A Paramedical Examination is required as a routine part of an Own-Occupation Physician Disability or Life Insurance application. The results from the exam are an important component of your personal policy. Here’s what to expect, and a few tips to keep in mind.
I recently had a high-income radiologist apply for disability income insurance. He told me up front that he would not take the policy if it came with an exclusion for one of his fingers. Two years earlier, he hurt the finger while playing soccer. He had to have a ligament repaired, but now the finger is working great.
We understand your primary motivation to obtain physician disability insurance is most likely to protect your loved ones. We also understand you want to care for your loved ones even after your passing. You may think of us for disability insurance, but we also have extensive experience with term life insurance. Here’s a quick overview of term life insurance, and why you may want to consider both types of insurance at the same time.
Have you ever wondered if there is a way you can increase your physician disability insurance coverage without going through another finger prick or by providing a urine sample? Condsider the Future Increase Option Rider and/or the Future Purchase Option Rider (name dependent on carrier but they are one in the same). It can help because it permits you to increase your physician disability insurance benefits without having to go through medical underwriting.
If you are a HTPN physician, I have some great news for your disability insurance! You may be eligible to receive deeply discounted disability insurance premiums by utilizing the “Unisex-rated” policy.
We have all been there before… a long line at the grocery store, the never ending wait at the DMV. Well, with acquiring Disability Insurance, you don’t have to dread the underwriting process any longer if you follow these simple rules.
Have you ever wondered how a physician disability contract is priced?
Great news! If you are a surgeon you might be able to substantially reduce the premiums you pay for your physician disability insurance. Surgeons for many years have had to pay more for disability insurance than doctors working in many other specialties. A recent change may grant you a new opportunity.
As a physician, your time is obviously limited and usually comes at a premium. If you have made the decision to purchase an individual physician disability insurance policy for yourself, why not leverage the time you are investing during the application process to maximize efficiency? Since a disability insurance policy requires a medical exam as part of the underwriting process, you should take the opportunity to review your life insurance portfolio to make sure it corresponds with your current needs and financial goals.
There are many reasons for a physician to get declined for disability insurance. A serious illness or medical condition alone can disqualify you from obtaining coverage. Significant medical history can also disqualify you, or result in such high premiums that it is no longer cost-effective. Sometimes it can occur because the underwriter does not have enough information to make a decision. Don’t give up if this happens to you. It is important to seek further medical attention to uncover if there is really a reason to be denied disability insurance. Here is an example of why this makes sense to do.