Disability Insurance for Doctors

As a physician, you have an enormous investment in time and money attaining the knowledge and skills you need to do your job.

After making such a commitment, you need to ask yourself:

1. "What will I do for income if I can no
     longer treat patients because of an
     illness or injury?"
2. "How long could I and my family
     maintain our current standard of living
     if I couldn't work?"

These questions are critical for you as a doctor because you face special challenges if you can't work.  For example:

• Many physicians are also business owners that immediately lose their primary source of income if they can't work.
• Doctors covered by an employer's (i.e., hospital, etc.) group policy find that monthly benefits are capped well below their regular income, severely restricting their cash flow in the event of illness or injury.
• Because many specialties require physical skills to perform procedures, doctors are highly likely to be completely versus partially disabled.
• Doctors are very unlikely to take on jobs doing tasks other than practicing medicine during rehabilitation which will extend the disability period.

A good individual or supplemental disability insurance policy has a base set of provisions.  Because doctors have very specific needs, your disability insurance policy should also include the following:

• The definition of Total Disability in your policy should be "Own Occupation".  This means you will be considered disabled if you can't perform your own occupation, versus any occupation.  Taking it one step further, your policy should also identify your specialty in the definition.
  
  With this provision, a surgeon should be able to collect benefits as long as he/she can't perform surgery, etc.  This helps to ensure your maintain financial protection until you can do the exact job you specialize in.
• The definition of Residual (or Partial) Disability should be "Loss of Income".  While more expensive than "Time & Duties", Loss of Income ensures your benefit will make up the difference in your pre-disability income up to a set percentage (usually 80%-90%) until you can earn that amount on your own.  Because it may take you months to rebuild a practice once you return to work, Loss of Income in necessary to cover your income until things get rolling again.

Depending on your specific circumstances and specialty, additional provisions may be necessary to ensure your income is protected if you can't work.

For additional information, please submit the form on the right to be contacted by an authorized agent.

Request a Free Disability Insurance Quote