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

Ohio National offers True Own Specialty Disability Insurance for Physicians.  According to Ohio National, 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.

Ohio National 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 Ohio Natinoal disability policy:

• Cost of Living Adjustment (COLA)
• Partial Disability Rider (Residual)
• Guarantee of Physical Insurability Rider
• Survivor Benefit
• Catastrophic Disability Rider (CAT)
• Student Loan Rider

What’s Unique About the Ohio National Policy?

• Ohio National Offers Unlimited Mental Nervous Coverage.  Ohio National is available in most states and to select medical specialties. This rider removes the standard 24 month mental nervous protection and extends it the coverage throughout the entire benefit period.  The cost to include this rider is reasonable and should be considered a must add if it’s available in your state to your medical specialty.

• Ohio National offers Voluntary Suspension During Unemployment.  Ohio National allows you to suspend your policy while unemployed.  While suspended, the policy is not in force and you are not obligated to pay your premiums.  The suspension option will end automatically after 1 year or when you regain employment.

Conclusion

Ohio National 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, MassMutual, Principal and The Standard.

Ohio National offers a preferred definition of Total Disability through their Own Occupation Rider that pays your full benefit if you are disabled from working in your medical specialty even if you elect to work in another occupation.

Ohio National offers a wide variety of riders to enhance your coverage as well as offering discounts when purchasing life and disability insurance at the same time.

In general we find that Ohio National offers physicians a great product and they are very competitively priced.  Qualifying for a Own Specialty disability policy through Ohio National can save you thousands a year when compared to some of the other BIG 7 carriers.

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