Student Loan

On average, physicians graduate with over $200,000 of student debt. With some carriers, the policyholder has the option to purchase a Student Loan Rider which will directly reimburse your student loan holder for the amount of any monthly repayments while on a claim. Oftentimes, this coverage is only available for the first 10-15 years of the policy’s … Read more

Special Benefits

These special benefits are the base benefits that come with the insurance policies at no additional cost to you. Note that these features differ by each insurance provider.

Mental Health Coverage

Mental health conditions and substance abuse disorders are common causes for disability claims for physicians. In fact, 10-15% of physicians will struggle with substance or alcohol abuse at some point in their lives. Different policies vary in their coverage of claims related to mental illness, nervous conditions, or substance disorders, however many carriers allow physicians … Read more

Catastrophic Coverage

A typical long-term disability policy will only replace about 60% of a physician’s lost income. However, with a catastrophic disability rider, you can automatically receive a higher benefit amount (up to 100% in some cases) for lost salary in the event that you suffer a catastrophic disability. Usually, a catastrophic disability is defined as a … Read more

Cost of Living Adjustment (COLA)

A COLA rider is designed to counteract the loss of purchasing power that may happen to a physician’s insurance benefit due to inflation. One important caveat: With a COLA rider, your benefit only adjusts with the rate of inflation when you are on a claim. If a doctor purchases a policy with a $5,000 benefit in 2018, and … Read more

Future Increase Option

Every insurance carrier offers the Future Increase Option riders, usually at a no extra cost to the policyholder. An FIO rider allows physicians to increase their disability coverage as their income increases over time. An FIO Rider is strongly recommended for all medical students, residents, or new physicians purchasing disability coverage. FIO riders make disability insurance … Read more

Partial Disability Insurance

While some disabilities can prevent you from working completely, other conditions may only reduce your working capacity partially. For example, chronic pain or degenerative conditions may force doctors to work fewer hours or meet with fewer patients which can substantially reduce their earnings without qualifying as a total disability. A residual or partial disability rider … Read more

Own-Occupation Policy

A true own-occupation disability definition is the single most important aspect of any physician’s disability policy. Own-occupation language ensures that a physician will receive their full benefit if a disability prevents them from working in their own specialty. Every physician should make sure their policy includes a strong own-occupation definition. Weaker definitions of disability will … Read more

Elimination Period

The Elimination Period is how long you have to wait after filing your claim for your income replacement to occur. Available Options Provider Definitions Ohio National This is the period of time you must be totally disabled before base monthly benefits begin. Mass Mutual This is the period immediately following the start of disability during which benefits … Read more

Benefit Period

The Benefit Period is how long your income can be replaced in the event of a long-term disability. Provider Definitions Ohio National This is the longest period of time that base monthly benefits or rider benefits will be paid for one total disability caused by the same or related injury or sickness. Mass Mutual The maximum length … Read more

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