and policy terms)
- True own-occupation definition of total disability (coverage based on the performance of your medical specialty)
- Partial or Residual disability benefits (provide benefits when an illness/injury causes a loss of income, without causing total disability)
- Benefit Increase option (particularly important for early-career physicians expecting increases in income)
- Cost of Living Adjustment rider (particularly beneficial for young physicians with the potential of decade-long claims)
Optional riders are available for an additional premium. Some policy benefits and features are not available to all occupations.
Disability Insurance – Simplified
1. Request Your Quotes
Disability insurance benefits and pricing are effected by several factors including age, gender, medical specialty and income. Completing our Quote Request form gives us the information needed to provide you with customized quotes from the six primary companies offering a True Own-Occupation definition of total disability today: Guardian, Principal, MassMutual, Standard, Ameritas and Ohio National.
2. We Help You Compare Options
Disability insurance is not as complicated as some would like you to believe. In fact, it can be made quite simple when provided a clear explanation of the most important concepts, features and riders. There are only so many ways these policies can be designed, and only so many differences that can really be evaluated.
3. Apply With Confidence and Realistic Expectations
Applying for disability insurance is simple, but the underwriting process is rarely that and not everyone qualifies for flawless coverage. We believe it is important to discuss all variables ahead of applying, to help ensure the smoothest process possible, avoid surprises and allow physicians to apply with realistic expectations.