How to Increase Your Physician Disability Insurance Coverage Without Medical Underwriting

Physician Disability Future Increase Option Rider

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.

The Standard’s Compassionate Disability Benefit for Physicians

Compassionate Disability Benefit for Physician Disability Insurance

As a physician who takes care of others day in and day out, you understand more than anyone that injury and sickness are not discriminatory; it can happen to anyone at anytime. (One of the many reasons you know the value and vital need of owning a physician disability insurance policy.)

What if something adverse were to hit a little closer to home and affected your loved one? Chances are you would cut back your working hours in order to help take care of them. The Standard is an insurance carrier that recognizes this possibility, and they have a built-in provision in their contracts called the Compassionate Disability Benefit.

A Supplemental Health Benefit to Your Physician Disability Insurance

Physician Disability Insurance Supplemental Health Benefit

Accidents are NOT usually the main the culprit of disabilities. Illnesses like cancer, a heart attack or diabetes cause the majority of long-term disabilities. Back pain and arthritis are also significant causes. The insurance carrier, Principal Financial Group, takes your income protection even further with a unique, built-in provision called the Supplemental Health Benefit. Here’s how it can help.

Physician Disability Insurance from a Medical Association vs. an Individual Plan

Physician Disability Insurance Medical Association vs Individual Plan

If you seeking a new policy or are reviewing a current one (see our last post explaining 5 questions you should ask during a physician disability policy review), you may be trying to decipher between an individual plan and one from a medical association. Many Medical Associations offer a long term doctor disability plan as a member “benefit”. Some of these associations include, but are not limited to, The American Academy of Family Physicians (AAFP), American College of Radiology (ACR), American College of Obstetrics and Gynecology (ACOG), American College of Surgeons (ACS), American Academy of Pediatrics (AAP), American Medical Association (AMA), and The American Academy of Ophthalmology (AAO).

While there are many differences between an association plan and a private disability insurance plan (premium structure, policy definitions and features, claims processes etc.), today we would like to solely focus on the premium structure differences between the two types.