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Protecting Your Medical Career: The Importance of True Own Specialty Disability Insurance for Physicians

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Protecting Your Medical Career: The Importance of True Own Specialty Disability Insurance for Physicians

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Over the past decade, the medical field has undergone significant transformations, leading to a decline in self-employed physicians and a rise in physicians transitioning to employment within institutionalized medicine. Unfortunately, this shift has given rise to a common misconception among physicians regarding disability insurance coverage. Many doctors are either opting out of purchasing individual own specialty disability insurance for physicians or canceling their existing coverage, mistakenly relying on their employer’s long-term disability insurance. It is crucial to understand the limitations of employer-provided disability plans and the immense importance of true own specialty policies.

True Own Disability Insurance for Physicians vs. Employer Provided Group Disability

Although employer-provided disability plans may seem appealing due to their seemingly cost-free nature, they pale in comparison to the comprehensive coverage provided by own specialty policies. Typically, employer plans only cover the base salary, often capped around $10,000 per month, and the benefits received are subject to regular income tax when the premiums are paid by the employer. Moreover, these plans define total disability as the inability to work in the medical specialty with no alternative sources of income. Should a physician choose to work in a different occupation, they would no longer be considered totally disabled.

Most employer plans also incorporate a 24-month clause, which allows them to evaluate the physician’s skills after two years of benefit payment. If the insurance company deems the physician capable of performing another reasonable occupation, they will cease benefit payments. Additionally, many employer plans do not cover work-related injuries or illnesses, and they lack portability if the physician decides to switch employers. Furthermore, partial disability benefits are usually only granted after a consecutive period of at least 90 days of total disability, making it unrealistic to claim benefits for partial disabilities.

The Benefits of Own Specialty Disability Insurance

It cannot be stressed enough how critical it is for physicians to protect their income potential in the medical specialty they have worked so diligently to achieve. This protection can only be guaranteed by purchasing individual own specialty coverage offered by the six insurance carriers: Ameritas, Guardian, MassMutual, Mutual of Omaha, Principal, and The Standard. It is vital to note that organizations such as the AMA, ACOG, ACP, ACS, and Northwestern Mutual do not offer true own specialty disability insurance. Their plans fall short as they only pay physicians their full disability benefit if they have no other sources of income during a disability.

While there is a cost associated with owning own occupation disability insurance, the benefits are truly invaluable. Annual premiums typically range from 2% to 6% of your annual gross income, depending on the age at which the policy is purchased. However, if you cherish the effort you have invested in becoming a physician and depend on your income, going without True Own Occupation disability insurance is simply not an option. Relying solely on employer plans for protection is a risky decision. By investing in an individual own specialty policy, physicians can effectively safeguard their income potential and ensure unwavering financial stability in the face of unforeseen circumstances.

At InsuranceMD, thousands of physicians across the country place their trust in us to ensure they obtain True Own Occupation/Specialty disability insurance. What sets us apart is that we do all the shopping for you. We assess your needs and eligibility for coverage, while taking the time to educate you. We diligently compare the offerings of the six carriers, to find the most comprehensive policy at the best cost when providing disability insurance quotes. We employ state-of-the-art secure technology to ensure your information remains safe. Whether you choose to work with us or have your own trusted advisor, it is of utmost importance that you purchase disability insurance from one of the six own specialty carriers, ensuring you obtain their best definition of total disability in an own occupation context.

If you are unsure about what this means or how to determine if you are getting the best own occupation coverage available, please feel free to reach out to me at nick@insurancemd.com . I am more than happy to assist you in any way I can.

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The Best Disability Insurance for Physicians: What to Look for & What to Avoid 

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The Best Disability Insurance for Physicians: What to Look for & What to Avoid 

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The American Medical Association estimates that medical professionals are more likely to suffer a disability that prevents them from earning an income than to die prematurely.

That’s comforting news if you’re worried about your mortality. Less so if you’re concerned about your ability to enjoy your golden years.

According to a 2023 Annual Report on People with Disabilities conducted by the Disability Compendium, the likelihood of living in poverty is nearly 15% more for adults with a disability than for those without one. Most likely due to the medical costs for treatment and recovery amid loss of their income.

So having some kind of disability coverage is important, especially for those earning high incomes but getting a later start on investing for the future, like physicians.

The question is, what’s the best disability for physicians right now?

Types of Disability Insurance for Physicians

There are two basic types of doctor disability available to provide income should you suffer an illness or injury that prevents you from performing the duties your job requires:  Group and private.

Group

Group disability insurance for physicians is provided by your employer. It’s less expensive than private disability, but your coverage and premium are based on the health and needs of the other members in your group plan. If the number of disabling incidents is higher among the group population, you’ll pay more and get less coverage than you will through private insurance.

Private

Private disability insurance is coverage you buy on your own. It’s more expensive, but your rate is not tied to anyone else’s. It’s based solely on you.

Private disability insurance can further be broken down into Own Occupation and Own Specialty.

This is where the definition matters.

Insurance companies are becoming increasingly deft at manipulating language in their policies. So, while you can get a quick quote for disability insurance online with enticingly low numbers, you need to pay attention to how each insurance carrier defines disability.

Most basic group disability will only provide benefits if you are unable to perform any job. That means that if you can work at McDonald’s, you’ll be doing that instead of collecting disability.

Own occupation insurance allows you to collect disability benefits in the event you suffer an accident or illness that prevents you from working in your current occupation. So, it’s easier to collect benefits from an own occupation policy.

But if you choose to work in another occupation, certain types of own occupation policies may not allow you to collect all of your disability benefit—especially if you choose to work in another profession. Because you’re working and collecting an income, the insurance company will provide less in benefits.

Only Own Specialty Disability will provide full coverage even if you choose to work in another profession. The premiums are higher but well worth the investment. Like anything else, you get what you pay for.

Imagine you suffering a stroke just before your 50th birthday severe enough to prevent you from performing your current specialty. You decide to make the best of it by going into semi-retirement. You want to invest in a small business related to something you love. It will allow you to work less but continue to be useful.

With a group policy, you would have zero chance of collecting a disability benefit. You won’t be able to afford to invest in anything. You’ll be lucky to have a job that sustains your current standard of living.

With an own occupation policy, you will receive a benefit. But if you start earning a significant amount of money from that small business you invest in, you’ll likely see a decrease in that benefit.

If you’ve elected an Own Specialty disability policy like True Own Specialty offered by InsuranceMD, you’re guaranteed to enjoy your full current income, plus what your new business generates.

Other Things to Watch Out For:

False Claims. The AMA and other medical associations claim to offer Own Specialty disability. They do not. Neither does Northwestern Mutual. Their definitions of disability are too vague and thus easily manipulated in the carrier’s—not your—favor.

Assumptions About Time. If you’re forgoing short term coverage because you assume your sick leave will cover you adequately, think again. Long-term COVID is prevalent among medical professionals who were on the front lines of the pandemic.

You also want to look at the elimination period – how long you have to wait to receive your benefit. The lower your premium, the longer you’ll wait for the payout.

Now let’s look at some riders you can use to personalize your policy.

Best Disability Riders 2023

An Own Specialty rider can enhance a group plan offered by your employer if you don’t choose to purchase private insurance. If you simply can’t bypass the low price tag attached to a group policy, at least add a specialty specific rider.

Inflation Protection/Cost of Living (COLA) rider indexes your benefit to keep up with inflation.

A student loan rider will pay your student loan if an illness or injury prevents you from working.

“Future” riders allow you to increase your benefit in the future. Types of riders that fall loosely into this category include Future Purchase Option (FPO), Future Increase Option (FIO), Benefit Update (BU), a Benefit Purchase Rider (BPR) and a Benefit Increase Rider (BIR). Although these riders are similar, they do have slight differences.

A Non-Cancelable rider locks in your premium and benefits no matter what.

Renewable riders (guaranteed and conditional) require a close look. Both guaranteed and conditional riders allow the insurance carrier to change the premium rate; but each has different protocols.

A Residual rider provides temporary coverage as you recover from your disability and transition back to work.

A Partial rider provides long-term coverage to fill the income gap if your disability allows you to work part-time or in a diminished capacity.

A Catastrophic rider provides an increased benefit in the event you cannot perform two of the six activities of daily living: bathing, dressing, eating, toileting, continence and transferring out of and into chairs and bed.

Best Disability Insurance Companies 2023

As of now, only six carriers offer True Own Specialty insurance.

Ameritas

Guardian

MassMutual

Mutual of Omaha

Principal

The Standard

And again, although they may claim to, neither medical associations nor Northwestern Mutual offer true own specialty disability coverage.

It’s all in the definition.

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Mental Health Disability Insurance for a Resident Physician? Yes. 

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Mental Health Disability Insurance for a Resident Physician? Yes. 

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If you’re a doc battling depression, you’re not alone. A CDC report dated May 11, 2022, stated that 69% of physicians reported experiencing depression—13% with suicidal ideation.

And according to the American Foundation for Suicide Prevention, residents–docs just beginning their careers—are 20% more likely to experience a depressive episode than peers in other professions. So yes. Disability insurance for a resident physician makes sense.

These are just the numbers according to the physicians who shared their struggles. Imagine how many aren’t participating in the reports. Because most docs don’t talk about their mental health struggles.

The fact is that a physician with a mental health issue deserves the time and space to receive treatment. Their life and the lives of their patients depend on it.

If you’re a resident, now is the time to protect yourself, your career, and your financial future from a mental health crisis by considering disability coverage for mental health.

Can I Get Disability for Mental Health Issues?

By definition True Own Specialty disability coverage provides protection if a physician is unable to perform the duties their specialty demands due to an injury or illness. That includes mental illness.

Disability providers have different parameters around mental health coverage; different states have different regulations. But most disability carriers cover a mental illness if it meets standard medical coding for mental, behavioral, and neurodevelopmental disorders.

The good news is that mental health benefits generally provide up to two years of disability income. This gives physicians who develop a mental malady such as depression, anxiety, post-traumatic stress disorder, or substance abuse a good chunk of time to deal with their illness.

A couple of caveats: If you’re already living with or have dealt with a mental health issue in the past, you’ll most likely be excluded from mental illness coverage. However, there are companies that will provide coverage for pre-existing conditions on a case-by-case basis. Save time and shop around from your phone when you have a minute.

Mental Health Disability Limitation Riders

Own Disability policies that offer mental health coverage use a limitation rider usually called a Mental/Nervous Limitation Rider, or M/N. Other names may include Mental Nervous & Substance Abuse (MSNA) Limitation Rider, or a Mental and Substance-Related Disorders (MSDR) Limitation Rider.

In some cases, adding this rider to your plan can reduce your premium.

And if a mental disorder rears its scary head from another illness or injury, like say, you develop depression because of Parkinson’s, your mental illness is automatically covered under your disability policy.

While most mental illnesses do not create a long-term disability, the symptoms can affect your ability to perform your specialty effectively. It makes sense to take time off to deal with your mental health than risk burnout that takes you out of the game altogether. Or worse, risk patient care and your career.

One more thing: As you shop around for disability coverage, be aware that how a company defines disability matters. Only True Own Specialty Disability allows you to collect full income replacement tax-free even if you choose to work in another occupation if you suffer an accident or illness that prevents you from practicing in your specialty.

And if you are tussling with a mental health issue, don’t wait to get help. You’re too vital to lose.

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Do Physicians Need Individual Disability Insurance? 

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Do Physicians Need Individual Disability Insurance? 

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Whether you’re working your way through residency, or you’ve been a physician for a while, one thing is sure: you have no time for an injury or illness. Physicians don’t call out and physicians don’t get sick or hurt, right?

But the truth is physicians do get sick and injured – with acute and chronic conditions. The Journal of American Medical Association estimates that about 3.1% of physicians live with a disability. (This number might be much higher due to unreported disabilities and the concern for industry backlash.)

And if you do miss time due to severe illness or injury, your savings quickly dwindle. Which is why disability insurance is vital to your economic survival.

The best disability insurance for doctors provides added protection with less hassle when you need it most.

What is Individual Disability Insurance for Physicians?

Individual disability insurance is a policy you purchase separately from the group plan your employer offers. These come packed with more benefits and pricing tailored to you and your needs, and the insurer personalizes them according to your occupation. Hence, the alternative names: own occupation or own specialty insurance plans. And there are some distinct differences between group plans and these own specialty plans.

Cost Differences

Group disability plans tend to be less expensive either because it’s offered as a free benefit of your employment, or you and your employer share the costs. However, you get what you pay for. You have less coverage under a group plan, as these policies are written in the insurance carrier’s favor.

Alternatively, True Own Specialty disability insurance for physicians costs more than group plans because you’re paying the entire premium instead of sharing the cost with your employer. However, you also get a lot more value for your money.

Underwriting and Risk Group

The insurer underwrites group plans according to the risks of the entire group, regardless of each individual’s risk within the group. They then offer benefits according to the overall group risk level.

So, for example, if you’re healthy and other physicians on the plan are not, you’ll likely pay a higher premium but receive a lower benefit when you file a claim.

True Own Specialty plans are different. Insurers personalize your policy according to your risk level and needs, not someone else’s.

Portability

Additionally, if you change employers, your individual policy follows you as long as you keep the policy active and make the premium payments.

Most group plans are not portable; they end when you leave your current employer. So, if you become disabled between jobs, that’s only a problem if you have a group policy.

Definition of Disability Matters

All disability plans determine benefit eligibility for claims based on the date your provider medically certifies your disability and how the insurer defines disability. The latter is the biggest difference between group plans and own occupation plans.

Group long-term disability plans generally require that you’re disabled from your occupation as a physician and any other reasonable profession for which you might be qualified to work. Think about all those jobs you worked throughout high school and college. They all count.

True Own Specialty disability insurance looks only at your occupation as a physician and the specialty in which you practice. You’re still considered disabled even if you can work in another role or industry. Therefore, benefits remain payable if you remain disabled from being a doctor – not some job you worked years ago.

Highlights

Group Long-Term Disability Insurance

less expensive

group underwritten

not portable

definition of disability: any reasonable occupation

True Own Specialty Disability Insurance

tax-free benefit

individually underwritten

portable

definition of disability: your own specialty

Also, many group long-term disability plans only pay out 40% to 60% of your current income. So, if you’re disabled from being a physician but not something else, it might not pay out.

Your benefits will reflect your disability insurance decision.

Own occupation disability insurance costs more than a group policy, but you’ll gain far more. True Own Specialty disability insurance will pay you your full benefit tax free, even if you can work in another occupation. And comprehensive security like that is priceless.

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According to sources, 1 in 4 twenty-year-olds living today will suffer a disability prior to their retirement age. Although the most recognizable disabilities are those we can see with our eyes the facts are that according to the Council for Disability Awareness 90% of disabilities are caused by illness, not injury.

Our ability to earn an income is our most valuable asset. Yet less than 25% of the workforce owns an individual Disability Insurance Policy.

Everyone buys insurance on their homes and cars but that’s because your mortgage company forces you to have Homeowners’ insurance if they are going to loan you the money for a house and the state forces you to have car insurance in order to drive a car. But without your income how are you going to pay for those things?

Pay attention to the Facts about Disability and Disability Insurance and take the proper steps to insure your income before it’s too late.

Contact InsuranceMD

We are here to answer your questions about a new Own Specialty Disability Insurance or even your current policy. We will evaluate your policy at no charge!

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I’m a physician. Why should I consider getting my own Specialty Disability Insurance?

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I’m a physician. Why should I consider getting my own Specialty Disability Insurance?

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Own Specialty Disability Insurance

As a doctor, it’s important to have your own

specialty disability insurance policy in place

in case a sickness or injury makes it so that

you’re unable to work in your medical

specialty.  Statistics show that as a physician

you have an increased risk of becoming

disabled.  According to Medscape, the actual

odds of becoming disabled are about 25%.

“True” Own Specialty/Occupation Disability insurance provides a definition of total disability

where you are considered totally disabled and eligible for your full benefit when unable to

work in your medical specialty due to a sickness or injury.   A “True’ Own Specialty policy will

have a definition of Total Disability that will read exactly like this:

Total Disability or Entirely Due To Sickness And Injury You Are Not Able To Perform
Material And Substantial Duties Of Your Occupation

Getting disabled does not mean your career is over

If you are injured or sick and no longer able

to work in your medical specialty, it does not

mean your career is over!  With a “True”

Own Specialty Disability policy, you can still

receive your full tax-free benefits even if you

elect to work in a different occupation.

“But, I have disability insurance through my job so i’m good,” right?

No, because Own Specialty disability

insurance is not available through group

benefits it can only be obtained individually.

Only 7 companies provide physicians with

True Own Specialty Disability Insurance:

Ameritas – Guardian – MassMutual – Mutual

of Omaha – Ohio National – Principal – &

The Standard.

How Own Specialty Works

Under a True Own-Specialty policy if you

were working as a Hospitalist earning

$300,000 per year and suffered a disability

that prevented you from practicing in the

hospital then your own specialty would pay

out your full tax-free benefit even when

began a new occupation like telemedicine or

urgent care physician.

“How does my employer disability plan differ?”

Through your employer-sponsored disability plan, as a Hospitalist if you are earning $300,000

per year and you were to suffer a disability that prevented you from working in the Hospital,

then your employer plan would pay you your after-tax disability benefit, yet, if you continued to

work in an alternate occupation like Telemedicine or Urgent Care, you would no longer be

eligible to receive your full disability benefit.

InsuranceMD works exclusively with physicians to provide you with Own Specialty Disability protection

InsuranceMD’s specialty is protecting your income against any sickness or injury that may

prevent you from working in your medical specialty. We work with all 7 carriers to ensure we

provide quality coverage, rates, and discounts so our clients can be financially secure now

and into their future!

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InsuranceMD | Own Specialty Disability Insurance and Life Insurance for Doctors and Dentists

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I'm a physician. Why should I consider getting Own Specialty Disability Insurance?

"True" Own Specialty/Occupation Disability insurance provides a definition of total disability where you are considered totally disabled and eligible for your full benefit when unable to work in your medical specialty due to a sickness or injury. A "True' Own Specialty policy will have a definition of Total Disability that will read exactly like this:
Total Disability or Entirely Due To Sickness And Injury You Are Not Able To Perform Material And Substantial Duties Of Your Occupation
"How does my employer disability plan differ?"

Through your employer-sponsored disability plan, as a Hospitalist if you are earning $300,000 per year and you were to suffer a disability that prevented you from working in the Hospital, then your employer plan would pay you your after-tax disability benefit, yet, if you continued to work in an alternate occupation like Telemedicine or Urgent Care, you would no longer be eligible to receive your full disability benefit.

InsuranceMD works exclusively with physicians to provide you with Own Specialty Disability protection

InsuranceMD's specialty is protecting your income against any sickness or injury that may prevent you from working in your medical specialty. We work with all 7 carriers to ensure we provide quality coverage, rates, and discounts so our clients can be financially secure now and into their future! To request quotes please complete this form below:

Posted in For Physicians, Group Disability

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I'm a physician. Why should I consider getting my own Specialty Disability Insurance? | InsuranceMD

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"True" Own Specialty/Occupation Disability insurance provides a definition of total disability where you are considered totally disabled and eligible for your full benefit when unable to work in your medical specialty due to a sickness or injury.

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Principal Disability Policy Review for Physicians

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Principal Disability Policy Review for Physicians

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What is Own Specialty Disability Insurance

Own Specialty Disability Insurance is a type of disability plan designed specifically for physicians. It protects you from any sickness or injury that may prevent you from working in your medical specialty by providing you with a tax-free income replacement. A True Own Specialty Disability policy will continue to pay your full tax-free benefit even if you work in another occupation, regardless of the income you may earn working in another occupation.

Does Principal offer True Own Specialty Disability Insurance to Physicians?

Principal offers True Own Specialty Disability Insurance to Physicians. According to Principal, if you include their Regular Occupation Rider, your disability policy will pay your full tax-free benefit if a sickness or injury prevents you from performing the main duties of your medical specialty even if you are working in another occupation.

Principal Optional Riders

Adding riders to your disability plan enhance your coverage by providing you with added protection to protect you during your time of need.  Here is a list of the typical riders offered through a Principal disability policy:

Cost of Living Adjustment (COLA)

Partial Disability Rider (Residual)

Benefit Update Rider

Catastrophic Disability Rider (CAT)

What’s Unique About the Principal Policy?

Principal Offers Extended Total Disability Rider. With this feature, if your Total Disability begins before your age of 55 and you remain continuously disabled to the age of 65, you may qualify to receive up to 100 times your regular monthly disability benefit beyond the age of 65.

Principal Provides you with a Capital Sum Rider. This feature pays you a 1-time lump sum benefit worth 12 months of your regular monthly benefit if your disability involves a permanent loss of sight in at least one eye, or the permanent loss of use of at least one hand or one foot.

Conclusion

Principal is considered one of the “Big 7” carriers that offer physicians a True Own Specialty Disability policy. The other 6 carriers are Ameritas, Guardian, Mutual of Omaha, MassMutual, Ohio National and The Standard.

Principal offers a preferred definition of Total Disability through their Regular Occupation Rider that pays your full benefit if you are disabled from working in your medical specialty even if you elect to work in another occupation.

Principal offers a wide variety of riders to enhance your coverage.

In general, we find that Principal offers physicians a great product and they are very competitively priced. Qualifying for an Own Specialty disability policy through Principal may save you thousands a year when compared to some of the other BIG 7 carriers.

To conclude, if you are a physician or dentist and you purchase a Principal policy along with adding their Regular Occupation Rider, then you have a solid True Own Specialty Disability Insurance plan.

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Top 10 Frequently Asked Disability Insurance Questions

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Top 10 Frequently Asked Disability Insurance Questions

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1.When Do I Buy Disability Insurance

The best time to buy disability insurance is when you don’t need disability insurance. In order to qualify for disability insurance, you must first apply for the benefit, so the earlier the better. We encourage that you start with a plan early during your residency when you are at your healthiest. Securing a plan during residency and adding a future purchase option protects your future insurability as your income increases regardless of your health. Even when our nation is not knee-deep in the middle of a pandemic the need for physicians to have True Own Specialty Disability Insurance is more important than ever.

2. What’s the Most Important Feature of a Disability Policy?

The most important feature of your disability insurance policy is the definition of Total Disability. Total Disability defines when the insurance carrier considers you to be totally disabled and eligible for your full monthly disability benefit. Physicians are advised to obtain a policy with a definition of Total Disability that does not contain language that prohibits you from working in another occupation. Physicians refer to this plan as an Own Specialty Disability policy because the definition of Total Disability will consider you totally disabled even if you elect to work in another occupation. Currently, only six carriers offer such a policy to physicians: Ameritas – Guardian – MassMutual – Ohio National – Principal – The Standard.

3. How Much Disability Insurance Should I Buy?

If you pay for your own private disability policy, your benefits will be paid to you Tax-Free. During your residency, the maximum benefit you are eligible for is $5,000 per month. If you add a Future Purchase Rider you will be permitted to increase your benefit as your income increases regardless of your health. As your income increases so should your disability benefit and the amount you qualify for is based on your income at the time you apply for a new policy or an increase in coverage. The more income you earn, the more disability you should have. As a physician, the maximum combined individual own specialty benefit you can own is $30,000 per month.

4. What Will Disability Insurance Cost Me?

True Own Specialty Disability Insurance is not like the other insurance policies you may be used to paying for. This is a policy that protects your most valuable asset, your income. And according to statistics between 1 in 4 healthy 20-year-olds will suffer a long term disability prior to their retirement age. This explains why it costs so much because it actually gets used. Rates vary based on various different factors: The state you live in, whether you are a male or female, the benefit amount you are eligible for and the riders you add to your policy, and your medical specialty.

The average resident will pay between $180 and $220 per month for a $5,000 per month Own Specialty Disability plan. It’s not uncommon as you increase your monthly benefit as your income rises that you are paying between $600 – $800 per month for your policy. This may come as a shock but it’s a necessary benefit. Until the day comes where you’ve reached financial independence and 100% of your income is considered disposable income you need disability insurance.

5. Are There Any Exclusions?

Prior to qualifying for a disability insurance policy, you must submit to medical underwriting. The insurance carrier will review your medical history to determine if any of your pre‑existing medical conditions will be excluded.

In some cases exclusions are temporary and the carrier may be willing to reconsider an exclusion after some time has passed and your pre-existing medical condition is no longer a risk to the carrier. 1 in 3 disability policies are approved with an exclusion, it’s typical. It’s important to realize that when an exclusion is added to your policy it’s just an exclusion for your pre‑existing condition and that in most cases any new trauma, burn, laceration, or neoplasm that is not caused by your pre‑existing condition will still be considered a covered claim.

If after review of your application they issue you a policy without any exclusions, then you can rest assured that ANY sickness or injury that impacts your ability to work in your occupation will be covered.

Limitations for Mental/Nervous disabilities are part of most contracts where the carrier will only pay your benefit for up to 24 months if your disability is a result of things like anxiety, depression, or substance abuse.

6. What Riders Should I Add to My Policy?

Disability Insurance comes with a handful of riders worth considering. These riders add to the overall cost of your policy but a few of them are crucial for ensuring that your policy will meet your needs should the time ever come where you need it most.

Own Specialty/Regular Occupation Rider – Some carriers make you add the Own Specialty/Own Occupation/Regular Occupation feature to your policy as a rider. The most important feature of your disability policy is the definition of Total Disability. This rider should be mandatory when building your policy.

NonCancellable & Guaranteed Renewable – This available feature protects you from premium increases and contract changes. NonCancellable actually means that the insurance carrier guarantees that your premiums will not increase between your current age and the age of 65. Guaranteed Renewable protects you from the carrier making any contractual changes to your policy ensuring that the features you purchase today will remain the same until you cancel your policy. This provision also guarantees that you have the right to renew your policy every year regardless of your health and regardless of your income.

Residual Disability – This rider should be put on every policy. Residual provides protection from a partial disability that you suffer while you are still working in your medical specialty.

Cost Of Living Adjustment (COLA) – This rider protects you from inflation while you are collecting benefits. We recommend this rider be added if you are between the ages of 20 – 55 where inflation could impact your financial wellbeing during an extended disability.

Future Purchase Option – This rider allows you to increase your benefit at a later date as your income increases regardless of your health.

Catastrophic Disability – This rider provides you an extra benefit above your base monthly benefit should you suffer a serious disability that prevents you from performing 2 out of the 6 activities of daily living.

7. What Carriers Should I Consider?

You should Consider carriers that offer a True Own Specialty Definition of Total Disability. Only Six carriers remain that offer this benefit: Ameritas – Guardian – MassMutual – Ohio National – Principal – The Standard.

Despite what you read or what a captive agent may tell you, carriers like Northwestern Mutual or plans sponsored through your employer or professional medical association like the AMA – ACP – ACOG, etc. do not offer a True Own Specialty Definition for Total Disability because their definition restricts your ability to collect your full benefit if you are working or earning another income in another occupation.

8. I Have a Plan Through My Employer, Isn’t That Good?

Employer-sponsored Long Term Disability Insurance is good enough if your health doesn’t allow you to qualify for your own individual benefit. Having some kind of disability benefit is better than not having any at all. But if you are healthy enough to qualify for Individual Own Specialty Disability Insurance you should buy a plan and here’s why: Employer-sponsored group disability insurance is not considered True Own Specialty coverage. The benefit you receive is often taxable. The contract is not guaranteed. The coverage may not be portable – but if it is, the premiums will normally increase as you age.

9. When Can I Cancel My Disability Policy?

You can cancel your disability policy at any time. It’s recommended that you keep your disability policy until you retire or until you have reached a point of 100% financial independence and your income is no longer needed to sustain your standard of living.

10. Who Do I Buy a Policy From?

You will want to buy your policy from an independent agent. Shopping the rates and discounts from all 6 carriers is the best way to ensure you are getting the most value from the money you are spending.

The majority of agents will quote between 1 and 3 carriers and try to convince you that 1 of those carriers is best for you. However, the best is different for everyone and every carrier offers virtually identical Own Specialty Plans. So long as you are comparing quotes with the same riders and definitions then the carrier that’s offering you the best price wins.

Here at the White Coat Insurance Group, we provide you with side by side quotes from all 6 carriers so you can rest assured that you are getting the best policy at the best price. We also shop to make certain you are receiving all the discounts you may be eligible to receive based on your Hospital Affiliation or Professional Association Affiliations.

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1.When Do I Buy Disability Insurance

The best time to buy disability insurance is when you don't need disability insurance. In order to qualify for disability insurance, you must first apply for the benefit, so the earlier the better. We encourage that you start with a plan early during your residency when you are at your healthiest. Securing a plan during residency and adding a future purchase option protects your future insurability as your income increases regardless of your health. Even when our nation is not knee-deep in the middle of a pandemic the need for physicians to have True Own Specialty Disability Insurance is more important than ever.
2. What's the Most Important Feature of a Disability Policy?
The most important feature of your disability insurance policy is the definition of Total Disability. Total Disability defines when the insurance carrier considers you to be totally disabled and eligible for your full monthly disability benefit. Physicians are advised to obtain a policy with a definition of Total Disability that does not contain language that prohibits you from working in another occupation. Physicians refer to this plan as an Own Specialty Disability policy because the definition of Total Disability will consider you totally disabled even if you elect to work in another occupation. Currently, only six carriers offer such a policy to physicians: Ameritas - Guardian - MassMutual - Ohio National - Principal - The Standard.
3. How Much Disability Insurance Should I Buy?
If you pay for your own private disability policy, your benefits will be paid to you Tax-Free. During your residency, the maximum benefit you are eligible for is $5,000 per month. If you add a Future Purchase Rider you will be permitted to increase your benefit as your income increases regardless of your health. As your income increases so should your disability benefit and the amount you qualify for is based on your income at the time you apply for a new policy or an increase in coverage. The more income you earn, the more disability you should have. As a physician, the maximum combined individual own specialty benefit you can own is $30,000 per month.
4. What Will Disability Insurance Cost Me?
True Own Specialty Disability Insurance is not like the other insurance policies you may be used to paying for. This is a policy that protects your most valuable asset, your income. And according to statistics between 1 in 4 healthy 20-year-olds will suffer a long term disability prior to their retirement age. This explains why it costs so much because it actually gets used. Rates vary based on various different factors: The state you live in, whether you are a male or female, the benefit amount you are eligible for and the riders you add to your policy, and your medical specialty.

The average resident will pay between $180 and $220 per month for a $5,000 per month Own Specialty Disability plan. It's not uncommon as you increase your monthly benefit as your income rises that you are paying between $600 - $800 per month for your policy. This may come as a shock but it's a necessary benefit. Until the day comes where you've reached financial independence and 100% of your income is considered disposable income you need disability insurance.
5. Are There Any Exclusions?
Prior to qualifying for a disability insurance policy, you must submit to medical underwriting. The insurance carrier will review your medical history to determine if any of your pre‑existing medical conditions will be excluded.

In some cases exclusions are temporary and the carrier may be willing to reconsider an exclusion after some time has passed and your pre-existing medical condition is no longer a risk to the carrier. 1 in 3 disability policies are approved with an exclusion, it's typical. It's important to realize that when an exclusion is added to your policy it's just an exclusion for your pre‑existing condition and that in most cases any new trauma, burn, laceration, or neoplasm that is not caused by your pre‑existing condition will still be considered a covered claim.

If after review of your application they issue you a policy without any exclusions, then you can rest assured that ANY sickness or injury that impacts your ability to work in your occupation will be covered.

Limitations for Mental/Nervous disabilities are part of most contracts where the carrier will only pay your benefit for up to 24 months if your disability is a result of things like anxiety, depression, or substance abuse.
6. What Riders Should I Add to My Policy?
Disability Insurance comes with a handful of riders worth considering. These riders add to the overall cost of your policy but a few of them are crucial for ensuring that your policy will meet your needs should the time ever come where you need it most.

Own Specialty/Regular Occupation Rider - Some carriers make you add the Own Specialty/Own Occupation/Regular Occupation feature to your policy as a rider. The most important feature of your disability policy is the definition of Total Disability. This rider should be mandatory when building your policy.

NonCancellable & Guaranteed Renewable - This available feature protects you from premium increases and contract changes. NonCancellable actually means that the insurance carrier guarantees that your premiums will not increase between your current age and the age of 65. Guaranteed Renewable protects you from the carrier making any contractual changes to your policy ensuring that the features you purchase today will remain the same until you cancel your policy. This provision also guarantees that you have the right to renew your policy every year regardless of your health and regardless of your income.

Residual Disability - This rider should be put on every policy. Residual provides protection from a partial disability that you suffer while you are still working in your medical specialty.

Cost Of Living Adjustment (COLA) - This rider protects you from inflation while you are collecting benefits. We recommend this rider be added if you are between the ages of 20 - 55 where inflation could impact your financial wellbeing during an extended disability.

Future Purchase Option - This rider allows you to increase your benefit at a later date as your income increases regardless of your health.

Catastrophic Disability - This rider provides you an extra benefit above your base monthly benefit should you suffer a serious disability that prevents you from performing 2 out of the 6 activities of daily living.
7. What Carriers Should I Consider?
You should Consider carriers that offer a True Own Specialty Definition of Total Disability. Only Six carriers remain that offer this benefit: Ameritas - Guardian - MassMutual - Ohio National - Principal - The Standard.

Despite what you read or what a captive agent may tell you, carriers like Northwestern Mutual or plans sponsored through your employer or professional medical association like the AMA - ACP - ACOG, etc. do not offer a True Own Specialty Definition for Total Disability because their definition restricts your ability to collect your full benefit if you are working or earning another income in another occupation.
8. I Have a Plan Through My Employer, Isn't That Good?
Employer-sponsored Long Term Disability Insurance is good enough if your health doesn't allow you to qualify for your own individual benefit. Having some kind of disability benefit is better than not having any at all. But if you are healthy enough to qualify for Individual Own Specialty Disability Insurance you should buy a plan and here's why: Employer-sponsored group disability insurance is not considered True Own Specialty coverage. The benefit you receive is often taxable. The contract is not guaranteed. The coverage may not be portable - but if it is, the premiums will normally increase as you age.
9. When Can I Cancel My Disability Policy?
You can cancel your disability policy at any time. It's recommended that you keep your disability policy until you retire or until you have reached a point of 100% financial independence and your income is no longer needed to sustain your standard of living.
10. Who Do I Buy a Policy From?
You will want to buy your policy from an independent agent. Shopping the rates and discounts from all 6 carriers is the best way to ensure you are getting the most value from the money you are spending.

The majority of agents will quote between 1 and 3 carriers and try to convince you that 1 of those carriers is best for you. However, the best is different for everyone and every carrier offers virtually identical Own Specialty Plans. So long as you are comparing quotes with the same riders and definitions then the carrier that's offering you the best price wins.

Here at the White Coat Insurance Group, we provide you with side by side quotes from all 6 carriers so you can rest assured that you are getting the best policy at the best price. We also shop to make certain you are receiving all the discounts you may be eligible to receive based on your Hospital Affiliation or Professional Association Affiliations.

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Top 10 Frequently Asked Disability Insurance Questions

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1.When Do I Buy Disability Insurance The best time to buy disability insurance is when you don't need disability insurance. In order to qualify for disability insurance, you must first apply for the benefit, so the earlier the better. We encourage that you start with a plan early during your residency when you are at your healthiest.

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Group vs Individual: Which Physician Disability Insurance Plan is Right for You?

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Group vs Individual: Which Physician Disability Insurance Plan is Right for You?

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Healthcare workers have the most important job today because of the pandemic. But what if they are also the most at risk?

According to the Centers for Disease Control and Prevention (CDC), hospital and clinic employees constantly face hazards while on the job, like latex allergy, stress, back injuries, harmful levels of exposure to drugs and toxic chemicals, and more.

If you’re a healthcare employee, you can’t avoid the risks of the job. The best you can do is prepare yourself financially for the possible injuries and diseases you might get. This is where true own specialty disability insurance for physicians comes in.

What is a True Own-Occupation Disability Insurance?

When you opt for True Own-Occupation Insurance, it means that if you’re not able to perform the essential duties of your job, it will be considered a disability for you and will be covered by your policy. Your benefits will not change even if you make an income in another career.

Suppose you’re a neurosurgeon, and you get injured significantly that you can’t perform surgery anymore. You can work as a professor or general physician and still receive your full benefit payout.

True own-occupation disability insurance is perfect for medical practitioners like you. It’s comprehensive and allows you to explore other fields without sacrificing the benefits you rightfully deserve.

Group or Individual Disability Insurance?

There’s one more important choice you need to make before signing off on your disability

insurance: do you get an individual or group plan? Here’s what you need to know about each choice.

Individual insurance is a plan that you shop for or buy on your own. Here are some of its pros and cons.

Pros

Tailored for You — You get to choose the kind of insurance and the provider. The insurance provider can customize a plan according to your needs and preferences; you can get as much or as little coverage as you want.

Portable — Individual health insurance plans don’t depend on whether you’re employed or not. As long as you make payments on time, you are covered.

Cons

High premiums — The premiums are more expensive for individual plans compared to group ones. This is because your employer doesn’t pay a portion of your insurance.

Group insurance, on the other hand, is a plan that you get from your employer. You get the same coverage as your fellow doctors or other medical practitioners.

Pros

Affordable — Some employers pay for half of their workers’ disability insurance plans. It makes the monthly premium more affordable to pay.

Extensive support — Corporations are a consistent source of income for insurance companies. In return, insurance agents slip in extra claims support for the plans they provide.

Cons

Limited personalization — The coverage you get, as well as the limits of your dependents, are all set by your employer. If you want to change anything, you may have to pay extra.

Your employer owns your plan — Your plan stays with your employer. You lose your insurance coverage when you no longer work for the company.

Having a True Own-Occupation Disability Insurance plan is an advantage to healthcare workers. If you’re a physician who works for more than one hospital or healthcare facility, you will benefit more from an individual insurance plan that follows you. If you’re a tenured nurse or doctor who has been with the same hospital for years and plans to stay in it for the long term, signing up with your employer’s group plan is a better choice.

Whichever path you choose; you can rest easy knowing you’re financially protected in case of an own-occupation disability.

Get the Right Disability Insurance Coverage for You

If you’re looking for the right insurance plan, Insurance MD will be happy to help. For more than a decade, we’ve assisted countless physicians, dentists, and other healthcare professionals get the best insurance coverage. Our team of agents provides side-by-side comparisons of policies and plans, so you can select one that fits your needs.

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InsuranceMD | Own Specialty Disability Insurance and Life Insurance for Doctors and Dentists

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Healthcare workers have the most important job today because of the pandemic. But what if they are also the most at risk?

According to the Centers for Disease Control and Prevention (CDC), hospital and clinic employees constantly face hazards while on the job, like latex allergy, stress, back injuries, harmful levels of exposure to drugs and toxic chemicals, and more.

If you're a healthcare employee, you can't avoid the risks of the job. The best you can do is prepare yourself financially for the possible injuries and diseases you might get. This is where true own specialty disability insurance for physicians comes in.

What is a True Own-Occupation Disability Insurance?

When you opt for True Own-Occupation Insurance, it means that if you're not able to perform the essential duties of your job, it will be considered a disability for you and will be covered by your policy. Your benefits will not change even if you make an income in another career.

Suppose you're a neurosurgeon, and you get injured significantly that you can't perform surgery anymore. You can work as a professor or general physician and still receive your full benefit payout.

True own-occupation disability insurance is perfect for medical practitioners like you. It's comprehensive and allows you to explore other fields without sacrificing the benefits you rightfully deserve.

Group or Individual Disability Insurance?

There's one more important choice you need to make before signing off on your disability insurance: do you get an individual or group plan? Here's what you need to know about each choice.

Individual insurance is a plan that you shop for or buy on your own. Here are some of its pros and cons.

Pros

Tailored for You - You get to choose the kind of insurance and the provider. The insurance provider can customize a plan according to your needs and preferences; you can get as much or as little coverage as you want.

Portable - Individual health insurance plans don't depend on whether you're employed or not. As long as you make payments on time, you are covered.

Cons

High premiums - The premiums are more expensive for individual plans compared to group ones. This is because your employer doesn't pay a portion of your insurance.

Group insurance, on the other hand, is a plan that you get from your employer. You get the same coverage as your fellow doctors or other medical practitioners.

Pros

Affordable - Some employers pay for half of their workers' disability insurance plans. It makes the monthly premium more affordable to pay.

Extensive support - Corporations are a consistent source of income for insurance companies. In return, insurance agents slip in extra claims support for the plans they provide.

Cons

Limited personalization - The coverage you get, as well as the limits of your dependents, are all set by your employer. If you want to change anything, you may have to pay extra.

Your employer owns your plan - Your plan stays with your employer. You lose your insurance coverage when you no longer work for the company.

Having a True Own-Occupation Disability Insurance plan is an advantage to healthcare workers. If you're a physician who works for more than one hospital or healthcare facility, you will benefit more from an individual insurance plan that follows you. If you're a tenured nurse or doctor who has been with the same hospital for years and plans to stay in it for the long term, signing up with your employer's group plan is a better choice.

Whichever path you choose, you can rest easy knowing you're financially protected in case of an own-occupation disability.

Get the Right Disability Insurance Coverage for You

If you're looking for the right insurance plan, Insurance MD will be happy to help. For more than a decade, we've assisted countless physicians, dentists, and other healthcare professionals get the best insurance coverage. Our team of agents provides side-by-side comparisons of policies and plans, so you can select one that fits your needs.

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Group vs Individual Physician Disability Insurance | Insurance MD

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Healthcare workers have the most important job today because of the pandemic. But what if they are also the most at risk? According to the Centers for Disease Control and Prevention (CDC), hospital and clinic employees constantly face hazards while on the job, like latex allergy, stress, back injuries, harmful levels of exposure to drugs and toxic chemicals, and more.

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Best Way to Save Money on Disability Insurance

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Best Way to Save Money on Disability Insurance

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Own Occupation Disability Insurance is Expensive

If you are a physician the cost of not owning Own Occupation/Own Specialty Disability Insurance is far more expensive then cost associated with actually paying for the coverage. That being said, the cost associated with paying for the coverage isn’t cheap. From our experience, the average physician that purchased their coverage in their early 40’s is paying approximately $6,000 a year for Own Specialty coverage. This number can vary based on Age, Sex, Benefit Amounts, and Riders as well as your health history. In some cases, even the state you live in may affect the rate you pay for coverage.

Only 6 carriers offer Physicians Own Specialty/Own Occupation Disability Insurance

Ameritas – Guardian – MassMutual – Ohio National – Principal – The Standard

If you are looking for disability insurance for the first time, It’s not easy to find a Disability

Broker who understands the importance of owning the Own Specialty Disability Insurance.

Through our years of working with White Coat Physicians, we’ve noticed that the majority of

Physicians who come to us looking for advice after having already met with another disability

broker have only been quoted between 1 and 3 of the above Own Specialty Disability carriers.

Why?

The Truth is, it’s hard for an agent to maintain appointments with more than just a couple of

disability carriers. Disability Carriers want to work with agents who are going to produce

business by selling their products. Often setting production quotas for agents. These

production quotas control the percentage the agent is commissioned for a sale as well as the

agent’s ability to maintain their appointment to sell products for the carrier. With only a few

million physicians in the United States, the market for selling disability insurance is very small

which makes it very difficult for an agent to submit enough business to each carrier. This

results in the majority of brokers only presenting to their physician clients the carriers they

have the strongest relationship with.

If you’ve ever met with one of these brokers, you may have noticed your broker had made

statements suggesting that one carrier is stronger or better than another at paying

claims. This just isn’t true. The facts are that the above carriers pay claims without hassle for

qualifying disabilities, but sadly brokers often need us to think otherwise in order to drive more

business to a carrier that might not be the best option for you based on price.

We don’t necessarily blame the brokers for this, we blame the carriers. Carriers don’t want to

compete on price – so they do everything in their power to work with Agents/Brokers who will

push their product regardless of cost.

Even here at White Coat Insurance Group, we show our clients a quote from every carrier

side by side. Our willingness to do this has resulted in some of the above-named Insurance

carriers going as far as to demand we cease and desist showing the physician consumer all

the available disability options side by side.

We are strong advocates for the purchase of Own Specialty/Own Occupation Disability

insurance to our physician clients. We recognize that 6 carriers offer an excellent Own

Specialty Disability Product. We also are aware that some carriers are priced better than

others for a definition of Own Specialty that is exactly the same, so what’s wrong with showing

our clients all 6 of them so you can make an educated decision on what’s best for you?

Nothing!

The Best Way for a physician to save money on Disability Insurance is to shop for quotes from all 6 carriers and compare them side by side.

Make sure you work with an agency like ours that will quote you all the available options from

the 6 different carriers who offer Own Specialty Disability Insurance. Just through shopping,

our clients save about 30% a year on their premiums for life.

Discounts may be available from certain carriers based on Hospital affiliations or professional

association affiliations.  Make sure you let your agent know about your affiliations in order to

maximize your savings.

Disability Insurance is a product you will be paying for throughout your entire career and the

cost may seem expensive. Work with an Agency like ours who will shop the rates and

discounts from all the available carriers to ensure you are getting the best value for your

money.

Remember, the cost of not owning disability insurance is far more expensive than paying for it. Let us help you compare all the options and show you how to save up to 50% a year on your premiums just through shopping.

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What Variables Affect Disability Insurance Costs for Physicians?

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What Variables Affect Disability Insurance Costs for Physicians?

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The Cost of Disability Insurance for Physicians can vary from individual based on a laundry list of different criteria. You may find yourself discussing disability insurance with colleagues and the topic of the price will inevitably come up. Cost Varies, it really does. And since everyone is different it’s important to set your expectations on cost based on quotes that are specifically designed for you. Here are a few of the variables that affect Disability Insurance costs for Physicians.

Age – The older you are the more expensive the premium. Even though in theory you may think the older you are the less money the carrier will have to pay out if you become disabled. The statistical fact associated with age is that you are more likely to use the policy the older you get because the risk of disability increases with age. The carriers view your older age as a shorter period of time they have to collect premiums so, therefore, they make up for the risk associated with a shorter time frame to pay premiums and the increased likelihood that you will get disabled by increasing the cost with age.

Sex – Females make up 2/3’s of the people who are currently out on disability claim. So because of the increased risks and likelihood of disability associated with being female, insurance carriers charge females nearly double for Disability Insurance.

Where you live – Just like all other types of insurance, certain geographical locations across the country are viewed as higher risk territories for Disability insurance carriers. Typically, we see higher costs associated with states that have a higher cost of living and who’s government-run insurance departments run slower due to bureaucratic hold-ups that make it longer and harder for insurance carriers to introduce new competitive products. We often find that applicants who live in NY and CA have less available insurance options and higher premiums associated with the cost of insurance and disability insurance is no exception.

Medical specialty – Carriers create rate classes based on the occupational duties of physicians. The more delicate the work you perform along with the physical demands your occupational duties require greatly impacts the premium you will pay for Disability Insurance.  Naturally, a Surgeon pays more for disability insurance than a Pediatrician and an OBGYN pays more for disability insurance than a Hospitalist would.

The benefit amount you purchase – The more money you make the more coverage you need. The more coverage you need the more money you pay for Disability Insurance.

The riders you choose – The riders that make up your policy will add to the overall cost for the Disability Insurance you purchase. This does not mean you should buy a policy without riders in fact, certain riders should be considered mandatory like the Own Occupation rider, Residual Rider, and the Noncancellable and Guaranteed Renewable rider. Depending on your age, a Cost of Living Rider (COLA) could be added to help protect you from the risks associated with a prolonged disability against the rise in inflation. Additionally, a Catastrophic rider may be available to add to your coverage if you’d like to have an extra benefit should you suffer a major disability that would prevent you from performing two out of the six activities of daily living.

Your health – Medical underwriting plays a large part in the overall premium you would pay for your Disability Insurance. Most good agents will do their very best to understand your medical history prior to providing you with quotes in order to most accurately set your expectations of the available features and the overall cost of Disability Insurance. The healthier you are the less expensive your policy will be.

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Should you invest in Physician Disability Insurance?

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Should you invest in Physician Disability Insurance?

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Patients count on physicians like you for answers and in some cases the physical ability to solve some of the most complicated problems they will ever face in their lives. The pressure is high to know the answers and to be the best at your trait. The ability to serve your patients is your most valuable asset while it also provides you the ability to earn a living worthy of justification to your commitment to your level higher education and training.

What happens when you have questions about the future of your career when seeking protection from the same medical problems your patients face?  What happens if you can no longer perform the duties of your medical specialty?

Why every physician needs Own Specialty Disability Insurance

Likely since the time you were a resident you’ve heard your peers advocate that you obtain a Disability policy that would adequately protect the investment you were making in yourself. The type of Disability insurance they were referring to is known as Own Specialty Disability Insurance.

Own Specialty Disability Insurance is different from the disability insurance you may be eligible for through your employer. Own Specialty Disability Insurance provides you with a tax-free income should a sickness or injury prevent you from performing 1 or more of the material and/or substantial duties of your medical specialty. It also continues to pay you your full benefit even if you elect to work in a different capacity.

Other disability policies like those offered through your employer, the AMA, and carriers like Northwestern Mutual prohibit you from working in another occupation while collecting your full disability benefit, leaving your disability carrier in charge of your career instead of you.

Why Your Employer Group Disability Plan Fails You

Group Disability Insurance might make some physicians feel like they are adequately protected and ready to take on the responsibilities, even putting yourself at risk being on the front lines of a major pandemic such as COVID-19.  Group Disability Coverage is NOT paid to you Tax-Free and restricts your ability to earn an income outside of your medical specialty should a disability prevent you from performing your specific medical specialty.

Take Control of Your Career with True Own Specialty/Own Occupation Disability Insurance for Physicians

You have already begun taking control of your career and investing in yourself by taking the time to read this article.  You are trying to figure out if you should make the investment in Specialty Specific Disability Insurance or if your group policy is enough.

There are only six insurance carriers that provide “True’ Own Occupation Insurance for Physicians. Ameritas – Guardian – MassMututal – Ohio National – Principal – The Standard.

If your current policy is not provided by one of these six carriers then you have not yet taken control of your financial future, but you are in the right place.

We Quote all 6 carriers Own Specialty Carriers.  We use our years of experience to help you compare coverages and premiums to craft a policy that will match your specific needs while finding the best rates and affiliation discounts that can save you thousands on your premiums every year.

Call on the experience of InsuranceMd to help ensure you have the right coverage to protect you in your medical specialty. Request Quotes at https://insurancemd.com/free-disability-quote/