Disability Insurance for doctors: Why it is important

Disability insurance for medical doctors is so important in case of an emergency where they are unable to work. A medical profession is a lifetime personal investment. Doctors should strive to get disability insurance because it is necessary for them. 

Most insurance professionals advise that high salary earners such as surgeons, physicians, and doctors should get disability insurance not to hang their job or income in the balance. The reason for this is to safeguard their finances when an accident or unexpected health problems arise. 

Medical experts, especially the ones that are involved in delicate and intensive work, are in a risk situation. This is why this is essential for doctors to be insured for an unwanted event, and the only way this issue can be resolved is through disability insurance. Some of the doctors may feel nonchalant about this, but you can’t underestimate the power of disability insurance.

Importance of Disability Insurance for Doctors

Medical practitioners and other business moguls don’t pay so much attention to this disability insurance. As a result of this, some of them are biting their fingers, wishing they could turn back the hands of time. The adverse effect of not having disability insurance is making some of them regret their mistakes. 

It will amaze you when a doctor fails to have disability insurance, the expenses to be incurred is more costly than a lawsuit, premature death, divorce, and others. It is advisable to prepare for the future while safeguarding against any worst eventualities. Nobody wants to be disabled, although almost one third out of every 25 or older might have three months or more prolonged disability; This usually happens at least once in a doctor’s lifetime.

What is a disability?

It simply means an injury, illness, or accident that stops the insured individual from receiving an income from his or her job. This type of insurance (disability) is being arranged to substitute a part of the insured individual’s income. The range can be from 45% and 60% of the gross income. Generally, we don’t have anything we can call ‘best disability insurance for doctors’. Moreover, we need to put a few items into consideration.

Five fundamental things a disability insurance plan for doctors

1. Good definitions:

When you look at any disability insurance plans in any corresponding setting can be so confusing at times. It’s quite a pity that some of these policies are not explained in full detail. The word ‘understanding’ is vital here to know what triggers a claim. If there are any terms or languages, you don’t understand. You need to seek a disability insurance attorney for further explanation. When you know this, you won’t have any problem.

2. Non-Cancelable Provisions:

 Non-Cancelable Provisions is also essential, and it is something you might consider on your path to disability insurance plans. This comes in two different types, such as guaranteed renewable and non-cancelable.

  • Guaranteed renewable policy: Here, the carrier is not permitted to any of the policy terms: the rate increases and cuts across the same demographics and occupational classes.
  • Non-cancelable policy: This one has the entire features of guaranteed renewable policy with an extra feature.

NB: The optimal doctor disability insurance plan should have these two we have mentioned above – guaranteed renewable policy, and non-cancelable policy.

3. Riders and Exclusions:

At this juncture, things might get a bit complicated. Thinking of a disability insurance plan as a medical doctor and in regards to their benefits and features can appear cumbersome. You can keep this at the back of your mind that these two differs – able to get something and to get a value for a higher price tag.

It is essential to be aware that riders add premium benefits to any disability insurance plan. Each insurance carrier has its riders, but if you are not wholly physically impaired, residual income riders may be vital for you. For instance, you have cancer, and the treatment allows you to go to work for some days in a week. A supplement is being provided to the reduced salary they pay you. 

While exclusions are related health problems that are capable of causing disability not covered by your insurance policy. A few of these exclusions can also be added based on underwriting. For instance, you have lower back pain; the policyholders will not cover the disability because it is not related to back pain. 

4. Premiums:   

There is always a need to know the reason for making any payment since it involves your money. Certain things could add extra costs to your insurance policy as a doctor, such as the addition of benefits, using certain companies, policy design, etc. Insurance policies that have been arranged for top medical practitioners are usually competitive in terms of their prices with each other. Doctors should go for fully covered disability insurance. 

However, most of these disability insurance plans only have to protect about two-thirds of your gross income. Most disability insurance companies take note of this and provide extra benefits that want to have a group disability insurance policy.

5. The Company:

Doctors have to consider the company or carriers they want to get their disability insurance. Some of these companies have different ratings. These ratings are what you can use as a yardstick to evaluate any company you are buying from. These agencies could be any of the following such as Fitch, Moody’s, Standard, Poor, and AM Best.

The purpose of these ratings is to offer an extensive analysis, decent starting point, and the paying capability of each disability insurance company. One key thing you should note is staying with an insurance company that has an excellent rating is a good start. 


There is no 100% policy for all doctors, and also selecting the best doctor disability Insurance plan is not so different. No matter any options you choose, have its benefits and consequences. However, each doctor is unique and has what they are finding in any insurance policies.         

Author: Brandon

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