Protect Your Business as a Part of Your Physician Disability Insurance Policy
Many physicians today understand the importance of disability income as a method to protect their most valuable asset – their ability to go to work each year and earn an income. However, for physicians who are solo practitioners or partners in a closely-held business, this may not be enough! Physician Disability Insurance Quick Facts Disability […]
The Residual Definition of Your Physician Disability Policy is Not an Afterthought!
The name may be a little deceiving. Residual disability benefits can be one of the most important parts of your physician disability policy, but are often the most misunderstood. Typically when people think of a disability, they often think of a catastrophic disability like a car accident, resulting in complete and total disability. But many […]
Own Occupation Physician Disability Insurance- Are You Getting What You are Paying For?
ve been created and tossed around the proverbial insurance playground that it can be difficult to say what “type” of Own Occupation you are really paying for. These variations allow every carrier in the market to tell you that it has an Own Occupation definition. However, when you look at the others’ provision of Own […]
Group vs Individual Physician Disability Insurance
One of the most common questions physicians ask regarding disability insurance is, “Why should I purchase an individual owned disability insurance policy when I can get group disability coverage at a lower cost?” It is true that group long term disability policies are often provided at little or no premium cost to a physician through […]
Physician Disability Insurance from a Medical Association vs. an 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), . 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 […]
Five Questions to Ask About Your Physician Disability Insurance
What is the potential value of a physician’s income? To earn your M.D., you have studied, sacrificed and worked hard for many years. Your skills are highly valued and your income reflects this. For example, the income of a 35 year old physician earning $300,000 per year through age 67 has a value of $9,600,000. […]
Physician Disability Case Study: Why Early Action Can Save You Thousands
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 […]
Use Today’s Good Health to Purchase Additional Physician Disability Income Protection in the Future
Many physicians purchasing a Doctor Disability Insurance policy want to protect their growing future income as well as their current income while they are in good health. Although they can’t guarantee what their health will be like in the future, they anticipate needing additional disability protection because their income will be growing for a number […]
Physician Disability Exclusion Riders Explained
What is an exclusion rider and how will it affect my physician disability insurance policy at the time of claim? What is an Exclusion Rider? Typically, an exclusion rider will state that benefits are not payable for disability resulting from a named condition (i.e., Gastro esophageal Reflux Disease), injury, disease or disorder of an area […]
Diving Into the Various Features of Physician Disability Policies
Physician disability insurance is offered with a multitude of optional riders and base policy features. In this blog, I’ll touch on some of the base policy features that can be found in a quality disability insurance contract designed for physicians. Non-Disabling Injury Benefit If you have an injury which requires medical treatment but doesn’t disabled […]
When to Choose a Transitional Own Occupation Rider on Your Physician Disability Policy
In the physician disability insurance world, if you listen to any qualified agent you will consistently hear, “You need an Own Occupation Disability Insurance Policy.” This is especially true if you are a doctor or surgeon whose duties include interventional procedures as well as surgery. While this statement is generally accurate, in my opinion there […]
Be Certain of Your Custom-Built Physician Disability Contract – Case Study of a doctor’s
Disability insurance reviews are more common and useful than you might think. Even if you have a great policy, there are several factors (increased income, marriage, having a child, etc.) that warrant a quick update to make sure you are receiving the best benefit potential for your specific needs. Unfortunately, it’s far more common to […]