Most physicians have insurance coverage on their homes, autos, etc., but many have not realized the value of their future earnings may far exceed the value of their tangible assets. If their future earnings cease because of an accident or illness, the loss of income could present serious financial problems. Disability income insurance policies for physicians can help

replace a portion of the loss of income due to disability during one's working years.

Read the informative article: "Why Do I Need Disability Insurance?"

At Doctor Disability, physician disability insurance is our specialty! Our agents have been working with members of the medical community for over 13 years. We have a unique understanding of physicians' needs, schedules and preferences. We'll work with you to design a disability plan specifically tailored to your unique situation.

Physician Disability Insurance

As a physician, one of the most important policy features to have in your disability insurance contract is an own-occupation definition of disability. Simply stated, this means that if you are unable to work in your specialty due to an injury or illness the policy will pay you a benefit, even if you choose to work in another occupation. For example, if you get injured and can no longer practice as a Radiologist (maybe you have eye problems), the policy will pay you a benefit even if you can earn an income in another specialty or occupation.

This definition differs greatly from many less expensive or group plans. Many of them say you must not only be disabled from your occupation, but also UNABLE to work in any gainful occupation. Having the ABILITY to flip burgers could preclude you from receiving a benefit.

Occupational Classification

Insurance companies have different rates and policy features for different occupational classes. As a physician, your specialty will determine what occupational class you are in.

Group Disability Benefits

Many physicians are offered group disability insurance by their employer. Here are some things to consider:

	Group plans may be changed or canceled at any time. This could leave you without coverage when you need it.
	Most group plans can't be taken with you if you should decide to switch employers.
	Most group plan benefits are taxable and don't cover bonuses, leaving you with a lower net after-tax benefit.
	Many group disability plans have a restrictive definition of disability. They require you to be COMPLETELY disabled before they will pay a benefit. In other words, if you have the ability to do any type of work, benefits may not be payable.
	Benefits may be offset by income received by workers comp or social security.
	Most group policy benefits don't keep pace with inflation.
	Many group plans don't cover a partial disability (the most common type of disability).

Business Overhead Expense Disability Policy

If you are a doctor who owns your own practice, you may want to consider disability overhead expense. If you were to become disabled, this policy can provide funds to help cover ongoing expenses such as rent, employee's salaries, etc., to keep the practice open during the period of disability. Few medical practices could survive if the doctor is not generating new revenue. In a very short time, the practice will either shut down or have to be sold. An overhead expense policy is made to give you the ability to cover expenses while on a disability claim and come back to an existing practice when you're able to.

Other Options

Social Security

Qualifying for Social Security benefits is very difficult because the disability must prevent you from doing any kind of work - not just your usual job. The definition of disability for social security states that one must be completely disabled with no hope of recovery for a period of at least one year, or have a disability expected to end in death.

Worker's Compensation

Worker's Compensation only covers job related sickness or injury. In addition, these benefits are limited.

Savings, Your Family or a Bank Loan

If you saved 10% of your income each year, a one-year disability would wipe out 10 years of savings. With your savings gone, your other assets would begin to dwindle as well. Who would you turn to for financial assistance? Would family or friends be willing to help you out, especially after your savings depleted so rapidly? Even a bank wouldn't want to give a loan to a disabled person with no income and no guaranteed prospect of being able to repay.

Disability is difficult enough - disability without income is even worse. Disability insurance is the only long-term solution to a long-term disability.

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