There are a number of insurance carriers offering disability insurance to physicians today and comparing each policy can be difficult, especially without the proper resources, support and professional assistance. At MR Insurance Consultants, we provide information from multiple insurance carriers, offer objective opinions and a greater level of knowledge and experience that truly supports our clients in making informed decisions.
Helpful Comparison Tips for Physicians
Considering that every disability insurance policy is different from the next, understanding and evaluating the policy provisions and benefits is critical when comparing disability insurance. A truly comprehensive policy will provide protection against a larger number of risks and pay larger benefits in more situations than a policy that is less comprehensive. Without properly comparing the benefits and provisions, you may end up purchasing a policy that does not adequately protect you and your family.
Financial ratings are the independent opinions of credit rating agencies regarding the financial strength of an insurance company and its ability to meet ongoing insurance contract obligations. Since your disability insurance policy is intended to provide income protection throughout your career, you need to be confident that the insurance company you select has strong financial ratings.
Comparing disability insurance based on price alone can be deceptive if one is not able to recognize the differences in the benefits offered by each policy. Simply because one policy costs less than another does not necessarily make it better.
Some insurance companies offer level and graded premium scheduling options. Simply put, the level premium schedule is designed to remain level for the life of the policy and the graded premium begins very low and continues to increase each year. Comparing these options can be particularly beneficial to physicians in training since income levels are generally more restrictive.
Many of the leading insurance companies offering disability insurance to physicians also offer discount programs providing permanent discounts when three or more individuals from the same practice, clinic or residency program obtain coverage simultaneously. Even a 10% discount can make a considerable difference when projected over an entire career. Below is a list of three available programs:
- Student/Resident Discount: Available to students and residents affiliated with a participating school or hospital.
- Professionals Group Discount: Available to groups of 3 or more employees of the same medical practice or clinic.
- Voluntary Income Protection: For business owners who want to provide income protection to their employees at no expense to the business.