Disability Insurance for Physicians

Physicians have a need for disability insurance tailored to fit their needs, and many insurance providers offer these specialized policies. In general, there are two types of disability insurance for physicians: individual disability insurance, and group long-term disability insurance. As with general disability insurance policies, there are certain factors that will influence the price of your premium. They include your age, health history, gender, state of residence, and your medical field.

Individual Disability Insurance or Group Long Term Disability Insurance

When choosing between Individual disability or group long term disability insurance, the choice between one or the other is a matter of personal needs, preferences and affordability. Group insurance is less expensive, offers the option to cancel or change one's policy at any time, and can be available to those in poor health, however, partial disability may not be covered. Individual disability Insurance is more expensive, but it yields higher benefits, your rate is is often guaranteed to the age of 65, and you can keep your policy should you move to a new job or occupation.

Policy Conditions to Consider

Here are a few things to consider when searching for the insurance policy that is right for you: Own occupation coverage (Own-Occ) relates to physicians who earn income in another profession after being disabled. With own occupation coverage, your benefits are awarded in full if you decide to take on a job outside of your profession, and you will be considered "totally disabled", though you are still able to work. It is important to find out if your provider can make policy changes, or if your rates are guaranteed through short and predetermined amount of time. When an insurance company does not vow to keep the policy at the same price, but only to renew it each year, you are dealing with a guaranteed renewal policy. Those concerned about the price of premiums may wish to avoid these. Disabilities are often mental. Does the policy in question offer adequate coverage for disabilities related to mental health? Some policies limit the benefits of those suffering from depression, stress and anxiety unless the patient is institutionalized for a certain amount of time, often as long as two years. Policies that address the previous factors in your favor are generally more costly, but could prove to be beneficial.