Disability Insurance Physicians, Dentists, CRNAs, Attorneys, Architects, Accountants, Engineers in First Year In Practice
Jan 12, 2013
Jamie Fleischner

Jamie Fleischner

12 Jan, 2013

By Jamie K. Fleischner, CLU, ChFC

If you are a professional in your first year in practice and didn’t purchase your individual disability insurance policy while in medical residency, dental school or law school, you may still have time to take advantage of company offerings.

These programs are designed for professionals and students who are expected to quickly attain a higher earnings and qualify for future benefit amounts.

The amounts vary from company to company. It is important to have a qualified experienced broker compare your options who is well versed with offerings from each company.

The advantage is that with these limits, there is no financial verification required. If you are a first year attorney and are starting your own practice, it may be difficult to show a record of consistent earnings. This allows you to waive that element in the process with the ability to increase benefits in the future.

This program is especially helpful if you are a locum physician who is working at various positions without a full time contract. This allows you to purchase a policy without proving a full time salary.

If you are a dentist in your first year and are opening your own practice or are still looking for a full time position, this program works well since you do not need to verify income.

Engineers and accountants will find this helpful if they are going solo and starting their own practice. Typically companies would want to see at least 1-2 years of consistent income. This will waive that part of the underwriting process.

CRNAs, Certified Registered Nurse Anesthetists working as independent contractors or starting their own corporation can take advantage of these offerings their first 2 years in practice.

In addition to the individual benefits offered, the companies will allow you to purchase overhead expense insurance. This type of policy is designed to pay business expenses if you are not able to work.

Here are some of the limits available for various first year professionals:

Architect: First two years as a business owner: $4,000/month individual benefit; $10,000/month overhead expense

Engineer First two years as business owner $4,000/month individual benefit; $10,000/month overhead expense

Attorney First two years in practice $4,000/ individual coverage $10,000/month overhead expense

Law student – third or fourth year $2,000/month individual coverage

Certified Public Accountant (CPA) First two years as business owner: $4,000/month individual benefit; $10,000/month overhead expense

Certified Registered Nurse Anesthetist First two years in practice $2,500/month individual benefit $10,000/month business overhead expenses.

Dentist D.D.S. specialists – first two years in practice (Orthodontist, Endodontist, Periodontist,

Oral and Maxillofacial Surgeon, Prosthodontist): $6,000/month individual benefit, $10,000/month business overhead expense

Dentist D.D.S. specialist residents/interns:

– Within 180 days of completing their residency program: $6000/month individual benefit

– $4,000/month during dental school or dental residency


General Dentists – first two years in practice $5000/month individual benefit, $10,000/month overhead expense insurance


Physician Specialists – first two years in practice (Gastroenterologist, Oncologist, Otolaryngologist, Cardiologist, Neonatologist, Urologist, Radiologist, Orthopedic Surgeon, Neurosurgeon)

$7,500/month individual benefit $10,000/month business overhead expense


Specialist residents/interns not within 180 days of completion:

Up to $5000/month benefit.

– Within 180 days of completing their residency program

Other M.D., D.O. – first two years in practice

$6,500/month individual $10,000/month business overhead expense

During residency: Up to $5000/month benefit.

Medical students – third or fourth year $2,500/month benefit individual

For more information about individual disability insurance benefits for physicians, dentists, CRNAs, accountants, engineers, attorneys, orthodontists, oral surgeons, medical residents, dental students, law students, please contact Set for Life Insurance today!

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!