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Guardian Policy Review for Physicians

Review of the Guardian Disability Plan for Physicians

What is Own Specialty Disability Insurance

Own Specialty Disability Insurance is a type of disability plan designed specifically for physicians.  It protects you from any sickness or injury that may prevent you from working in your medical specialty by providing you with a tax-free income replacement.  A True Own Specialty Disability policy will continue to pay your full tax-free benefit even if you work in another occupation, regardless of the income you may earn working in another occupation. 

Does Guardian offer True Own Specialty Disability Insurance to Physicians?

Guardian offers True Own Specialty Disability Insurance for Physicians.  According to Guardian, your disability policy will pay your full tax-free benefit if a sickness or injury prevents you from performing the main duties of your medical specialty even if you are working in another occupation.  

Guardian Optional Riders

Adding riders to your disability plan enhance your coverage by providing you with added protection to protect you during your time of need.  Here is a list of the typical riders offered through an Guardian disability policy:

  • Cost of Living Adjustment (COLA)
  • Enhanced Partial Rider (Residual)
  • Short-Term Disability
  • Catastrophic Disability Rider (CAT)
  • Future Benefit Purchase Rider

What's Unique About the Guardian Policy?

  • Guardian Offers Retirement Protection  By adding this rider, Guardian will pay you an additional benefit designed to help replace your existing contributions to a defined contribution retirement plan paid by you and your existing employer.  The RPP monthly benefit is paid to a Trust during disability and will have it’s own definition of disability. This rider is not available in every state.  Be sure to ask your advisor for more details pertaining to Guardians Retirement Protection Rider (RPP).
 
  • Guardian offers Unlimited Mental Nervous Protection.                                                   Guardian’s disability insurance product, Provider Choice, has no mental/nervous limitation for most medical specialties and is available in most states.  
  • Guardian offers Graded Lifetime Benefit for Total Disability                                                             You may able to add Guardian’s Graded Lifetime benefit rider to your policy.  This rider provides a graded lifetime benefit if you become totally disabled before the age of 65 and you remain continuously disabled at the end of your policy benefit period (usually age 65).  You will continue to receive a graded lifetime benefit depending on the age you became disabled, which means your disability benefit may continue for the rest of your life.

Conclusion

Guardian is considered one of the “Big 7” carriers that offer physicians a True Own Specialty Disability policy.  The other 6 carriers are MassMutual, Ameritas, Mutual of Omaha, Ohio National, Principal and The Standard.  

Guardian offers a preferred definition of Total Disability through their Own Occupation Rider which allows a physicians or dentist to continue to collect their full disability benefit if they are disabled in their specialty even if they elect to work in another occupation.

Guardian offers a wide variety of riders to enhance your coverage.

To conclude, If you are a physician or dentist and you purchase a Guardian Disability policy you have a good Own Specialty Disability Insurance policy.  

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