Best Disability Insurance for Physicians

InsureSTAT > Best Disability Insurance for Physicians

InsureSTAT is an independent insurance agency providing the most comprehensive and price competitive disability income protection policies in the nation. 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!

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. 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. InsureSTAT works with you to determine your monthly benefit 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, such as:

  • Physician Own Occupation Disability Insurance
  • Specialty Own Occupation Disability Insurance
  • Residual/Partial
  • Cost of Living
  • Catastrophic
  • Non-Cancelable
  • 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 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. 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.

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Best Disability Insurance Companies for Physicians

Our foundation lies in working with physicians and designing the best physician disability insurance programs for individuals, practices, and hospitals. Our independence allows us to offer exceptional individual income protection policies by working with only the best disability insurance companies for physicians which include major carriers, such as:

  • Ohio National
  • Guardian
  • Principal
  • The Standard
  • Ameritas
  • Lloyds of London
  • Special Insurance Offers for GMEs

Physician Disability Insurance Cost

Major insurance carriers have special offers for current or graduating GME trainees nationally. Whether in residency or fellowship, most companies will allow $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.

The chart below provides sample physician disability insurance costs including monthly discounted rates for many medical specialties for 32-year-old males and females. Take a moment to fill out the request form on this page so InsureSTAT can prepare your free customized options.

Physician Disability Insurance Cost: Sample Rates

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 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. 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 policies.

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Understanding Physician 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. 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” 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

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.

Extra Benefits Make a Vital Difference

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 payment periods 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.
  • Future increase options and cost of living increase riders.
  • 90-day elimination period before benefits begin. Note: Many employer-provided group plans don’t pay benefits until out of work for 180 days.

Why InsureSTAT?

InsureSTAT works directly with the marketing and underwriting teams of the very best disability insurance companies 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!

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Danny Mensh is the CEO of InsureSTAT, the leading online provider of Disability Insurance for Physicians, Nurses and Physician Assistants.