How Your Physician Disability Insurance Can Also Protect Your Business
If you were unable to work due to a serious illness or injury, what would happen to your business? Overhead expenses would continue: rent/mortgage, utilities, malpractice insurance, equipment payments, salaries to key employees, etc. How would you pay for these expenses while disabled when revenues have been reduced or stopped? At the very least, your […]
How to Make the Application Process for Physician Disability Insurance Go Smoothly
During the course of underwriting applications for physician disability insurance, we have seen some common issues that can prolong the underwriting process. Issue #1 – Delay in obtaining medical records One such issue that we experience frequently is the delay in obtaining medical records from your personal physicians. Any medical records and treating physician narratives […]
Should I Use the Same Company for Physician Disability Insurance and Life Insurance?
Clients often ask me if they should use the same company to buy both physician disability insurance and life insurance, considering there may be a discount. The answer is oftentimes “NO.” Since life and doctor disability insurance are different products, it is important to look at them individually. When you purchase either an individual physician […]
California Has New Options for Own-Occupation Physicians Disability Insurance!
MetLife has just opened up Own Occupation / Own Specialty definition policies in the state of California for physicians wanting to buy disability insurance. This could mean a significant cost savings for Californian doctors! MetLife joins Ameritas now offering own occupation definition policies for physicians in California, which has really brought down the price for […]
Let’s Talk About Contractual Guarantees
Many articles have been written in Medical Economics, Private Practice, Money Magazine and Consumer Reports to help the consumer make an informed decision regarding their disability insurance purchase. These articles strongly suggest that you purchase a contract/policy that is Non-Cancelable and Guaranteed Renewable. Let’s discuss what these provisions mean.Non-Cancelable and Guaranteed Renewable to Age 65 […]
Are You Limited By the Coverage You Can Buy vs. the Amount You Need?
Own Occupation Disability Insurance participation limits continue to increase. As of today most carriers will issue between $15,000 to $17,000 per month of tax-free benefit on a standalone basis. The participation limits of disability insurance for physicians continue to increase. In addition, most carriers will participate with other carriers to $30,000; one will even participate […]
Premiums for Women May Be Twice as High as Their Male Colleagues – Here’s a Way to Reduce
h as their male colleagues. Why? Because claims history shows that females file for disability insurance benefits at a rate twice as high as men do. Thus, the insurance companies must adjust for the additional risks that come with insuring female doctors by implementing higher and sometimes cost prohibitive premiums. There is a little known […]
The Standard’s Compassionate Disability Benefit for Physicians
s 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 […]
Physician Disability Insurance with a Money Back Guarantee?
That’s right! If you don’t use your disability policy benefits for either Total Disability or Partial/Residual Disability, the carrier will refund you 50% of your premiums every 5 years. This may be a perfect opportunity for those physicians who say, “I’m never going to become disabled,” or “I don’t want to waste my money on […]
Is Life Insurance or Disability Insurance More Important for a Physician?
Although life insurance provides vital protection to a physician’s family, disability insurance gives crucial protection to both the physician’s family and the physician. We all know that if the income earner should pass away, life insurance provides much needed financial support for his/her loved ones. If a physician were to become disabled, the family’s financial […]
What Doctors Need to Watch For as They Choose Disability Insurance
There are a lot of things to consider when purchasing disability insurance for doctors. The policies vary quite a bit, and it is important to fully understand all aspects of a policy before signing the contract. Here are some things to look for in disability insurance for doctors: • Verify that the policy uses the […]
Long Term Disability (LTD) or Long-Term Care (LTC)?
Disability Insurance Disability Insurance is intended to protect you during your working years if you are too sick or injured to work. The benefits will pay you a monthly sum, so you can pay your expenses. Physician disability insurance policies also have a catastrophic disability rider that will pay additional benefits if you are not […]