Home > Blog > Life Insurance > The Standard Disability Insurance Review for Doctors (Updated 2022)

The Standard Disability Insurance Review for Doctors (Updated 2022)

standard-disability-insurance-review_lpfvjp
Overall Rating
3.5
out of 5
Financial Strength
4/5
Definition of Disability
0/5
Affordability
4.5/5
Ease of Application
4.5/5
Claims Process
4/5
Available Riders
4/5

Policy Name

Platinum Advantage

Maximum Monthly Coverage

$20,000

Benefit Periods

2 year, 5 year, 10 year, Age 65, Age 67, Age 70

Elimination Periods

30 days, 60 days, 90 days, 180 days, 365 days

Definition of Disability

The Standard’s base policy provides own-occupation coverage if you are not working in another occupation. Comprehensive, true-own occupation is available as an add-on rider.

Own-occupation requires you to be under the care of a physician

What Is The Standard?

Originally called Oregon Life Insurance Company, The Standard was founded in 1906 by Leo Samuel. Leo was a German immigrant who arrived in New York City in his late teens and eventually moved to Portland, Oregon at the turn of the century. It was the wild west at the time and through his insurance company, Leo helped elevate its economy.

Today, The Standard is still headquartered in Portland and has over 40,000 employees insuring over 11 million people. They offer group and individual disability insurance, group life, AD&D and dental insurance, investment products and annuities. The Standard is licensed in 49 states and Washington, DC. In 2015, however, Meiji Yasuda, a Japanese mutual insurance group, purchased The Standard for $5 billion.

The Standard Physician Disability Insurance Highlights

The Standard calls its physician disability insurance product Platinum Advantage. These are a few of the policy features:

Own-Occupation

How total disability is defined is the most important thing to know when purchasing disability insurance. Own-occupation is a rider to ensure that you will receive benefits if you become disabled. For example, let’s say you’re an anesthesiologist and have an accident that prevents you from doing your job. If you can still do a different job, i.e., medical director, then some insurers won’t pay you benefits. It depends how they define total disability. The Standard defines total disability in their own-occupation rider as the inability to perform the substantial and material duties of your occupation and is under the regular care of a physician.

Non-Cancellable & Guaranteed Renewable

A non-cancellable disability insurance policy means the insurance company can’t cancel, increase your premiums or reduce your benefits as long as you pay the premiums. At The Standard, the policy is guaranteed renewable to age 67 and a rider is available to make it non-cancellable.

Benefit Period

A benefit period is from the time you file a claim to the time you receive payment for that claim. The duration of the benefit period affects the price of the premium because the longer the benefit period, the greater the insurer’s risk. The Standard’s benefit period maximum is to age 67. You can also choose benefit periods to age 65 or a benefits period of two years, five years, and 10 years.

Elimination Period

Elimination period in disability insurance is the length of time between the beginning of an injury or illness and the time the insurance company makes benefit payments to the policy owner. The Standard allows you to purchase coverage with 60-day, 90-day, 180-day, and 365-day elimination periods.

Mental Disorders

The Standard offers unlimited mental disorder and /or substance abuse coverage in the base contract for all occupations.

Catastrophic Disability Rider

This rider from The Standard provides additional benefits in the event you experience a catastrophic disability. This could mean you are unable to perform at least 2 of the 6 activities for daily living, or you require “substantial supervision due to severe cognitive impairment.”

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The Standard Physician Disability Insurance Riders

The riders above aren’t always riders, it just depends on the insurance company. The previous section are items to look for and understand in your policy, whether you have to pay extra for them or now. However, these riders below are almost always an extra cost.

Cost-of-living Adjustment (COLA) Rider

A COLA rider is meant to keep your benefits at pace with inflation. The rider will adjust your policy’s monthly benefit on an annual basis, based on a fixed percentage or tied to the consumer price index. At The Standard, their COLA rider is tied to the consumer price index and benefits will increase on a compound basis, either 3% or 6%. You choose.

Residual Disability Rider

If you still want to receive benefits even though you can partially work, you should purchase residual disability insurance rider. Platinum Advantage (The Standard’s disability insurance product) has a basic residual disability rider that pays a residual benefit if you have at least a 20% loss of duties or time, AND at least a 20% loss of income.

The benefit amount will be at least 50% of your policy’s basic monthly benefit for the first six months. After that, the benefit amount will be proportional to your loss of income. However, if your loss of income is more than 80%, the benefit will equal your policy’s full basic monthly benefit. This rider also includes a recovery benefit. If you return to work in your regular occupation for at least as many hours as you worked before your disability but, solely because of your injury or sickness, you have a loss of earnings of at least 20%, you may receive a recovery benefit.

Have Questions? We get it, it’s confusing.

Click here to talk for FREE to an in-house disability insurance specialist today

The Standard Physician Disability Insurance Alternatives

The Standard isn’t the only insurance company out there that specializes in physician mortgage insurance. Here are some alternatives that LeverageRx suggests you check out.

AMA

The American Medical Association offers physicians and dentists disability insurance, but everything from how they define total disability to the option of COLA riders and Future Increase riders are abysmal compared to the “big six.”

Learn More: AMA Disability Insurance Review

Ohio National

Ohio National has a stricter definition of own-occupation. The rider for their policy says the physician or dentist who got injured or ill must be under the care of a physician in order to receive total disability benefits.

Learn More: Ohio National Disability Insurance Review

Ameritas

The great thing about Ameritas disability insurance products for physicians is they consider your medical specialty to be your own-occupation, thus it is included by default. So even if you can work in another occupation after your disability, Ameritas will still pay you full benefits.

Learn More: Ameritas Disability Insurance Review

Not sure which riders you need? Click here to talk to a specialist TODAY about your options.

Is The Standard Disability Insurance Right for you?

Knowing which provider is best for your unique situation is tough. LeverageRx has an in-house specialist with over 10 years experience who will answer your questions for free. In less than two minutes, you can fill out this form and he will be in touch with you ready to help. In the meantime, let’s review some of the compelling points of buying physician disability insurance from The Standard:

  • Family Care Benefit. If you take time away from work to care for a family member with a serious health condition, are working at least 20% fewer hours, and lose at least 20% income, you can receive a monthly benefit based on your loss of income. Family members include your spouse/domestic partner, parents, and children (including adopted children, stepchildren, and children of your domestic partner). You may claim this benefit up to two times and receive a total amount (for all claims) equal to six times your policy’s basic monthly benefit.
  • Premium Waiver Benefit. The Standard will waive all premiums due under your policy while disability benefits or recovery benefits are payable.
  • Presumptive Total Disability Benefit. The policy will waive your elimination period if you sustain a total loss of at least one of the following: sight in both eyes, hearing in both ears, use of both hands, use of both feet, use of one hand and one foot. The loss is not required to be permanent and the elimination period would be waived even if you are able to work.
  • Student Loan Rider. This rider will pay an additional benefit equal to your monthly student loan expense during your disability period.
  • Survivor Benefit. The policy will pay a survivor benefit for three months beyond the date of your death if you die while disability benefits or recovery benefits are being paid under this policy.
  • Automatic Increase Benefit Rider. The rider provides a 4% compounded increase in the base monthly benefit, without evidence of insurability, that is renewable every five years. If you refuse the benefit in two consecutive occurrences, you will forfeit all future increases.
  • Benefit Increase Rider. With this rider, your increases in income can qualify you to purchase increased coverage at three-year intervals, subject to issue and participation limits — without having to provide medical information.

Who Offers Disability Insurance for Physicians?

Filter
7 companies match your search
States
BBB Rating
A.M. Best Rating
Corporate Structure
Company
A.M. Best Rating
Definition of Disability
Future Increase Option
Residual Benefit
States Available In
AMA
A.M. Best Rating N/A
Definition of Disability N/A
Future Increase Option N/A
Residual Benefit N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Ameritas_Logo_mqinpj Ameritas
A.M. Best Rating A
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually to age 55
Residual Benefit Requires 15% loss of income
States Available In Available in 51 states. (View States)

Ameritas Life is as reputable as any name in the insurance industry. However, it’s actually a newcomer to the disability insurance space in comparison to its competitors. DInamic Foundation is its best disability insurance product for doctors. Policies are underwritten and issued by Union Central Life, its wholly-owned subsidiary.

Ameritas features a true own-occupation definition of disability. This provision benefits you if an accident or illness prevents you from practicing your specialty.

DInamic Foundation requires you to choose between non-cancelable coverage and guaranteed renewal. The maximum benefit period available is to age 70. Ameritas offers basic and enhanced residual disability riders. It also offers two different COLA riders.

    Pros
  • True own-occupation provision.
  • Lowest premium amount.
  • Two COLA rider and residual disability options.
  • Various add-ons such a good health benefit, presumptive total disability benefit, COBRA premium benefit, partial disability benefit, and non-disabling injury benefit.
    Cons
  • Slower customer service.
  • Lowest maximum policy benefit: $20,000 per month.
  • Must choose between non-cancelable coverage and guaranteed renewal.
  • For certain occupation classes, the own-occupation provision is only available for five years.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Guardian
A.M. Best Rating A++
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually up to age 55
Residual Benefit Requires 15% loss of income
States Available In Available in 50 states. (View States)

As one of the largest, most trusted mutual insurance companies in America, Guardian Life is the Cadillac of its industry. Its disability insurance product, ProVider Choice, is a great fit for doctors. Policies are underwritten and issued by Berkshire Life, a wholly-owned stock subsidiary.

According to Guardian, total disability occurs when injury or illness prevents you from performing your occupation. For doctors, more than half of your income must come from hands-on patient care or surgical procedures to qualify.

Guardian’s true own-occupation definition of disability guarantees full benefits. It still applies if you’re able to maintain gainful employment in another occupation. In fact, you may be able to benefit if you can still practice your specialty with major limitations.

Coverage is non-cancelable and guaranteed renewable to age 70. You may elect 10-year, five-year and two-year benefit periods. Guardian offers 30-day, 60-day, 90-day, 180-day, 360-day and 720-day elimination periods.

Unlike other providers, Guardian features three cost-of-living adjustment (COLA) rider options. As for residual disability, Guardian offers both basic and enhanced partial riders.

    Pros
  • True own-occupation provision.
  • Highest COMDEX score: 99.
  • Highest maximum policy benefit: $20,000 per month.
  • Simplified underwriting for up to $7,500.
  • Various options for benefit and elimination periods.
  • Various options for COLA and residual disability riders.
  • Various add-ons such as an automatic benefit enhancement, benefit purchase option, catastrophic disability rider, hospice care benefit, serious illness supplemental benefit and student loan protection.
    Cons
  • Highest premium amount.
  • No presumptive total disability benefit.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
massmutual-physician-disability-insurance_zalsic MassMutual
A.M. Best Rating A++
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually up to age 55
Residual Benefit Requires 15% loss of income
States Available In Available in 50 states. (View States)

MassMutual has been a mainstay in the insurance game since 1851. MassMutual offers two disability insurance products, Radius and Radius Choice. Both feature provisions and add-ons that allow you to customize your coverage to meet specific needs. MassMutual helps you protect your income and retirement without relinquishing payment control.

MassMutual features a true own-occupation definition of disability. However, the provision is not part of your base policy. You must purchase it as an additional rider. With this provision in place, ‘total disability’ occurs when you cannot perform the main duties of your occupation. This requires you to be under a physician’s care.

Both Radius and Radius Choice are non-cancelable and guaranteed renewable to age 65. Radius is conditionally renewable for life, while Radius Choice is only until age 74. Both policies have benefit periods available to ages 65 and 67, as well as two years, five years and 10 years. Radius Choice also offers a maximum benefit period to age 70. Both policies offer elimination periods of 60 days, 90 days, 180 days, one year and two years.

MassMutual offers one cost-of-living adjustment (COLA) rider. After your first year of disability, your monthly benefit increases by a set percentage each year. MassMutual offers one option with basic criteria that increases your chance of qualifying.

    Pros
  • True own-occupation provision.
  • Various add-ons such as an automatic benefit enhancement, catastrophic disability rider, future increase option, presumptive total disability benefit and student loan protection.
    Cons
  • Own-occupation provision sold separately.
  • Only one COLA rider and residual disability rider option.
  • No benefit purchase option, hospice care benefit or serious illness supplemental benefit.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Ohio_National_Disability_vvtk3o-thumb Ohio National
A.M. Best Rating A+
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually to age 60
Residual Benefit Requires 15% loss of income
States Available In Available in 38 states. (View States)

Ohio National’s disability insurance product is relatively new to the market. Still, it’s among the best money can buy. ContinuON Income Solutions II allows you to customize your coverage without losing control of premium expenses.

Ohio National offers its true own-occupation provision as a rider. Regardless of occupation class, it does not come with your base policy. With Ohio National, total disability occurs when you’re unable to perform the material and substantial duties of your specialty. To qualify, you must be under the care of a physician.

ContinuON Income Solutions II is guaranteed renewable on an annual basis. Coverage is non-cancelable as long as you consistently pay on time. Benefits periods include age 65, 67 and 70. Two-year, five-year and 10-year benefit periods are also available. Ohio National offers 60-day, 90-day, 180-day and one-year elimination periods.

Ohio National offers both a 3% and a 6% COLA rider. Policyholders may elect the basic or enhanced residual disability rider.

    Pros
  • True own-occupation provision.
  • Excellent customer service.
  • Various add-ons such as a hospice benefit, survivor benefit and recurrent disability benefit.
    Cons
  • Lowest physical and labs limit means simplified underwriting is only allowed for up to $3,000 per month.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Principal Logo Principal
A.M. Best Rating A+
Definition of Disability Own-Occupation Definition
Future Increase Option Future Increase Option
Residual Benefit Requires 20% loss of income
States Available In Available in 50 states. (View States)

Principal Life is among the most competitive providers in the disability insurance market. HH750 is an excellent option for doctors seeking a top-shelf disability insurance product. It features a wide variety of options that afford you maximum flexibility.

Principal Life is among the most competitive providers in the disability insurance market. HH750 is an excellent option for doctors seeking a top-shelf disability insurance product. It features a wide variety of options that afford you maximum flexibility.

Principal offers both a true own-occupation and a modified own-occupation provision. A true own-occupation provision is the best bet for highly-skilled individuals like doctors. You benefit if you become unable to perform the material and substantial duties of your specialty. It still applies if you can maintain gainful employment in a different occupation.

Modified own-occupation is a watered-down version of the former. Frankly, it’s only feasible if you’re cost is a concern. The definition of disability is the same, but you will not benefit if you can fulfill another occupation. Either way, both provisions are available as part of your base policy. You do not have to purchase an additional rider.

HH750 is non-cancelable and guaranteed renewable to age 65. Benefit periods are available to ages 65, 67 and 70, and for two years and five years. Principal features 30-day, 60-day, 90-day, 180-day and one year elimination periods.

Principal offers one cost-of-living adjustment (COLA) rider. After selecting a maximum benefit between 3-6%, it increases on a compound basis. Principal also offers one partial residual disability rider.

Modified own-occupation is a watered-down version of the former. Frankly, it’s only feasible if you’re cost is a concern. The definition of disability is the same, but you will not benefit if you can fulfill another occupation. Either way, both provisions are available as part of your base policy. You do not have to purchase an additional rider.

HH750 is non-cancelable and guaranteed renewable to age 65. Benefit periods are available to ages 65, 67 and 70, and for two years and five years. Principal features 30-day, 60-day, 90-day, 180-day and one year elimination periods.

Principal offers one cost-of-living adjustment (COLA) rider. After selecting a maximum benefit between 3-6%, it increases on a compound basis. Principal also offers one partial residual disability rider.

    Pros
  • True and modified own-occupation provisions.
  • Advisor’s Choice Award for advisor support.
  • Available to those who only work 20 hours a week.
  • Simplified underwriting for up to $6,000 per month.
  • Various add-ons such as a benefit update rider, catastrophic disability rider, future benefit increase rider, presumptive total disability benefit, and serious illness benefit.
    Cons
  • The modified own-occupation provision can be misleading. It can save you money now, but you will not receive as strong of benefits as true own-occupation.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
The Standard Logo The Standard
A.M. Best Rating A
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually up to age 55
Residual Benefit Requires 20% loss of income
States Available In Available in 50 states. (View States)

The Standard is among the largest, most trusted providers in the disability insurance space. The company has several options, but Platinum Advantage is the most beneficial for doctors. It features built-in provisions and additional riders that maximize income protection.

The Standard’s true own-occupation definition of disability is available as an additional rider. With this provision in place, ‘total disability’ occurs when you are unable to perform the substantial and material duties of your specialty. You must also be under the care of a physician to qualify.

Platinum Advantage is guaranteed renewable to age 67. To make your policy non-cancelable, you must purchase an additional rider. Benefit periods are available to ages 65 and 67, as well as two years, five years and 10 years. Elimination periods of 60 days, 90 days, 180 days and one year are available.

The Standard offers one cost-of-living adjustment (COLA) rider. After selecting a maximum benefit between 3-6%, it increases annually on a compound basis according to the Consumer Price Index. The Standard offers a basic residual disability rider.

    Pros
  • True own-occupation provision.
  • Wide variety of options and strong coverage guarantee.
  • No-cost riders and benefits, such as the family care benefit.
  • Various add-ons such as an automatic increase benefit rider, benefit increase rider, catastrophic disability rider, family care benefit, premium waiver benefit, presumptive total disability benefit, student loan rider and survivor benefit.
    Cons
  • Own-occupation and non-cancelable riders sold separately.
  • Only one COLA rider and residual disability rider option.
  • Lowest COMDEX score: 79.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
No companies match your search.