Physicians Disability Insurance (You’re a Doctor, Not a Superhero!)

Everything you need know about physicians disability insurance and how to find the best and most affordable physician disability insurance policy.

Your career as a physician is one that requires constant hard work and commitment. Additionally, it requires a huge chunk of time and money. Nobody said it would be easy right? Well, we want to make things as easy as we possibly can for you. You have enough things to worry about, like saving lives! (Maybe you are a superhero!)

So it makes sense to fully protect yourself after all the effort and time that has gone into your career. A doctor disability could leave you helpless by taking your ability to earn, and your income is the one thing that you need to protect all of your other assets. While most people realize the important of insuring their homes, and autos, and even their lives, far fewer understand the necessity of protecting their incomes. But no one is fully financially secure without adequate disability coverage. After all, when you’re disabled, your bills don’t go down – they go up, and just when you need money the most, you may find yourself without enough.

Occupation-Specific Benefits

All physician disability insurance contracts provide benefits when a policy holder is unable to work for a period of time. But not all policies define an inability to work in the same way. As a physician, your physician disability insurance policy should require benefits payment if you are unable to work in your specialty, even if you choose to work in another occupation.

Much less-favorable doctor disability policy definitions result in your not receiving benefits if you are capable of working in any gainful occupation, such a waiting tables or washing cars. As someone who has spent years in education, training and building a practice, it’s critically important that you protect your ability to do the work you’ve spent years preparing for.

Occupational Classification

The areas of medical practice in which you specialize will determine which “occupational class” and insurance company puts you in. Your occupational class determines which rates and policy features an insurance company will offer to you.

Group Disability Benefits

Rather than purchasing an individual dentist disability insurance contract, many dentists choose to participate in group dentist disability insurance programs. While some coverage is certainly better than none, there are some important distinctions to consider:

• Group coverage can be altered or even terminated at any time and beyond your control. At a time when you need it most, you may find yourself without the protection you want.
• Few group plans are “portable,” meaning that if you leave your employer, your dentist disability insurance coverage does not follow you to your new place of business.
• When employee benefits are provided and paid for by an employer, the proceeds from those benefits are taxed. Individual dentist’s disability insurance policies, which are paid for with after-tax money, are not taxed during benefit period.
• Many group dentist disability insurance plans have extremely limited definitions of disability, and pay benefits only if a policy holder is completely disabled. Individual dentist disability insurance policies not only cover total disability, but may include partial disability as well, which is the much more common type of disability.
• Group plan benefits may be reduced by income received from other sources, such as workers’ compensation and social security.
• Group plans; in general do not have cost-of-living riders to keep pace with inflation.

Business Overhead Expense Policies

When you are a sole practitioner and a disabling illness or injury occurs, the business income may decrease, but the expenses of running the business continue. Business Overhead Expense Insurance provides the money you need to cover the ongoing costs of running your practice while you recover from a disability. You can concentrate on getting better, without having to worry about how you’ll keep the practice going.

Physicians disability insurance is our specialty here at BeamaLife. We have a distinctive understanding of doctors’ needs, schedule and preferences, and we’ll work with you to design a doctor disability plan specifically modified to meet your unique needs. Please call (877) 972-3262 to speak with an experience physician’s disability insurance specialist to learn more about doctor’s disability insurance and the best & most affordable rate quotes or complete the Disability Insurance Quote request now.