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True-Own Specialty Disability Insurance for Physicians

Disability Insurance for Physicians

True Own Specialty Disability Insurance

Covers you from any sickness or injury that prevents you from working in your medical specialty. 

Disability insurance for health professionals should always be through a True Own Specialty Disability policy. 

At InsuranceMD, we match physicians with disability plans that contain a True Own Specialty definition of Total Disability, referred to as Own-Specialty. This coverage enables medical professionals to receive their full benefit while they cannot fulfil the duties of their own medical specialty. It also lets the insured enjoy full payout even if they opt to work in another occupation.

What does the own-specialty disability insurance cover?

It provides a tax free replacement of income if a sickness or injury prevents you from performing the material and principal duties of your medical specialty.  It also provides you the freedom to earn an income in another occupation while still paying you your full tax-free benefit.  

Who is eligible for this type of insurance?

Own Specialty Disability Insurance is available to physicians residing in the U.S. who are actively working full-time at the time they apply for coverage. You must also qualify for coverage through medical and financial underwriting at the time you apply.

 

The majority of physicians we speak with believe they already have “True” Own Specialty disability insurance. Disability insurance provided through your employer, Northwestern Mutual, or associations like the AMA are not considered “True” Own Specialty disability insurance. These plans limit your ability collect your full benefit if you become disabled in your own specialty and you elect to work in another occupation.

What’s included in disability insurance for resident physicians? 

  • Definition of total disability – under a true own-specialty definition a physician is considered disable, and therefore eligible for full benefit payout, if they are unable to perform the duties of their medical specialty.
  • With an own-specialty policy a physician is free to work in another occupation even while they collect their full benefit from a disability that prevented them from working in their medical specialty.
  • Guaranteed contract provisions and locked-in premiums – you can renew your policy regardless of your health or current income.  
  • Partial or residual benefits – gives you the ability to collect a pro-rated amount of your coverage if you are disabled but still working in your medical specialty.  
  • Cost of living riders (COLA) – safeguards your benefit against the risk of inflation.
  • Future increase options – ability to increase coverage as your income increases over time, regardless of your health.
  • Catastrophic coverage (CAT) – provides an extra monthly benefit should your disability prevent you from performing 2 out of the 6 daily activities of living.

To date, only 7 insurance companies offer *true own-occupation coverage for physicians. InsuranceMD works closely with these 7 carriers and can provide unbiased side-by-side comparisons to help you choose the best possible coverage for your needs.

Why and when should you purchase disability insurance?

Disability insurance can only be purchased when you are healthy, therefore you need to purchase it when you don’t need it with the wherewithal to realize that your most valuable asset is your ability to continue to earn an income while working in your medical specialty and without your income nothing else is possible.  According to LifeHappens.org 1 in 4 of today’s 20 year old future physicians will suffer a long term disability prior to their age of 65 therefore you can’t afford going without coverage 

We advise starting your disability insurance during residency training or when you’re at your healthiest. Insurance premiums increase as you get older; the earlier you start coverage, the better.

Group Employer-Sponsored Disability Insurance is not good enough

Employer-sponsored disability insurance Long Term Disability coverage offered by most employers is not considered to be True Own Occupation/Own Specialty coverage. True own-specialty disability insurance plans for physicians enable you to claim benefits if a sickness or injury prevents you from working in your medical specialty while allowing you to continue to collect your full benefit even if you elect to work in another occupation. Employer-provided disability insurance does not consider you eligible for the full benefit if you elect to work in another occupation and often does not cover your entire earning ability.

A physician’s most valuable asset is their ability to work in their medical specialty.  Safeguard the investment you made in yourself with True Own Specialty Disability Insurance.  

Remember – If you are relying on your employer-sponsored long-term disability plan, or if you have a policy through Northwestern Mutual, the AMA, or another professional medical association, then you may not have adequate disability coverage.

ONLY 7 DISABILITY CARRIERS OFFER TRUE OWN SPECIALTY DISABILITY INSURANCE

Insurance MD dashboard for disability insurances

How much does physician disability insurance cost?

Premium rates are based on factors including:

Age

Sex

Medical specialization

Existing medical conditions

Benefit inclusions

Existing coverage

Policy riders

Eligible discounts

Find the right policy with InsuranceMD

Experienced agents

Our agents have between 7 and 15 years of experience providing physicians, their families, and their businesses with bespoke insurance solutions tailored specifically for physicians while always searching for the best possible rates and discounts.

 

Convenient customer portal

Clients enjoy real-time access to a secure portal that lets them review their policy documents at their convenience.

Advanced field underwriting agency

We work closely with our underwriters to ensure you receive best possible underwriting outcome even when certain pre-existing conditions may have made it hard for you to obtain quality coverage in the past.

Insurance agents you can trust

Since 2004, InsuranceMD agents have proudly provided thousands of physicians and dentists with Own Specialty disability plans and life insurance coverage designed specifically for physicians and dentists.  As disability insurance specialists for physicians, we offer detailed comparisons and quotes to help clients find the right coverage at the best price tailored for their individual needs.

 

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