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Home > Blog > Disability Insurance > Mutual of Omaha Physician Disability Insurance Review (Updated 2024)

Mutual of Omaha Physician Disability Insurance Review (Updated 2024)

Mutual of Omaha has built a strong reputation over time and presents a variety of flexible choices for physicians seeking disability coverage. In the following company review, we will delve into the primary selections, add-ons, and characteristics of Mutual of Omaha’s disability insurance for physicians.

What is Mutual of Omaha?

Since its establishment in 1909, Mutual of Omaha has been a steadfast symbol of financial stability and safety for more than 100 years. Their unwavering dedication to maintaining financial stability can be seen through their A+ rating from A.M. Best, the most prestigious rating given by the renowned credit rating agency. This recognition serves as proof of Mutual of Omaha’s financial robustness, responsible management strategies, and steadfast commitment to protecting policyholders.

Overall Rating
4.3
out of 5
Financial Strength
5/5
Definition of Disability
5/5
Affordability
3/5
Ease of Applying
3/5
Claims Process
5/5
Available Riders
5/5

Mutual of Omaha Physician Disability Insurance Highlights

Next, we’ll outline the main characteristics of Mutual of Omaha’s physician disability insurance plans. This includes the available rider options that allow for personalized coverage.

Policies from Mutual of Omaha have the ability to be guaranteed renewable to age 65, ensuring that your coverage will not be canceled as long as you continue to pay your premiums. It also includes an own-occupation definition of disability, which means you will be eligible for benefits if you are unable to perform the duties of your occupation, even if you can still work in another field.

There are various options for benefit periods (up to age of 70) and elimination periods (from 30 to 720 days). This flexibility allows you to tailor your coverage to your specific needs and budget.

Mutual of Omaha Physician Disability Insurance Riders

The disability insurance policy for physicians provided by Mutual of Omaha includes a range of rider choices that allow for personalization of coverage to suit individual needs. These beneficial add-ons and precautions to the main policy allow for the adjustment of the level of financial security in case of a disability.

The Future Purchase Option Rider is a proactive approach that enables doctors to effortlessly enhance their coverage in the future without requiring any further medical proof. This option protects your income as it increases – guaranteeing that the coverage keeps up with the physician’s career advancement.

The Cost of Living Adjustment (COLA) Rider offers a practical solution to combat inflation’s impact on purchasing power. By automatically increasing your benefit amount annually, COLA offsets the money-eroding damage that inflation can cause. 

The Rider for Guaranteed Insurability offers reassurance by ensuring the opportunity to buy more coverage later on, regardless of any changes in your health condition. This rider is especially beneficial for individuals with existing health issues or worries about potential health problems down the road.

The Premium Rider for Return offers a financial safety measure where doctors can receive a substantial portion of their premiums back if they do not file any claims. This addition addresses the issue of paying premiums without ever having to use the coverage.

The Waiver of Premium Rider serves as a vital safety feature by eliminating the need to make premium payments in the case of a disability. This rider gets rid of the financial burden caused by paying premiums while you’re disabled, ensuring continued protection without straining resources.

If you want to get a handle on the different riders out there so you can figure out which ones match what you’re looking for, just request your free quotes from LeverageRx.

Mutual of Omaha Physician Disability Insurance Alternatives

Guardian offers a comprehensive disability insurance policy specifically designed for physicians, providing coverage for up to 60% of your monthly income. Their policy includes a variety of customizable options, such as own-occupation coverage, guaranteed insurability, and partial disability benefits.

MassMutual‘s disability insurance policy for physicians offers a unique feature called the “Own-Occupation Plus” rider, which provides even more comprehensive coverage for your specialty. Their policy also includes a variety of other riders, such as a cost-of-living adjustment rider and a future purchase option rider.

Ameritas offers a disability insurance policy for physicians that is tailored to the unique needs of medical professionals. Their options include a variety of features, such as a guaranteed renewable to age 65, an optional benefit periods up to age 70, and an elimination period ranging from 30 to 720 days.

The Standard offers a disability insurance policy for physicians that is designed to provide comprehensive coverage for your income. Their policy includes a variety of features, such as an own-occupation definition of disability, a choice of benefit periods up to age 70, and a choice of elimination periods from 30 to 720 days.

Principal offers a disability insurance policy for physicians that is designed to provide financial security in the event of a disability. Their policy also includes an own-occupation definition of disability, benefit periods up to age 70, and an elimination periods ranging from 30 to 720 days.

Every company and policy is different, and knowing what options to add can be overwhelming – to get a guided comparison of your options at all of these companies, request your free quotes from LeverageRx.

the standard logo
Mutual of Omaha 854e01d49f3e43a6ba1e5567bf207b9d
Our Rating
A.M Best Rating
A++
A+
A+
Own Occupation
Company Type
Mutual
Mutual
Mutual
Maximum Monthly Coverage
$30,000
$20,000
$20,000
Non-Cancelable


What’s Included in Mutual of Omaha’s Base Physician Disability Insurance Policy?

The basic physician disability insurance plan from Mutual of Omaha offers a wide array of features that aim to offer financial security in the case of a disability. These features consist of:

Coverage guaranteed until age 65: This means your insurance stays in place as long as you keep paying your premiums, no matter what health hiccups might pop up down the road that could make it tricky to get coverage.

Own-occupation definition of disability: This means that you will be considered disabled if you are unable to perform the duties of your own occupation, even if you are able to perform other work. This is the single most important feature for physicians – it ensures that you will be protected even if you are unable to continue practicing medicine.

Flexible benefit periods until age 70: You have the option to select a benefit period that will supply you with earnings for a designated time frame, until you reach the age of 70. This adaptability enables you to tailor your coverage to suit your specific requirements.

Range of Elimination Periods from 30 to 720 Days: You have the option to select an elimination period, which is the duration of time before your benefits kick in, ranging from 30 to 720 days. This provides you with the ability to find a the sweet spot between the expense of your coverage and the level of security you require.

Partial disability benefit: If you experience partial disability, you will be entitled to a partial disability benefit that is equivalent to 50% of your monthly benefit for a maximum of 24 months. This benefit will assist in covering your expenses if you are unable to work full-time due to a disability

Pros and cons

The physician disability insurance policy offered by Mutual of Omaha has many benefits that make it a great option for physicians. One of its advantages is the own-occupation definition of disability, which guarantees that physicians can receive benefits if they are incapable of carrying out the significant and essential duties of their specific field, even if they can still work in a different job. This wide-ranging definition of disability offers extensive coverage for the income of physicians.

The physician disability insurance policy from Mutual of Omaha provides the opportunity for customization to cater to the unique requirements of each individual physician. You’ve got options when it comes to picking how long you’ll be covered. You can go all the way up to age 70 if you want, so you can match up your coverage with what’s going on in your life. Plus, you get to choose how long you wait before you start getting benefits, anywhere from 30 to 720 days. It’s all about giving you the flexibility to tailor things to your needs. This flexibility enables physicians to personalize their coverage according to their financial status and tolerance for risk.

Before choosing a Mutual of Omaha physician disability insurance policy, you should consider a few potential drawbacks. One common concern is the cost of the policy – disability insurance premiums can be expensive, and Mutual of Omaha’s rates can be more expensive than those offered by some other providers. Additionally, their underwriting process is thorough, which can result in some physicians being denied coverage or receiving less favorable terms due to health issues or other factors.

Key Takeaways

Mutual of Omaha’s physician disability insurance policy offers a comprehensive range of features and benefits that make it a strong choice for medical professionals. Carefully consider the price of a policy and understand the underwriting process involved before making a decision. Working with an independent, unbiased broker like LeverageRx can make this decision simple. Just request your quotes and a physician insurance expert will guide you through your options and answer your questions throughout the process.

Mutual of Omaha 854e01d49f3e43a6ba1e5567bf207b9d

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