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MassMutual Policy Review for Physicians

Review of the MassMutual 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 MassMutual offer True Own Specialty Disability Insurance to Physicians?

MassMutual offers True Own Specialty Disability Insurance for Physicians.  According to MassMutual, if you include their Own Occupation Rider, 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.  

MassMutual 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 a MassMutual disability policy:

  • Cost of Living Adjustment (COLA)
  • Partial Disability Rider (Residual)
  • Future Increase Rider
  • Catastrophic Disability Rider (CAT)
  • Student Loan Rider

What's Unique About the MassMutual Policy?

MassMutual offers 3 features to their policy that we feel separates them from the pack.  
  • MassMutual Pays Dividends    MassMutual is the only carrier out of the 7 that offer physicians a True Own Specialty product to offer dividends.  Dividends are not guaranteed, but in the 5th policy year dividends kick which can be used to help offset the cost of your policy.  
  • MassMutual offers a RetireGuard Benefit  RetireGuard will provide benefits to help cover the amount the amount an insured would have contributed to a defined contribution plan had the insured remained healthy.  The monthly benefit amount may include both the employee and the employer’s contributions and if you life in California, they are the only company that offers this benefit. 
  • MassMutual offers coverage to Active Duty Military Physicians                                   MassMutual is the only carrier that will allow an Active Duty Physician to purchase coverage while they are still serving on active duty.  

Conclusion

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

MassMutual offers a preferred definition of Total Disability through their Own Occupation Rider that specifically states you are Totally Disabled even if you are working in another occupation.

MassMutual offers a wide variety of riders to enhance your coverage as well as providing you with future dividends that can be used to help to offset the cost of your premium after the 5th policy year.  

MassMutual is the only carrier that will allow Active Duty Physicians the ability to purchase and Individual Long Term Disability policy.

To conclude, If you are a physician or dentist and you purchase a MassMutual policy along with adding their Own Occupation Rider then you have True Own Specialty Disability Insurance.  

Request Own Specialty Disability Quote Comparison

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