Why is the “definition of disabled” so important?
This definition is what your disability insurance carrier uses to determine when, or if, they consider you disabled and eligible to receive your benefit payments.
Being disabled cannot simply be defined as a sickness or injury that prevents you from “working”. Based on your education and experience in becoming a physician, it is going to take a lot to prevent you from “working” in some capacity.
Your disability insurance policy must define you as disabled if a sickness or injury makes it so you are no longer able, or you are no longer comfortable, working as a physician – and it should not penalize you if you engage in another occupation.
As with many important decisions; the devil is in the details… This is very true when it comes to disability insurance, and the carriers make the details and specifics of their policies a challenge to understand.
Does your policy say: “We will consider you disabled when you cannot perform the duties as a physician, and you prove to us that you cannot perform the duties of any other reasonable occupation?”
This definition is offered by some group policies and is not desirable.
Does your policy say: “We will consider you disabled when you cannot perform the duties as a physician, so long as you are not gainfully employed in any other occupation from now until the age of 65”.
This definition is offered through some group policies, the AMA and other professional medical association plans, and is also not desirable.
Your policy should say: “You are considered totally disabled when you are unable to work as a physician, and we will still consider you totally disabled even if you work in another occupation”.
This definition of disabled is the only one considered TRUE Own Specialty, and the type of coverage you should have. This means if you cannot continue working as a physician, you can do something else AND collect your tax-free disability benefit.
Which carriers offer Own Occupation Disability Insurance for Physicians?
True Own Occupation Disability Insurance, also known as Own Specialty Disability Insurance, is only available through one of these six, A-rated insurance carriers:
Please use our comparison tool to evaluate the differences between the coverage options offered.
Why are group or association insurance plans less expensive than individual insurance?
Group and association plans are less expensive because the do not offer the same level of coverage or financial protection. With group and association plans:
- You can lose your benefit if you decide to work in another field or position
- Group policies can be changed or cancelled by the insurance company
- Your rates will greatly increase over time with an association plan
- Claims are paid in fewer scenarios because of the limited definition of disability
When is the best time to enroll or upgrade a disability policy?
The best time to enroll or upgrade a disability policy is when you’re young and healthy, because premium and policy eligibility are based on age and health status. When you are younger there is a lower likelihood of pre-existing conditions, along with other serious medical conditions, that can preclude a person from obtaining coverage in the future.
Why should I work with Doctor Insurance Group?
We are experts with over 14 years in the physician insurance industry and have helped thousands of doctors.
- Convenience – we are available via phone or email to answer any questions you have and can even walk you through your application.
- Transparency – we work with all 6 Own Specialty Disability Insurance providers and give you quotes from all of them.
- Simplicity – process your application through our secure client portal from your computer, tablet or phone.
What tools do you have to help make decisions?
We offer multiple tools to help you determine that you have the right coverage:
Do female physicians pay more than men for the same insurance?
Unfortunately yes, women most often will pay more for disability insurance than a man at the same age and in the same specialty. Please read our article regarding the statistics and metrics regarding this: https://doctorinsurancegroup.com/best-disability-insurance-for-female-doctors/
What is underwriting?
Underwriting when an insurance company examines the specifics of your application to calculate an accurate premium for the coverage.
Insurance companies will review, and often ask questions about:
- Past medical history
- Medications that you take or have taken
- Financial records
Read our article on underwriting for more information:
Are there additional feels for using your services?
Absolutely not! Our services and expertise is provided free, and in many cases, a policy through the Doctor Insurance Group will be be less expensive than other insurance brokers.