Broker Check

Commonly Asked Questions

Which Company is Best for Physicians:

  • The company that’s best for you, as a physician will depend on several factors. Your age, specialty, state, health, medical history, and many other factors come into play. 
  • While the top individual disability contracts have many similarities, each contract contains slightly different terms and options. The best option is not always the least expensive, most expensive or the option with the largest discount. 
  • Once we get an understanding of your situation, we can help educate you on the top options available to make the decision easier.

Group vs Association vs Individual:

  • Comparing all 3 if you're healthy and get approved for individual coverage; that’s the way to go. You will be able to secure the best terms and provisions, and if done properly, the contract will have the highest certainty of providing the right benefits if you had a claim.
  • The limitations of employer provided disability coverage vary; however most common limitations would be in areas such as; monthly benefit is tied to base earnings only, benefit caps could be much lower than actual income, benefits during a claim can be taxed as income, your employer or insurance carrier can cancel the plan, terms could be subject to change, coverage might not be portable if you leave, and the benefit might not adequately replace your income.
  • While many people think they are adequately covered b/c they participate in a group plan, it’s important to recognize that there might be a gap in coverage that needs to be addressed. The gap can be filled in with individual coverage.
  • Policies endorsed by associations often are not on par with individual contracts either. The definitions and terms available are typically less attractive.  Depending on the situation, rates could be subject to change and quite often the payments could increase over time.

Taking Advantage of Discounts:

  • If you’re part of a residency program, fellowship program, or employee at a large hospital, chances are you could be eligible for a discount. Some carriers best discount programs are only available while you’re in residency or fellowship.  With some other carriers, discounts as an attending can be just as good and sometimes even better.  Your age factors into cost, so it’s better to buy at a younger age and lock in your health than wait to purchase. 
  • Some carriers offer unisex discounts, although it’s becoming less and less common. The unisex rates tend to be more substantial for females. 
  • It’s important to understand carriers offer discounts as an incentive to sign up with the goal of enrolling many physicians from the same employer. The carrier with the biggest discount, or the carrier your colleagues have might not be the best for you.  There are multiple factors more important than the rate, but certainly take advantages of discounts when you can.

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