Physician Disability Insurance

The Standard has a long-term disability insurance plan with own speciality coverage options and coverage that last until age 70 available for physicians. Coverage replaces up to 70% of income with a maximum monthly benefit of $25,000. The waiting period can be as short as 30 days or as long as one year, allowing policyholders to adjust coverage to their needs.

Physicians who start their own practice may be interested to know that The Standard also has options to cover business protection. Business overhead coverage provides relief if you are unable to run your business while sick or disabled. Furthermore, business equity protection provides funding towards your business partners in the event of total disability to ensure orderly change in ownership.

The Standard boasts proactive long-term disability coverage that offers whole-person support with customized solutions and personalized experiences. The Standard has an A.M. Best rating of A (Excellent) as of March 31, 2022.

Principal offers disability insurance policies that replace some of your income if you are unable to work because of a disability. These plans are fully portable, allowing physicians to keep their coverage when they change jobs or start their own practice. Principal also offers a disability insurance for retirement policy, which continues to fund your retirement fund if you are unable to work because of a disability.

A member of the Fortune 500, Principal strives to help individuals protect the life and the income that they’ve worked hard for. Principal Life Insurance Company has an A+ (Superior) rating from A.M. Best as of March 2022.

MassMutual offers income protection through disability insurance, retirement savings protection and customizable policy riders. These riders can add features that increase the value of your coverage. For example, one popular rider allows coverage to increase as the policyholder’s income increases.  This is important for physician’s, whose salary can grow substantially after the completion of a residency program.

MassMutual is a mutual company, which means that policyholders share in the ownership of the company. In 2021, MassMututal paid $1.8 billion in policyholder dividends. The success of the company is also reflected by some of the highest financial ratings in the insurance industry. MassMutual has an A.M. Best Rating of A++ (Superior).

Ohio National offers non-cancellable disability insurance with adjustable benefit and elimination periods and a variety of riders.  Physicians may be interested in the own occupation rider and the student loan reimbursement rider. Other available riders include guarantee of physical insurability income, which allows you to increase coverage annual with only financial proof of insurability, and lump sum payment at retirement.

Ohio National also offers income protection for businesses. With their disability buy-sell coverage option, business owners have assistance to purchase a disabled owner’s interest in the event of a long-term disability. This unique coverage option ensures an orderly, legal transfer of ownership and may be helpful for physician who are starting their own practice.

Founded in 1909, Ohio National prides itself on its trusted relationships and financial strength. Ohio National has an A rating from A.M. Best.

Physician disability insurance from Ameritas provides own-occupation coverage with a choice of benefit and elimination periods and an array of built-in features and optional riders. The optional riders include the future increase option that increases benefits to reflect income increases, the cost-of-living adjustment that offsets inflation and the catastrophic disability rider that pays an additional benefit if you cannot perform two or more of the six activities of daily living.

Ameritas also provides disability insurance for business owners, which is something that physicians who own their practice should consider. Coverage options include business overhead expense insurance, disability salary continuation plan and guaranteed standard issue.

A mutual-based organization with roots in the 1800s, Ameritas has the state mission of earning customers’ trust by helping them improve their lives with insurance, financial services and employee benefits. Ameritas has an A (Excellent) rating from A.M. Best.

Mutual of Omaha provides customizable disability insurance options. The maximum monthly benefit is $20,000. The benefit period can last for a set number of years or until the policyholder reaches age 65, 67 or 70, and the elimination period options range from 30 to 730 days. Coverage can be non-cancellable or guaranteed renewable. Policyholder also get to pick from two ways to increase benefits: the automatic increase benefit or the future insurability option. Optional riders include true regular occupation, residual disability, return of premium, mental or nervous and substance abuse extension and catastrophic disability benefit.

Mutual of Omaha first opened in 1909 and is committed to remaining strong, stable and secure. Mutual Omaha Insurance Company has an A+ (Superior) rating from A.M. Best as of February 2022.