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. Features or added benefit riders such as Own Occupation, Specialty Own Occupation, Residual/Partial , Cost of living, Catastrophic, Non-Cancelable, Guaranteed Renewable, and Future Purchase Options are all available and customized to fit your needs. The younger the insured is when a policy is purchased, the lower the cost is and it is fixed for your entire career as well as being portable from State to State. Depending upon your stage in training, you may be eligible for significant discounts from several of our carriers and 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!
In order for our team to provide you with the best options in the marketplace, we need some basic information from you beyond your name. We need to know where you currently train, what your medical specialty is, when you graduate and how old you are now. 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 and once you have your quotes, we can walk you through the various differences between the companies and their policies.
Keep in mind several things about the sample quotes on this page and your personalized proposals you will receive via email.
First, 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, or, likelihood to develop chronic illness. Therefore, we see a 40% +/- increase in costs for females. In some cases, we can help bring “unisex” rates to provide the same costs for females as males…in these cases within resident programs or larger practices, the discounts become critical for females in the market.
Second, the type of physician you are has everything to do with your pricing and the risk to the carriers. The more invasive your field, finite in instrumentation, involved with medications you are, the higher the cost. We see a big savings in pricing for pediatricians, family medicine, internal medicine, and psychiatry as compared to surgeons, anesthesiologists, emergency medicine, etc. So, be prepared for the cost differences as referenced by “Occupation Class” in the quotes provided.
We picked a sample age 32 to demonstrate pricing for the nationally recognized GME benefit issue amount of $5000/month. We have included Own Occupation protection to allow total disability status if unable to perform the material duties of your pre-disability specialty even if able to earn other income doing something else. Additionally, we include residual/partial benefit riders to help pay a percentage of your benefit if still working in your main specialty, but, due to disability can’t work as much, leading to loss of earnings. Other features such as 3% cost of living (COLA) to increase benefits annually if on claim to keep pace with inflation and future increase riders are also built into the sample quote and ALL quotes you will receive from InsureSTAT.com.
InsureSTAT works primarily with The Guardian, Principal and The Standard to bring all disability insurance policies to any medical specialty throughout the United States. Our relationships with the underwriters from all carriers and over 50 combined years specializing in the design and implementation of disability insurance plans for physicians, helps immediately streamline your review and procurement process. In other words, let us do the work for you so you can protect your number one asset…your trained ability to earn your income!