Skip Navigation

Have Questions? Call Us! (866) 868-0099

Life Insure.com

  • Life Insurance
    Term Life Insurance Quotes In minutes! No personal information required.
    Information
    • Life Insurance FAQ
    • Life Insurance Glossary
    • 8 Types of Life Insurance (and How to Choose the Right Policy)
    • Life Insurance Application Process
    • High-Risk Life Insurance
  • Final Expense Insurance
    Final Expense Insurance Quotes In minutes! We never sell or share your info.
    Information
    • Final Expense vs Burial Insurance
    • The Complete Guide to Final Expense Insurance
    • Guaranteed Life Insurance | A Senior’s Best Friend
  • Disability Insurance
    Get Disability Insurance Quotes Don't worry! We never sell or share your info.
    Information
    • FAQs
    • Disability Insurance Glossary
    • Disability Facts and Statistics
    • Disability Insurance for Dentists
    • Disability Insurance for Lawyers
    • Disability Insurance for Physicians
  • About
    • About Us
    • Contact Us
    • Customer Reviews
    • Our Application Process
    • Privacy Policy
    • Legal Notice & Disclaimer
  • Blog
    • Life Insurance
    • Disability Insurance

Disability Insurance for Physicians

Protect Your Income with Disability Insurance

Get Free and Confidential Plan Comparisons
GET QUOTE NOW!

As a medical professional, you understand the crucial need to protect your income with disability insurance for physicians. You likely have experience with the fragility of the human body and also its great resiliency.

Why Should a Physician Have Disability Insurance?

Your skills are in your knowledge and your ability to physically and mentally apply that knowledge. You have made an extraordinary investment in time and money to get where you are today, and you and your family’s continuing financial well-being is tied to the application of your medical knowledge and skills. The right disability policy protects that investment.

If you are unable to perform your duties as a physician, you are aware of the need to ensure the replacement of that income with quality disability insurance from the right insurance company.

Some of the attributes to look for in disability insurance policies for physicians:

  • It should be backed by a financially strong disability insurance company with top financial strength ratings from independent rating services. Financial strength is the first consideration. After all, you will be making a “deposit of your future earnings” with this financial institution in the event of your disability i.e. they’ll be the “bank” that holds your income. Make sure it’s strong.
  • A physician’s disability insurance policy should have an “Own Occupation” definition of disability. The insurance policy should define disability as the inability to perform the material and substantial duties of your occupation known as the true “Own Occupation” definition of disability.
  • Ideally, the disability insurance policy should have an even stronger own occupation definition of disability.  It should define your occupation not only as a physician but further define your occupation as your specialty.
  • There are other important issues to consider, including the important issue of residual and recovery benefits. These differ widely among companies.  Disability insurance for physicians should have residual and recovery(partial disability) definitions properly defined.

Many physicians are aware that when choosing disability insurance that occupation and a specialty definition of disability are important but may not be as aware of the differences in how a claim is paid during recovery and when there is still a residual disability after a doctor returns to their profession on a partial basis.

To simplify this part of a doctor’s disability insurance policy: One should get a disability insurance policy that covers loss of income during recovery versus one that defines residual disability as loss of “time and duties.” An example of a more beneficial doctor disability insurance policy may be helpful in demonstrating this important aspect:

Doctor Smith has a physicians’ disability insurance policy and has been receiving income payments for total disability and has recovered to the point where she has returned to her practice, but there is likely a reduced cash flow.  Even though Dr. Smith is seeing patients and working full time, it may be quite a while, if ever, before her practice builds up again and she has the same income as before the disability occurred.

So how do two different disability insurance companies treat this?  The physician’s disability insurance through Company A with a time and duties definition of residual disability would say after six months of Dr. Smith being full-time at work that Dr. Smith has recovered, and benefit payments would end. The physician’s disability insurance through Company B with an income definition of disability would pay pro-rata payments to Dr. Smith until she was earning more than 85% of her pre-disability income.

Your LifeInsure.com representative can tell you more about these riders and how the various definitions can impact a claim.

Protect Your Income with Disability Insurance

Get Free and Confidential Plan Comparisons
GET QUOTE NOW!
  • Author
  • Recent Posts
Richard Reich
Follow Me
Richard Reich
President at Intramark Insurance Services
In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs.

I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.

I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.

Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
Richard Reich
Follow Me
Latest posts by Richard Reich (see all)
  • Own Occupation Disability Insurance - May 25, 2023
  • Long Term Disability Insurance – A Complete Buyers Guide - April 25, 2023
  • Corebridge Financial (Formerly AIG) - April 21, 2023

Lifeinsure.com

450 N. Brand Blvd., Suite 600
Glendale, CA 91203

Monday – Friday
8 A.M. – 5:00 P.M PST

  • 1-866-868-0099
  • Contact Us Online

© 2022 Intramark Insurance.
Privacy Policy
Legal Notice & Disclaimer

  • HOME
  • Life Insurance
  • High-Risk Insurance
  • Disability Insurance
  • About LifeInsure.com
  • Blog

RESOURCES

  • Life Insurance Types
  • Our Applicaiton Process
  • Term Life Insurance
  • No Exam Life Insurance
  • Final Expense Insurance
  • Disability Insurance
  • FAQs
  • Life Insurance Dictionary

RATINGS & SOCIALS

Intramark Insurance Services, Inc., Insurance Services Office, Glendale, CA

  • Facebook
  • Twitter
  • Youtube
  • LinkedIn

Here is the legal information we're required to provide you. LifeInsure.com, a Califronia corporation and subsidiary of Intramark Insurance, is a licensed independent insurance broker. The information provided on this site has been developed by LifeInsure.com for general informational and educational purposes. We try hard to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.