Orthopaedic Surgeon Disability Insurance
Jan 24, 2013
Jamie Fleischner

Jamie Fleischner

24 Jan, 2013

Orthopedic Surgeon Disability Insurance

Protecting your income with a disability policy that covers you in your medical specialty as an orthopedic surgeon is critical. Without the specific language, your policy may not pay you if you were either able or retrained to work in another medical specialty or occupation.

As an orthopedic surgeon, you have spent multiple hours, days, and years training to be able to work in your specialty. What would happen if you became too sick or injured and could no longer work as an orthopedic surgeon?

What to look for in a disability insurance policy as an orthopedic surgeon:

  • 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.

Orthopedic Surgery medical residents and fellows may purchase up to $5000/month benefit during medical residency or fellowship. The minimum size policy is $1000/month.

Graduating medical residents and fellows in their last 180 days of residency may purchases up to $7500/month benefit regardless of income or group benefits in force. The same holds true for first year physicians. If you are in your first year and don’t year have a contract or are doing locum work, this is a great way to purchase benefits.

If you think your potential income will be greater than $350,000/year, you may consider purchasing benefits from more than one company. If you have benefits with only one company, you will be limited to $15,000/month benefit. By purchasing with more than one company, you may aggregate benefits up to $25,000/month benefit.

If you are still in residency or still have a few years left in training, you may purchase $1000/month benefit with more than one company and be able to increase up to $25,000/month benefit without further medical underwriting (if set up properly).

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 orthopaedic surgeon.  Thank you, Set For Life, for all you have done.”

Set for Life has specialized in working with medical residents, fellows, physicians and surgeons since 1993. We take pride in the relationships we have built and the claims that have been paid.

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!


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