Physician Disability Insurance

Set for Life has been ‘practicing’ in our specialty area — disability insurance for physicians, medical professionals, nurses residents, medical students and veterinarians — since 1993. Our experience gives us a vast understanding of your unique situation, its complexities, and your insurance needs.

Physician Disability Insurance

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

  • Discounts
    Set for Life has spent almost 20 years building relationships and setting up discounts around the country at most major hospitals. These discounts save Set for Life clients between 15-55% (depending on company and gender).
  • 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.

Protecting Your Income in Your Specialty

As a physician, 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

At Set for Life Insurance, we know the importance of disability insurance firsthand.  One of our clients, Dr. Jason R. was badly injured in a severe car accident on his first day as an attending. “Set For Life has been great to me in getting my specialty specific disability insurance plan set up as well as helping it function to my benefit.  I was involved in a major car accident last year which almost took my life as well as almost ruined my career as an orthopedic surgeon.  Thank you, Set For Life, for all you have done.”

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!

Group Benefits vs. an Individual Policy

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.

Paying Your Premiums

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 Physicians

As a first-year physician 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 Physicians

Physicians may purchase up to $15,000/month benefit with any one company or may aggregate benefits up to $25,000/month if they purchase individual benefits from more than one company. If you think your income will exceed $350,000/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.

Important Policy Provisions for Physicians

  • 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 benefit 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.

Disability Insurance for Locum Tenens Physicians

Locum, short for the Latin phrase locum tenens (lit. “place-holder,” akin to lieutenant), is a person who temporarily fulfills the duties of another. For example, a Locum doctor is a doctor who works in the place of the regular doctor when that doctor is absent, or when a hospital/practice is short-staffed. These professionals are still governed by their respective regulatory bodies, despite the transient nature of their positions.

Locum Tenens physicians and healthcare professionals have unique needs when it comes to insurance planning. Typically they are not considered full time employees and therefore do not receive many of the full time employee benefits. This includes health, group disability and life insurance. Some locum professionals tend to travel often and want to ensure their coverage will follow them wherever they go.

While your income may be temporary, you may still be dependent on the pay check. If you couldn’t get by for more than 6 months without an income, you need disability insurance to protect your income.

As a locum physician or healthcare professional, what can you do to overcome these obstacles?

  1. Purchase Insurance Before Your Leave
    If you are considering becoming a locum professional and are currently employed, purchase your insurance before you leave. This will put you in the optimal situation showing a guaranteed income. Once you have your insurance, it is portable and will follow you wherever you go.
  2. Consider Where You Are Moving
    Each state has their own laws and premiums. Therefore, if you are moving from a state that has lower premiums, purchase the policy prior to your move. If you are moving from a state that has higher premiums and more restrictions, consider waiting until you move to purchase your insurance.
  3. Purchase While in Residency
    If you are a medical or dental resident, consider purchasing your policy while still in residency. As a resident, you do not need to prove income and are able to purchase benefits regardless of group benefits in force. If you are in your first year out of residency and haven’t secured your full time position, you may be able to purchase a defined amount of benefit regardless of income.

Contact Set for Life Insurance for more details on how we can help you as a locum tenens physician!

We Work with All Medical Professionals and Physicians of All Specialties

Set for Life Insurance offers specialty specific, own occupation disability insurance policies to physicians in all medical specialties, and can help a wide variety of medical professionals get the disability coverage they need.

  • Anesthesiologists
  • Allergists and Immunologists
  • Cardiologists
  • CRNAs
  • Dermatologists
  • Diagnostic Radiologists
  • ENTs
  • Emergency Medicine Physicians
  • Endocrinologists
  • Endodontists
  • Gastroenterologists
  • General Practitioners
  • General Surgeons
  • Geneticists
  • Geriatrists
  • Gynecologists
  • Hand Surgeons
  • Hematologists
  • Hospitalists
  • Internists
  • Interventional Radiologists
  • Medical Assistants
  • Midwives
  • Neonatologists
  • Nephrologists
  • Neurologists
  • Neurosurgeons
  • Nurse Practitioners
  • Obstetricians
  • Occupational Therapists
  • Oncologists
  • Opthamologists
  • Optometrists
  • Oral Surgeons
  • Orthodondists
  • Orthopedic Surgeons
  • Otolaryngologists
  • Pain Managers
  • Pathologists
  • Pediatricians
  • Physical Therapists
  • Physician Assistants
  • Physiotherapists
  • Plastic Surgeons
  • Podiatrists
  • Psychologists
  • Psychiatrists
  • Pulmonologists
  • Rehab Medicine Specialists
  • Registered Nurses
  • Respiratory Therapists
  • Rheumatologists
  • Sports Medicine Physicians
  • Surgical Assistants
  • Trauma Surgeons
  • Transplant Surgeons
  • Ultrasound Technicians
  • Urologists
  • Women’s Medicine Physicians

Are you ready? Get set - for life!

Joseph L., Consultant, New York, NY

When I left my large company, I lost most of my employee benefits. Thanks to Set For Life Insurance, I now have my own life and disability insurance that I can take with me throughout my career. They were instrumental in helping me determine what was most suitable for my needs. I look forward to working with Set for Life Insurance for the long term.