I’m a physician. Why should I consider getting Own Specialty Disability Insurance?

Own Specialty Disability Insurance

As a doctor, it’s important to have your own specialty disability insurance policy in place in case a sickness or injury makes it so that you’re unable to work in your medical specialty.  Statistics show that as a physician you have an increased risk of becoming disabled.  According to Medscape, the actual odds of becoming disabled are about 25%.

“True” Own Specialty/Occupation Disability insurance provides a definition of total disability where you are considered totally disabled and eligible for your full benefit when unable to work in your medical specialty due to a sickness or injury.   A “True’ Own Specialty policy will have a definition of Total Disability that will read exactly like this:

Total Disability or Entirely Due To Sickness And Injury You Are Not Able To Perform Material And Substantial Duties Of Your Occupation

Getting disabled does not mean your career is over

If you are injured or sick and no longer able to work in your medical specialty, it does not mean your career is over!  With a “True” Own Specialty Disability policy, you can still receive your full tax-free benefits even if you elect to work in a different occupation.

“But, I have disability insurance through my job so i’m good,” right?

No, because Own Specialty disability insurance is not available through group benefits it can only be obtained individually.  Only 7 companies provide physicians with True Own Specialty Disability Insurance: Ameritas – Guardian – MassMutual – Mutual of Omaha – Ohio National – Principal – & The Standard.

How Own Specialty Works

Under a True Own-Specialty policy if you were working as a Hospitalist earning $300,000 per year and suffered a disability that prevented you from practicing in the hospital then your own specialty would pay out your full tax-free benefit even when began a new occupation like telemedicine or urgent care physician.

“How does my employer disability plan differ?”

Through your employer-sponsored disability plan, as a Hospitalist if you are earning $300,000 per year and you were to suffer a disability that prevented you from working in the Hospital, then your employer plan would pay you your after-tax disability benefit, yet, if you continued to work in an alternate occupation like Telemedicine or Urgent Care, you would no longer be eligible to receive your full disability benefit.

InsuranceMD works exclusively with physicians to provide you with Own Specialty Disability protection

InsuranceMD’s specialty is protecting your income against any sickness or injury that may prevent you from working in your medical specialty. We work with all 7 carriers to ensure we provide quality coverage, rates, and discounts so our clients can be financially secure now and into their future! To request quotes please complete this form below: