The largest investment you have made thus far has been in yourself. Your education, training, and experience have brought you to the verge of entering into a rewarding career where according to Medscape, the average American physician earns $313,000 per year. Giving you an 11-million-dollar career earning potential thus making your most valuable financial asset your ability to earn an income while working in your medical specialty.
Why and when should you start coverage?
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.
Ideally, healthcare professionals must start coverage as early as residency training. Insurance premiums increase over time, so it makes sense to purchase your policy when you’re at your youngest and healthiest.
Protect yourself with Own Specialty Disability Insurance. Own Specialty Disability Insurance provides residents with a policy that would pay your “full” disability benefit if a sickness or injury prevented you from working in your medical specialty even you elect to work in another occupation, regardless of the income you earn.
What Features of a Disability Policy truly matter?
True Own Specialty Definition of Total Disability
The Definition of Total disability remains the most important feature of every Long Term Disability Policy. True Own Specialty Disability insurance for healthcare professionals pays your full benefit if a sickness or injury prevents you from performing the duties of your specialty while continuing to pay your full benefit even if you elect to work in another occupation.
Residual disability coverage should be included in whichever policy you purchase. This rider protects you from the inability to earn your regular income caused by a sickness or injury while you remain working in your specialty.
Non-Cancellable and Guaranteed Renewable
This remains an important feature for all disability insurance plans for healthcare professionals. Non-Cancellable simply means that the insurance carrier cannot raise the rates or change the policy provisions within your contract. Guaranteed Renewable provides peace of mind where the carrier is guaranteeing you that they will renew your policy every year regardless of your current health or income.
Future Increase Options
Future Increase options should be considered for physicians who’s earning potential may increase as they progress in their career. This rider guarantees that the carrier will increase your benefit regardless of your health so long as your income justifies the increase.
Catastrophic Coverage (CAT)
Catastrophic riders were the least popular rider in 2020 among physicians. This rider provides an additional monthly benefit should your disability result in your physical inability to perform 2 out of the 6 Activities of Daily living as defined by Investopedia.
Cost of Living Coverage (COLA)
This rider is more important for younger physicians. It protects you from a disability that occurs while you are younger and the rise of inflation. This rider is less attractive to physicians above the age of 55 where the risks associated with inflation and disability are no longer as crucial.
Group Employer-Sponsored Disability
Insurance is not good enough
Group coverage is NOT True Own Specialty – True Own Specialty Disability Insurance pays your Full Tax-Free monthly benefit should you suffer a sickness or injury that prevents you from working in your current specialty without limiting you from the ability to continue to work in another occupation. Employer-Sponsored Long Term Disability provides your full coverage if only due to a sickness or injury you are prevented from performing working in your current specialty provided you are not otherwise engaged or gainfully employed in any other occupation for wage or profit.
Coverage is not guaranteed – although you may have a group policy today that doesn’t mean you will have a group policy tomorrow. Your Employer-Sponsored plan can be canceled, changed, or modified leaving you and your income vulnerable.
Coverage may not be portable – If you change jobs or elect to go into private practice you may not have the choice to bring your policy with you. If you do have the choice the premiums are expensive and not guaranteed.
Own Specialty Disability
- Full Benefits are Paid even if a physician is working in another occupation
- ACCUMULATED MISSED DAYS
- PREMIUMS GUARANTEED
- COVERAGE IS GUARANTEED/li>
- Does not allow a physician to collect full benefit if they are working in another occupation
- CONSECUTIVE MISSED DAYS
- PREMIUMS NOT GUARANTEED
- COVERAGE IS NOT GUARANTEED
- MAY NOT BE PORTABLE
Disability Insurance is cheaper during residency
During residency is the best time to purchase Own Specialty Disability Insurance. Most carriers offer special rates and discounts exclusive to you during residency only.
If you get covered now, you’ll lock in your savings for the rest of your career. What you pay today will be the same rate you pay decades from now.
Getting coverage today and adding a future purchase guarantee protects your insurability from any health changes that may occur as you get older allowing you to increase your coverage as your income increases regardless of your health.
There are only 6 insurance carriers that offer Own Specialty Disability Insurance to Medical Residents: Ameritas – Guardian – MassMutual – Mutual of Omaha – Principal – The Standard. Apply today and save!
Offer for Residents Only!
- True Own Specialty Definition of Total Disability
- $5,000 Per month of Coverage
- Guaranteed Premiums
- 90 Day Elimination Period
- Age 67 Benefit Period
- Up to $15,000 of additional Future Purchase Eligibility
- 3% Cost of Living Protection
- Enhanced Partial Disability Coverage