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 Disability Insurance For Physicians

 


Physicians Occupational Definition Classes


Defines the circumstances in which benefits will be paid considering your occupation as a Physician.

Physicians Occupational Rating Classes  

Defines the chances that a disability will occur in a particular occupation. T
he highest occupational rating class equates to the lowest premium rates.

Physicians should only consider a disability insurance contract with "specialty own-occupation language". The policy should deem your specialty as your occupation. 
One should also make certain that the contract offers the longest own-occ time period available industry wide.

Total disability means that, due to sickness or injury, you are unable to perform the material and substantial duties of your occupation. Your occupation by contract is the occupation/occupations, you are engaged in at the time of disability. The contract language states your are considered totally disabled even if you are at work in some other capacity.

Note the difference between invasive specialty practices and non-invasive specialty
practices as it applies to the benefit allowed in the contract.  Usually invasive practices are limited to 5 years of own-occ definition of disability at which time the definition changes to a modified own-occ definition.

Invasive Procedures

Physicians in some specialties who don't perform invasive procedures may qualify for better rates.

These specialties are:

  • Cardiologists
  • Dermatologists
  • Endocrinologists
  • Immunologists
  • Neonatologists
  • Neurologists
  • Ophthalmologists
  • Pathologists
  • Radiologists
  • Urologists

Invasive is defined as any surgical procedure

We will always strive to seek the carrier with the best possible contractual  provisions for your specialty.  Please feel free to call us at 1.888.500.2693 to discuss
your questions and/or your concerns. 

  Surgeons

The disability insurance industry has capped the amount of individual disability insurance they will offer any surgeon at $10,000 a month. Some contracts allow for the addition of another carriers policy, to a total monthly benefit of $15,000. This language might also apply to other specialties.
      Radiologist

A non-invasive radiologist can usually be covered with a specialty own-occ policy to age 65   An invasive radiologist can usually obtain a specialty own-occ policy for the first five years of the policy, followed by a modified own-occ definition.
  Residents / Interns

Graded premium schedule allows residents to purchase larger amounts
of coverage at lower premiums.
      Dermatologist

If you are a non-invasive dermatologist you can generally receive a higher occupational classification and therefore a lower premium and a longer own-occ definition period at the time of claim.
  Cardiologist

Contract language may be different for
performing invasive cardiology as opposed to performing non-invasive cardiology.
     Optometry

Most optometrists are self employed and have substantial business overhead.  Consider an additional "professional business overhead expense" disability insurance policy with coverage of up to $30,000 a month.
  Anesthesiologist

Most off an anesthesiologist's income is derived from performing epidurals. Make sure that this procedure is considered in the own-occ definition of the contract you choose.
     Emergency Room Physicians

Emergency physicians fall into Berkshire's occupational class 3. Should you become disabled under the terms of the policy, Berkshire will pay you a pure own-occupation benefit for the first five years of a claim. After five years in the same claim, the definition shifts to a modified own-occupation benefit.
  Ophthalmologist

In your specialty different companies will must likely offer different risk classes which define your normal duties at the time of application for coverage.
     Dentist

Most companies will now offer the  dental specialties an own-occ definition of total disability to age 65. Some may offer lifetime benefits.
  OBGYN

Make sure that the contract defines "obstetrician/gynecologist" as your occupation, and will pay you if you cannot perform the material and substantial duties of an "obstetrician/gynecologist"
.
     Nurses

Most top rated companies will offer nurses an own-occ policy provision for the first five years of disability.
  Oncologist

Look to include a "residual disability benefit" with unlimited recovery language
in you policy, to cover partial disability.
     Veterinarian

A veterinarian should consider covering his/her income, business overhead, a disability partnership buy/sell agreement if a partnership exists.


Related Topics
                  Types of Disability insurance coverage
   
                
  Renewability  Provisions  
               
  Benefits       
                
  Definition of Total Disability   
                
  Optional Benefits
                  Residual Disability Benefits   
                
  Other Policy Benefits   
                  Terms
                  Occupation Definitions   
                
  Occupation Class Look Up 
                                            
Not all insurance products from all insurance companies are available in all states.
Note:  We do not provide legal or tax advice. The general information presented on various tax aspects contained in this site are not intended to be relied upon as tax advice. Individuals should seek the advice of a qualified tax professional regarding the taxation of these benefits as they apply to your particular situation.  These benefits are offered in all states except: AK, HI, & WY. License #'s: CA: OC38446 MT: 29724 F00-0283-LC 


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