Get Your Quotes for Physician Disability Insurance

Compare rates and features from the 6 best disability insurance companies for doctors in 2023.

Fill out a simple form to see your quotes. Talk to an unbiased agent to answer your questions and unlock exclusive discounts. Find the best true own-occupation disability insurance policy for you. It’s that simple.

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Insurers on LeverageRx

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Step 1

Fill out the form

We’ll ask you a few basic questions to get to know you better, such as your age, specialty, and where you’re located.

This will assure that we provide you with policies that are tailored just for you.

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Step Two

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In just a few short minutes, your licensed Insurance Expert will provide you with a comprehensive array of options.

Since no two disability insurance policies are the same, this step allows you to quickly and effortlessly compare policies — saving you a headache (and time!)

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Step Three

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Your licensed insurance expert will work to finalize your coverage in no time.

That way you can get back to the things you enjoy.

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Who Offers Disability Insurance for Physicians?

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6 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
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.
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Why do physicians need disability insurance?

The case for physician disability insurance begins with a sobering reality: Between 25-30% of American workers will suffer a disabling event at some point in their career that prevents them from earning an income. As a highly-trained, highly-compensated medical professional, ask yourself:

  • What would you do if you couldn’t work?
  • How would you pay your bills if you lost your income?
  • What would become of your medical practice if you were unable to treat patients?
  • How would the loss of income affect your lifestyle and ability to provide for your family?

Depending on how you answer these questions, you may want to purchase disability insurance to protect your income.

Why own-occupation disability insurance?

Medical specialties need own-occupation coverage because of the time and commitment they have made to achieve their degree of specialty/position. Because of this vast experience, medical specialties have the ability to earn income even while being disabled. To have a disability policy that would penalize you to earn an income while being disabled goes against LeverageRx’s commitment to their clients. That’s why all policies we offer allow you to work while being disabled with no reduction to your benefit.

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All Other Modified Own-occupation

  • Insurance Company defines your occupation
  • Lose all or part of the benefit if working any other occupation while being disabled
  • Rates can go up even when the benefit stays the same
  • Most require medical exams
  • Not able to increase or have a small cap
  • Only get quotes from one company
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50,000+ users and counting..

We've helped thousands of medical professionals across the country find the best disability insurance

Service of this company was just marvelous! - David N
Service of this company was just marvelous! - David N
Service of this company was just marvelous! - David N
Service of this company was just marvelous! - David N
Physician excited about disability insurance

Who Qualifies for Own-Occupation Disability Insurance?

All medical providers should have an own occupation disability insurance policy. As a nurse, resident physician or an attending – we can tailor a policy to fit your medical profession and these policies will also allow for adjustments in the future with no additional medical underwriting. All the policies we offer are able to be written alongside a group disability plan from your employer providing the most comprehensive coverage.

  • Medical Doctors (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Dental Medicine (DMD)
  • Doctors of Dental Surgery (DDS)
  • Optometrist (OD)
  • Podiatrist (DPM)
  • Veterinarian (DPM)
  • Chiropractor (DCH)
  • Nurse Practitioner (NP)
  • Certified Registered Nurse Anesthetist (CRNA)
  • PharmD
  • Registered Pharmacist (RpH)
  • Physician Assistant (PA)
  • Doctor of Osteopathic Medicine (DO)
  • Nurses (RN)
Table of Contents
Home > Disability Insurance-Physician Quotes Ad10

Physician Disability Insurance Made Simple

The odds of an American worker becoming disabled and unable to work at some point in their career is roughly 25–30%.

When you’re a physician averaging $208,000 in earnings per year, an abrupt halt in income can create a dire financial situation.

The solution:

Physician disability insurance.

A physician disability insurance policy offers doctors a steady income when they cannot work due to a disability.

But is it worth investing 1–4% of your annual salary?

This guide will explain everything you need to know about disability insurance. From why you need this type of income insurance, to who is eligible to purchase it, to how to vet different policies.


Why Do Physicians Need Disability Insurance?

The statistics on the effects and prevalence of disability in America are sobering. At some point in their career, between 25–30% of American workers will suffer a disabling event that prevents them from earning an income.

If you become too disabled to work, the financial consequences could be catastrophic.

You may not be able to pay your medical school loans or provide a comfortable lifestyle for your family. But things can get far worse.

Without your regular income, you may lose your home. You may not be able to protect your assets. Your family could experience many hardships. You may even have to claim bankruptcy.

No one is immune to these risks. Don’t make the mistake of thinking, “It won’t happen to me.”

Even the most cautious of physicians can face tragedy.

The only real way to protect your finances is to buy disability insurance with an own-occupation or specialty-specific definition.


What Does Disability Insurance Cover + How Does It Work?

The type of disability insurance you carry will determine the scope of what it covers. Before you buy a plan, make sure you know what it covers and what it excludes.

Short-Term vs. Long-Term Disability Insurance Plan

First, it’s important to understand that not all disability insurance plans are equal. There are two main types: short-term disability insurance and long-term disability insurance.

What makes them distinct? The difference comes down to how long the plan will award disability insurance benefits to the policyholder.

Short-term disability insurance has a benefit period of about three to six months. It’s best for covering injuries and illnesses that only put you out of work for a short length of time.

The benefits of short-term disability insurance kick in much faster than long-term plans, in as little as two weeks.

A long-term disability plan could provide insurance coverage for as little as five years or as many as 20 years or more. The waiting period before seeing monthly benefits can range from a month to two years.

Individual vs. Group Disability Insurance

Individual disability insurance policies can be tailored to suit the individual. You may want to consider an individual policy if you’re self-employed or own your own practice.

An individual policy will only cover one person. The medical underwriting will be very specific to that individual. Also, these types of policies are often considered non-cancelable.

The individual policyholder will be responsible for the full cost of disability insurance premiums. On the upside, they also get full control over how much disability insurance they buy.

A group disability insurance policy is very different. Each physician who qualifies for group coverage will be subject to the same terms. This makes group coverage more rigid than individual policies.

Group policies are usually offered as part of an employee benefits package. They cost much less than an individual plan, but coverage is minimal.

The following sections focus on individual policies. Individual policies are the most comprehensive option for physicians seeking the best protection.


Definition of Disability

Depending on the insurance company, there are many different definitions of disability. It’s vital to understand how different disability insurance policies define “disability.”

Some policies will only provide disability coverage if the policyholder has a total disability, while others will still provide disability benefits if the policyholder becomes partially disabled.

Total disability occurs when you are unable to perform any and all duties of your occupation. It’s considered a partial disability if it limits your ability to work full-time or perform key functions of your occupation.

Physicians should look for an own-occupation policy, which provides the most protection.

Often, policies define disability based on whether a physician can continue working and, if so, in what occupation.

In the next section, we’ll delve deeper into what makes own-occupation policies the best choice in disability insurance.

Exclusions and Limitations

As with any type of insurance, such as auto or life insurance, the insurance agent will outline certain limits or exclusions of coverage.

Disability insurance exclusions and limitations are often identical. These include:

  • Pre-existing medical conditions
  • High-risk activities such as extreme sports
  • Acts of war or violence
  • Self-inflicted harm or attempted suicide
  • On-the-job injuries

Why Own-Occupation Disability Insurance?

Occupation disability insurance paperwork

Why is it so important for a physician to settle for nothing less than an own-occupation disability insurance policy?

Some policies use generalized definitions of disability. According to the AMA, these policies make it very difficult for disabled physicians to collect benefits.

Own-occupation disability insurance can protect both a physician’s lifestyle and their financial plan.

Types of Own-Occ Disability Insurance Plans

Own-occupation plans use many different definitions of disability. We describe several of them below.

True Own-Occupation

A true own-occupation policy will still provide full benefits to a physician when they can no longer work in their profession. This applies even if they could perform the duties of a different job.

Transitional

When a physician cannot perform the duties of their job, a transitional own-occupation policy will pay them full disability benefits—even if they decide to transition to another occupation.

Transitional own-occupation is different from true own-occupation in that you only get benefits if your new income in your new occupation is less than what you were earning in your previous job.

Modified

Modified own-occupation policies will pay benefits to a physician if they are unable to perform their current duties. However, the physician cannot choose to earn an income from a different occupation.

Specialty

This is a very specific type of own-occupation policy. It provides full benefits to physicians who cannot perform the duties of their current medical specialty.

  • When a disability policy penalizes you for earning an income while disabled, that goes against LeverageRx’s commitment to their clients. That’s why we only offer policies that allow you to work while disabled, with no reduction to your benefit.

See also: What is Non-Cancelable Disability Insurance?


Who Qualifies for Own-Occupation Disability Insurance?

There is an own-occupation disability insurance policy for almost every medical profession.

These professions include:

  • Medical Doctors (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Dental Medicine (DMD)
  • Doctors of Dental Surgery (DDS)
  • Optometrists (OD)
  • Podiatrists (DPM)
  • Veterinarians (DPM)
  • Chiropractors (DCH)
  • Nurse Practitioners (NP)
  • Certified Registered Nurse Anesthetists (CRNA)
  • PharmDs
  • Registered Pharmacists (RpH)
  • Physician Assistants (PA)
  • Doctors of Osteopathic Medicine (DO)
  • Nurses (RN)

As long as your medical history clears the underwriting process, you should be eligible for an own-occupation disability income insurance plan.


What to Look for in a Disability Insurance Policy

Physicians should ensure that their disability insurance policy qualifies as an own-occupation policy.

Having said that, you’ll still need to make other choices about the terms of your disability insurance plan.

Riders

Riders are extra coverages that you can add to your policy. Keep in mind that riders will increase the cost of your premium.

Some riders may be worth the extra expense, especially for physicians. Consider each rider before you buy a plan. Once you settle the terms of your plan, you won’t have the option later to add more riders.

Partial Disability Rider

This add-on pays a portion of your wages in the event that you become partially disabled.

It is sometimes called a Residual Disability Rider.

This benefit can be disbursed even if the physician is still able to work part-time.

Student Loan Protection

It can take years for physicians to pay off their student loan debt. But what happens if they become disabled and are unable to fulfill this goal?

This rider will pay student loans without reducing the full monthly benefit amount.

COLA Rider

The cost of living adjustment (COLA Rider) is a rider that factors cost of living increases into your monthly benefit.

When inflation increases the cost of living over time, your monthly benefit will also increase to meet this extra cost.

Future Purchase Option Rider

For new physicians, this rider is especially important. Young physicians can often get much better rates on disability insurance. That’s because this rider factors the physician’s age into the plan’s cost.

However, it takes time for most new physicians to begin earning their full salary potential. This can limit their ability to purchase extra coverages. As physicians begin to earn more, they become eligible for more coverage.

The Future Purchase Option Rider allows physicians to increase their coverage every few years. It does not require a medical exam or proof of insurability.

Benefit Period

Many disability insurance plans offer several different benefit periods. The longer the benefit period, the higher the premiums.

Most plans offer a benefit period between five to 20 years. Or, until the physician reaches the age of retirement.

Waiting Period

Again, most disability insurance plans offer several options for the waiting period.

Otherwise known as the elimination period, this is the amount of time that a policyholder must wait from the time the claim is approved until the benefits go into effect.

The shorter the waiting period, the higher the premiums.

The waiting period can range anywhere from one month to two years.

Monthly Benefit

The benefit amount a physician is eligible for depends on their current income. Most disability insurance plans will offer a benefit amount that is about 60% of a physicians’ total salary.

Additional Options

Some insurance companies will provide even more options for your disability insurance policy.

Here are some that you may encounter:

Lump-Sum Benefit

Some insurance carriers will give you the option to receive a one-time lump sum rather than a monthly benefit.

This lump sum may be lower than the total amount you would receive through monthly payments.

Either way, you will need to decide if you need immediate funds more than you need consistent income.

Catastrophic Disability Benefit

This rider pays an increased monthly benefit if you meet the catastrophic definition of disability. Catastrophic disability means that you are unable to perform at least two or more activities of daily living. Examples of such activities include bathing, getting dressed, and feeding oneself.

Retirement Protection

This additional option will continue your contributions to your defined retirement savings plan. Retirement savings plans include IRAs and 401(k)s, but not social security benefits.

Related: How to Select an Elimination Period for Your Disability Insurance Policy

Premiums

Of course, as with any purchase, the cost is a factor to consider.

Several factors influence the cost of your disability insurance policy.

These include:

  • Income: Cost is typically 1–4% of your current income
  • Age: The earlier you purchase your plan, the cheaper your premium
  • Gender: Premiums are more expensive for women
  • Pre-existing conditions
  • Occupation: Based on occupational hazard risk numbers
  • Location
  • Length of both the benefit period and the waiting period
  • Optional riders

Who Offers Disability Insurance for Physicians?

Physician calculating costs of disability insurance

There are many insurance companies, but only a handful of disability insurance companies offer plans that would benefit a physician.

The following companies offer true own-occupation disability insurance for physicians:

Ameritas

This insurance company has one of the cheapest premium rates in the group, but has a maximum policy benefit of $20,000 per month.

They offer a wide variety of riders, including two different COLA riders.

Guardian

This insurance provider is considered one of the nation’s best.

Guardian’s disability insurance policies offer many choices for your elimination and benefit periods. They include three options for COLA riders and two for partial disability.

MassMutual

Although this company offers true own-occupation disability insurance, it is not included in the base policy. It’s an optional coverage with a higher rate.

You can still choose your waiting and benefit periods, as well as riders.

Ohio National Financial Services

This company offers true own-occupation disability as an additional rider. They also offer several options for your benefit period and waiting period.

You can also choose from two options for both COLA riders and residual disability.

Principal

This company offers both true and modified own-occupation disability insurance.

They also provide flexible terms for your waiting and benefit periods, as well as for optional riders.

The Standard

This is one of the oldest and most trusted disability insurance providers. They offer many options to tailor your policy to your needs, including some no-cost riders.


If you are a physician not yet protected by disability insurance, we urge you to consider the benefits of such policies.

We’ve helped thousands of medical professionals across the country find the best disability insurance, and we would love to help you, too.

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