Physician
Disability Insurance

When it comes to working with doctors, veterinarians and other medical professionals, Set for Life “sets” itself apart from the rest.

• Discounts: Set for Life has spent over 30 years building relationships and setting up discounts around the country at most major hospitals. These discounts save Set for Life clients between 10-20%.
• Expertise: Set for Life principals are highly educated and have a high degree of expertise in the field of insurance.
• Objectivity: Set for Life is a brokerage working with the top available companies in the marketplace. They will do an analysis and comparison before advising you to ensure you have found the best policy suitable to your needs.
• Client Experience: Set for Life clients are valued and are treated in a professional yet down-to-earth environment. Milestones and policy anniversaries are celebrated.

As a doctor, it is critical that you choose a definition of disability that covers you in your medical specialty. This means if you become too sick or injured to work in your medical specialty, you can still work in another specialty or occupation and continue to receive benefits.

When you purchase a policy, each company classifies your medical specialty into an occupational class to determine rates. The higher risk specialties, such as surgery, anesthesiology and emergency medicine are in a separate (typically more expensive class) than less risky specialties such as internal medicine and general pediatrics. It is important to note that the policy is based on the occupational class at the time of application but will base the claim on your occupation at the time of claim. If you are currently in a less risky specialty but are moving on to a riskier specialty (example: internal medicine moving to cardiology), you may want to consider purchasing your policy prior to making your change to lock in the more favorable rates.

As a specialist, you know the importance of working with someone who specializes in their niche industry. Contact Set for Life Insurance today to help you protect your hands, your dreams, your income and your future!

If you work for a large group or practice, you may be offered a group policy. Group policies typically offer a limited monthly benefit (60 percent of your income to a maximum of $10,000 or $15,000/month). Group policies can’t discriminate – they must offer coverage to everyone in the group. Consequently, they often lack the important provisions of a personal policy.

If you are concerned about paying for your disability insurance while you finish your residency or become established, there are options! Visit the medical residents’ disability insurance page to learn more.

• First-Year Doctors: As a first-year doctor out of residency, you have a couple options when it comes to disability insurance. You can take the first-year physician amount of $6,500-$7,500 a month (depending on company and specialty) regardless of your income. Or, if you already have an employment agreement signed for your first-year income outside of residency, we can use that agreement as income verification to issue you a higher amount of coverage now.
• Disability Benefit Amounts for Doctors: Doctors may purchase benefits up to $25,000/month with any one company or may aggregate benefits up to $35,000/month if they purchase individual benefits from more than one company. If you think your income will exceed $500,000/year or more, you may want to consider purchasing benefits from more than one company to have the ability to increase benefits to the maximum level in the future.

• Own Occupation, Specialty-Specific Definition of Disability: This definition states that if due to sickness or injury you could not perform the substantial and material duties in your occupation, it would pay a benefit, regardless of income earned elsewhere.
• Increase Options: This allows you to purchase more benefit in the future without further medical underwriting in the future. As your income increases, this allows you to purchase additional benefits without additional medical questions.
• Residual Rider: This is a partial disability insurance rider that will pay you a portion of your benefit proportionate to your loss of income. Most policies require at least a 15 or 20% or more loss of earnings to receive a benefit.
• Non-Cancelable, Guaranteed Renewable: This clause states that as long as you pay your premiums, the company can never increase your premiums or modify your contract.
• Discounts: Disability insurance can be expensive. Contact Set for Life to see if we already have discounts set up at your hospital. If not, we can help you implement. This can help save a substantial amount on your premiums.