InsureSTAT is an independent insurance agency providing the most comprehensive and price competitive disability income protection policies in the nation (including group insurance). We are particularly adept in offering reliable information and a streamlined application process for members of the medical world, including physicians, residents and fellow physicians, nurses and physician’s assistants, who need the best and often need it stat for lost wages!
What is Physician Disability Insurance?
Physician disability insurance is designed to replace lost income in the event of a disabling condition from illness or an accident. (Partially disabled or totally disabled.) An event that causes a disabling condition is essentially the definition if disability in this context.
Typically, most insurance companies will allow the insured to protect up to 60% of their pre-disability earned income and pay monthly benefits to age 65, 67, or even 70. That’s particularly helpful for the high income earner.
InsureSTAT works with you to determine your monthly payout eligibility, supplement your employer provided protection, or increase to become more fully insured from within an older policy already in force.
Additionally, features or added benefit riders are available to customize your plan to fit your needs, with insurance providers such as:
- Physician Own Occupation Disability Insurance (true own occupation)
- Specialty Own Occupation Disability Insurance (true own occupation)
- Residual/Partial benefit
- Cost of Living adjustment for monthly income
- Catastrophic
- Non-Cancelable benefit period
- Guaranteed Renewable
- Future Purchase Options
The younger the insured is when a policy is purchased, the lower the cost. What’s more, purchasing early means it is fixed for your entire medical career and portable from state to state.
Depending upon your stage in training, you may be eligible for significant discounts from several of our carriers, which helps with financial planning. Should you be employed by a hospital or larger practice, we can work with you, your HR team or partners to determine the best way to lock in voluntary or employer paid discounts for you, as well. Saving money without compromise on the insurance premiums.
The Leading Disability Insurance Providers for Physicians
Our foundation lies in working with physicians and designing the most comprehensive insurance programs for individual doctors, practices, and hospitals to protect their most valuable asset. Our independence allows us to offer exceptional protection policies by working with only the leading disability insurance providers for physicians to save money, which include major carriers such as:
- Ohio National
- Guardian Life Insurance Company
- Principal
- The Standard
- Ameritas
- Lloyds of London
- Special Insurance Offers for GMEs
It’s worth exploring even as an add-on to your existing policy, whether as part of a group policy or as individual disability insurance.
Physician Disability Insurance Pricing
Major insurance carriers have special offers for current or graduating GME trainees nationally. Whether in residency or fellowship, most doctors are typically paid $5,000 per month without any current financial review. In some cases, when you’re within 6 months of graduation, we can secure up to $7,500 per month without financial review, and with minimal waiting periods.
The chart below provides sample physician disability insurance costs including monthly discounted rates for many medical specialties for 32-year-old males and females to preserve future monthly income.
Take a moment to fill out the request form on this page so InsureSTAT can prepare your free customized options for financial planning.
Physician Disability Insurance Cost: Sample Rates |
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Specialty |
Male |
Female |
Family Medicine, Internal, Gastroenterology, Neurology, Oncologist, Pediatrician, Pulmonologist, Psychiatrist |
$130 |
$177 |
All surgeons, Emergency Medicine, ENT, OB/Gyn, Anesthesiologist, Interventional Radiology |
$157 |
$209 |
Sample Rates for Age 32, $5000 Monthly Benefit, To age 67, 90 Day Elimination Period, Fixed Level Monthly Premiums, Own Occupation, Residual, COLA, Future Benefit Period Increases
Online Disability Insurance Quote
We are fortunate to have been selected by our friends from Guardian to provide our website users with access to receive a free online disability insurance quote (including long term disability insurance). Since there are quite a few variables to determine benefits and pricing, our insurance quote form allows you to input essential information such as age, medical specialty, state of residence and ranges of income to provide an instant estimate for monthly benefits and costs. Depending upon your goals and budget, the quote engine can be adjusted to see various benefit levels and request specific amounts along the way.
All information is secure and safe while captured by the InsureSTAT team to prepare customized proposals, which are then emailed to you to begin your education and review process. It’s important to know that certain carriers tend to be more appealing to individuals based on their medical specialties due to language and definitions in the contract.
Our experience will help guide this part of the review so once you have your quotes, we can walk you through the various differences between the companies and their disability insurance policies.
Understanding Your Own Disability Insurance Cost and Coverage
Disability Insurance Rates for Males and Females Differ
Most are shocked at the vast difference between male and female costs in disability insurance policies. Unlike life insurance, where mortality risk is priced based on life expectancy, disability insurance is priced based on morbidity risk and likelihood to develop chronic illness. Therefore, we see a 40% +/- increase in costs for females.
InsureSTAT has the ability to offer “unisex” disability benefit rates in certain cases to provide the same insurance rates for men and women. In these cases, generally within GME resident programs, large medical practices, or hospital systems, the discounts can be incredibly beneficial for females in the market.
Physician Specialty-Specific Disability Insurance Pricing: A Flexible Disability Insurance Company.
The physician specialty specific disability insurance cost varies greatly based upon your practice and perceived risk to the carriers. The more invasive your field, finite in instrumentation, and involved with medications, the higher the cost for physician specialty specific disability insurance.
We see a big savings in pricing for pediatricians, family medicine, internal medicine, and psychiatry when compared to surgeons, anesthesiologists, emergency medicine, and others in the field. Once the team at InsureSTAT prepares a custom quote, we will walk you through the cost differences as referenced by “Occupation Class” in the quotes provided.
The right disability insurance policy can be crafted to suit your own occupation definition — particularly for student loan debt and varying living expenses. Long term disability insurance programs are available as well.
Extra Benefits Make a Vital Difference for Residual Disability
When planning to purchase disability insurance, check for additional features. Every one of our physician disability insurance quotes include the following critical benefits which are proven to be vital to doctors among all fields.
- Non-cancelable and guaranteed renewable language to fix and guarantee premiums.
- Benefit period payments to age 67.
- Own occupation and residual or partial benefits if unable to perform the exact duties performed prior to a disability.
- Own specialty occupation riders for all surgeons or interventional physicians (and residual disability rider).
- Future increase options and cost of living increase riders (also known as future purchase riders).
- 90-day elimination period before disability benefits begin. Note: Many employer-provided group plans don’t pay monthly benefits until out of work for 180 days.
These are crucial features to look for in an insurance company — especially if you’ve been wondering, “How much disability insurance do I really need?”
Why InsureSTAT?
InsureSTAT works directly with the marketing and underwriting teams of the most advantageous insurance policies for physicians in the United States. With over 50 years of insurance experience, InsureSTAT professionals are prepared to identify strengths and weaknesses of any existing client policies to know what new needs might be present due to job, income, or group benefit changes.
We recognize that everyone has their own medical history and respect the need for that information to stay private. InsureSTAT finds the best available options to help secure and protect your individual income. Let us do the work for you so you can protect your number one asset: your trained ability to earn your income!
Policy benefits paid out are tax free, meaning they do not contribute to your taxable income as far as the IRS is concerned. That’s a real plus to having access to the best disability insurance companies.
Learn more about your coverage options
Danny Mensh is the CEO of InsureSTAT, the leading online provider of Disability Insurance for Physicians, Nurses and Physician Assistants.
