Specialty Specific Disability Insurance provides physicians and dentists with a replacement of income should a sickness or injury prevent them from working in their medical specialty without forcing the physician to go back to work in another occupation and without penalizing the physician by eliminated or reducing their disability benefit if they elect to work in another occupation.
Employer-Sponsored Group Disability Insurance. Disability Insurance provided through your employer is not specialty‑specific because the policy does will not pay your full disability benefit if you are working in another occupation and earning more than 20% of your pre‑disability earnings.
AMA sponsored Disability Insurance. The Disability plan sponsored through the AMA and underwritten by NY Life is not specialty‑specific because the policy will not pay your full disability benefit if you are working in another occupation and earning more than 20% of your pre-disability earnings.
Northwestern Mutual Disability Insurance. The Disability plan offered through Northwestern Mutual under its “Medical Occupation” Definition of total disability is not specialty-specific specialty-specific because the policy will not pay your full disability benefit if you are working in another occupation and earning more than 20% of your pre-disability earnings.
Full Coverage if a disability prevents you from performing the duties of your specialty
If a sickness or injury prevents you from performing 1 or more of the material and substantial duties of your medical specialty you are considered Totally Disabled and eligible to receive your full benefits. You will not be forced to work in another occupation and you will receive your FULL benefit even if you elect to work in another occupation.
Full Coverage even if you earn an income in another occupation
Disability doesn’t have to be the end of your career and you certainly do not want your disability policy to have a clause that penalizes you for working in another occupation while you are collecting disability benefits from your Own Specialty. With True Specialty Specific Disability Insurance you can elect to work in any other occupation without forfeiting your disability benefit.
Specialty Specific Disability Insurance for physicians can only be purchased individually.
Only 6 Individual carriers offer Specialty Specific Disability Insurance:
Ameritas – Guardian – MassMutual – Ohio National – Principal – The Standard