Your disability insurance policy is your protection and safeguard for your financial life. In the event of an injury or illness, disability insurance replaces your income to cover your expenses and keep your retirement goals on track. Therefore, it’s obvious that you want to select a great disability insurance policy from a strong insurance company with features that fit your personal needs.

Below, we’ve put together the best disability insurance for physicians to help evaluate your choices when shopping for a disability insurance policy.

Best Disability Insurance for Physicians by Ratings

Disability insurance ratings reflect forward-looking independent and objective opinion regarding an insurer’s relative creditworthiness. Ratings are opinions and represent a comprehensive analysis consisting of a quantitative and qualitative evaluation of a disability insurance company’s balance sheet strength, operating performance and business profile. When you choose a disability insurance company, you want to ensure that the company will be in business for the life of your policy.

Here are the physician disability insurance companies with the best insurance ratings.

 

Best Disability Insurance for Physicians – By Financial Strength Rating

Guardian Disability Insurance

Guardian is often viewed as the cadillac of physician disability insurance policies and boasts an A++ Financial Strength Rating from A.M. Best and Comdex Score of 99/100. However, expect to pay higher premiums for this disability insurance policy as Guardian is often times the most expensive provider. Additionally, Guardian is notorious for it’s stringent underwriting guidelines which can lead to policy exclusions and modifications that you might not have with other physician disability insurance options.

If you want to sleep sound knowing that your disability insurance company isn’t going anywhere, Guardian may be the best option for you.

 

Best Disability Insurance for Physicians – By Financial Strength Rating

MassMutual Disability Insurance

MassMutual is another company that has strong financial strength ratings with a A++ rating from A.M. Best and a Comdex Score of 98/100. MassMutual is one of the largest and oldest mutual insurance companies in the United States. Its physician disability insurance policy, Radius, has several great options that help tailor disability coverage to your specific needs while controlling premium payments.

 

 

Best Disability Insurance for Physicians – By Financial Strength Rating

Northwestern Mutual Disability Insurance

While Northwestern Mutual gets knocked for it’s definition of disability in its contract, you can’t argue with it’s financial strength ratings. The company has an impressive A++ rating from A.M. Best and a Comdex Score of 100/100. If you prioritize financial strength ratings over having a true own-occupation physician disability insurance policy, Northwestern Mutual may be a good fit. However, you can only purchase Northwestern Mutual’s physician disability insurance policy through a captive Northwestern Mutual insurance agent.

 

 

best disability insurance for physicians

Best Disability Insurance for Physicians – Policies for Females

Disability insurance companies look at males and females as completely different risks, and therefore premiums can be significantly different based on gender. While males have a higher risk of death, females have a higher risk of disability and therefore typically will pay more for disability insurance than males. However, some physician disability insurance policies are less expensive for females and offer unisex rates which can significantly reduce the amount females pay for disability insurance by 30-50%. Note that this can vary based on your medical specialty and the discounts available to your agent.

Here are the best disability insurance for physicians that still offer unisex rates for females.

 

Best Disability Insurance for Physicians – Policies for Females

Principal Disability Insurance

Principal offers unisex rates for both males and females, which can help save female physicians anywhere from 20-25% on their premiums. Combined with other discounts, females can save 30-50% on the cost of their disability insurance. Principal is a solid choice, with an own-occupation definition of disability and a strong A+ financial strength rating from A.M. Best. If you are a female physician and are wanting to save money on disability insurance, make sure to check out Principal’s disability insurance plan with unisex rates.

 

 

Best Disability Insurance for Physicians – Policies for Females

MassMutual Disability Insurance

Along with Principal, MassMutual is the only other disability insurance company that offers unisex rates for both males and females. MassMutual’s unisex rates can help save female physicians anywhere from 15-25% on the cost of their disability insurance (25% in California, Florida and New York and 15% everywhere else). Combined with dividends that MassMutual has historically paid to its policyholders, females can obtain a great policy at a great price. MassMutual boasts an A++ financial strength rating and it’s disability insurance policy contains an own-occupation definition of disability. If you are a female physician in need of disability insurance, MassMutual should be strongly considered.

 

For more information on disability insurance, see the Ultimate Guide to Disability Insurance for Physicians.

Best Disability Insurance for Physicians – Policies for Mental/Nervous Disorders

According to the Council of Disability Insurance Awareness, roughly 8% of disability insurance claims are related to mental/nervous disorders anxiety, depression, PTSD and/or drug and alcohol abuse and addiction. Many disability insurance companies have changed the way they handle mental/nervous disorders and have moved away from providing full benefits for these claims.

Here are the disability insurance policies for physicians that favorably handle and cover mental/nervous disorders.

 

Best Disability Insurance for Physicians – Mental / Nervous Disorders

Standard Disability Insurance

Standard’s disability insurance policy for physicians, Protector Platinum, provides full coverage and benefits for disability claims stemming from mental/nervous and substance abuse disorders. Standard is a strong insurance company with an A rating from A.M. Best and an own-occupation definition of disability in it’s policy.

Anesthesiologists should note that this policy is very expensive due to the way Standard views their occupation class (however, this is not the same for Pain Management).

 

 

 

 

Best Disability Insurance for Physicians – Policies with Great Riders

Disability insurance policies typically consist of a base policy and then additional features that can be added onto the policy, called riders. It’s important to note that not all companies offer the same riders, some of which can be a great supplement to your physician disability insurance policy.

Here are some of our favorite disability insurance riders.

 

Best Disability Insurance for Physicians – Great Policy Riders

Guardian Disability Insurance

Along with being a very strong disability insurance policy for physicians, Guardian has a rider that is completely unique to the company – the student loan protection rider.

Student Loan Protection Rider: this rider enables extra benefits for physicians and dentists to help repay their student loans in the event they become disabled. The rider ensures up to 100% of monthly student loan payments capped at $2,000 per month if you become disabled. If you are saddled with student loans and a disability could impact your ability to cover your student loan payments, this policy and rider should be considered.

 

Best Disability Insurance for Physicians by Definition of Disability

Physician disability insurance policies are legal contracts between the insured (you) and the disability insurance company. Therefore, it’s extremely important to know what determines whether you are legally considered disabled so that you can collect your disability insurance benefits. Different companies have different definitions of disability in their policies. The best disability insurance policies for physicians have own-occupation disability insurance definitions, meaning that if you can’t perform your specific medical specialty, you will be considered disabled.

Here are the best disability insurance for physicians based on their definition of disability.

 

Best Disability Insurance for Physicians – Definition of Disability

Guardian Disability Insurance

Guardian’s True Own-Occupation Definition of Total Disability is one of the strongest definitions of disability for physicians considering purchasing a disability insurance policy. If totally disabled, you are able to receive your full disability insurance benefits even if you are gainfully employed in another occupation. On top of that, even if you can still practice your own specialty, but in a limited capacity due to a disability, there can be instances where you are still able to collect your full disability insurance benefit.

Guardian adds a simple formula to qualify for disability insurance benefits which is based on your source of earnings. The company will considered you totally disabled if more than 50% of your income is from 1) Hands-on patient care and, solely because of injury or illness, you can no longer perform patient care; or 2) Performing surgical procedures and, due to an injury or illness, you can no longer perform those procedures.