Physicians, like many other professionals, often have unique considerations when choosing a disability insurance policy. The selection of a disability policy involves several key factors, including own occupation coverage, discounts, industry expertise, and the specific insurer’s reputation.
Set for Life Insurance has specialized in providing disability insurance for medical professionals since 1993, so it’s not surprising that many physicians choose policies from them.
Here are some factors physicians consider when choosing a disability insurance policy:
- Own Occupation Coverage: Physicians should look for “own occupation” disability insurance policies. As a physician, if you become sick or injured and can no longer perform the specific duties of your medical specialty, you will receive benefits, even if you can work in another capacity. This ensures that you are financially protected in case they can’t practice medicine in their chosen field.
- Discounts: Set for Life Insurance offers discounts nationwide to all physicians. Discounts can be especially deeper for medical residents and fellows.
- Industry Expertise: With over 30 years of industry experience, Set for Life sets the standard for quality expertise.
- Financial Strength and Reputation: Physicians are typically looking for reputable insurance companies with a strong financial standing. They want to ensure that the insurer will be able to pay out claims reliably over the long term. Set for Life has been endorsed by the White Coat Investor and KevinMD.
- Coverage Amount: Physicians need to determine the appropriate coverage amount that would replace a significant portion of their income in the event of disability. This amount depends on their income, lifestyle, and financial obligations.
- Elimination Period and Benefit Period: The elimination period is the waiting period before disability benefits kick in, and the benefit period is the duration for which benefits will be paid. Physicians need to consider these factors and choose options that align with their financial situation.
- Cost of Premiums: Premiums can vary widely among insurers and policies. Physicians must balance the cost of premiums with the level of coverage they require to ensure it fits within their budget.
- Rider Options: Some policies offer riders (additional benefits) that can be added to the base policy for extra coverage, such as cost-of-living adjustments (COLA) or future increase options. Physicians may consider these options to enhance their coverage.
Over 30,000 physicians have chosen Set for Life Insurance to protect their income with disability insurance. For more information or to request a quote, contact us today!