Physician Disability Insurance Waiting Period

Each physician disability insurance contract includes a waiting period (sometimes called an elimination period), which is the time you have to wait between becoming disabled and receiving disability insurance benefits. Often, this waiting period is 90 days, but you can choose to have a 180-day waiting period. Now, why would you want to wait an extra three months before collecting disability insurance benefits?

When you elect for a 180-day waiting period, most contracts will have a 14%-17% discount on premiums. Depending on the size of your contract, you may find that the monthly savings would be worth waiting the extra 90 days in the event of disability.

For more information on physician disability insurance: Physician Disability Insurance Guide

What You Will Learn:

• What a disability insurance waiting period (elimination period) is

• The differences between 90-day and 180-day waiting periods

• How a longer waiting period may reduce your premium

• When a 180-day waiting period may be appropriate

• Why emergency savings influence waiting period decisions

• How waiting period changes affect future underwriting

• Why physicians should customize disability insurance to their financial situation

• The importance of designing a policy correctly from the beginning

Chapters:

0:00 Introduction: Understanding Waiting Periods

0:17 What Is an Elimination Period?

0:54 Benefits of a 90-Day Waiting Period

1:06 Premium Savings with a 180-Day Waiting Period

1:21 Using Savings to Extend Your Waiting Period

1:47 Why Changing Waiting Periods Later May Require Underwriting

2:06 Choosing the Right Waiting Period for Your Situation

2:33 Final Thoughts