Physician Disability Insurance

InsureSTAT > Physician Disability Insurance

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, resident and fellow physicians, and nurses and PAs, who need the best and often need it STAT!

Insurance Carriers We Work With

We have built our foundation on working with Physicians and designing the best physician disability insurance programs for individuals, practices, and hospitals. Our independence allows us to bring the very best individual income protection policies from major carriers such as:

  • Ohio National
  • Guardian
  • Principal
  • The Standard
  • Ameritas
  • Lloyds of London

Special Insurance Offers for GMEs

Major carriers have special offers for current or graduating GME trainees nationally. Whether in residency or fellowship, most companies will allow $5000/month without any current financial review. In some cases, when you’re within 6 months of graduation, we can secure up to $7500/month without financial review. This chart provides monthly discounted rates for many medical specialties for 32-year-old males and females to give a feel for cost structures. Take a moment to fill out the request form on this page so InsureSTAT can prepare your free customized options.

Sample Monthly 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

What You Need to Know About 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:

  • Own Occupation
  • Specialty Own Occupation
  • 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 is. And, purchasing early means 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. 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!

Get Your Customized Quote Now!

We are fortunate to have been selected by our friends from Guardian to provide our website users with an immediate quote engine. Since there are quite a few variables to determine benefits and pricing, this mechanism allows you to plug in basic information such as age, medical specialty, state of residence and ranges of income to provide an instant feel for monthly benefit and cost. Depending upon your goals and budget, the quote engine can be manipulated to see various benefit levels and request specific amounts along the way.

All information is secure and safe while captured by us at InsureSTAT.com 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.

Things to Keep in Mind About Your Quote

1) 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, 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, generally within GME resident programs, large medical practices, or hospital systems, the discounts become critical for females in the market.

2) The Type of Medicine You Practice Affects Pricing

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.

3) We Include Extra Benefits That Make a Vital Difference

EVERY ONE of our physician disability quotes will include the following critical benefits which DO add cost but 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/Partial benefits to pay full or a percentage of monthly amounts if unable to perform the exact duties performed prior to a disability
  • “Specialty Specific Own Occupation” for all surgeons or interventional physicians
  • Future increase options and cost of living increase riders
  • 90-day elimination period before benefits begin (Many employer-provided group plans don’t pay benefits until out of work for 180 days.)

InsureSTAT Only Works with the Best

InsureSTAT works directly with the marketing and underwriting teams of the very best disability insurance carriers 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 it’s private. InsureSTAT finds the best available options to help secure and protect YOUR income even if it’s different from a co-worker with other unique needs. So, let us do the work for you so you can protect your number one asset…your trained ability to earn your income! Complete your InsureSTAT quote request today!

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