Traditionally, physicians have been known to earn high salaries due to their specialized skills and extensive training. As such, it is important for them to consider purchasing disability insurance that is tailored to their occupational class. Fortunately, there are several insurance companies that offer specialized disability insurance plans specifically designed for physicians. In this review, we will compare some of the top options available in the market. By reading on, you can discover our top picks and determine if they are the right fit for you.
Our Top Picks for Best Disability Insurance Options for Physicians
Note: The following companies are listed in alphabetical order.
Best for Comprehensive Coverage: Ameritas
Best for Additional Benefit Options: Guardian
Best for Customizable Policies: MassMutual
Longest Benefit Period: Principal Financial Group
Best for Low Premiums: The Standard
Best Disability Insurance for Physicians Reviews
Pros
COBRA premium benefit
Surgical transplant coverage
Other insurance options available
Cons
Lower A.M. Best rating
Limited options for some medical specialties
Mental health coverage has notable limitations
Why we chose it: Physicians looking for a strong comprehensive coverage package might consider Ameritas as their carrier of choice. This is because it offers the option to claim total own-occupation disability, which means you will receive the full benefit even if you take a different career path after an illness or injury.
What we like
Like other large insurance corporations, Ameritas offers a wide variety of additional riders and coverage options. One of these is a premium benefit specifically for Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage, which extends employer-provided medical, dental, and vision insurance for employees who are unable to work.
Ameritas also covers less traditional disability cases, such as disabilities caused by surgical transplants or plastic surgeries gone wrong. Additionally, you can purchase coverage for other needs, including life, dental, and vision insurance, as Ameritas offers insurance beyond disability.
What we don’t like
However, Ameritas has some drawbacks, particularly in terms of its financial ratings and coverage limits. While an A rating from A.M. Best is respectable, many other companies have higher ratings. From a coverage perspective, Ameritas offers limited mental health benefits (only 24 months). Dentists may also find more competitive policies elsewhere with equally good or better own-occupation riders.
Pros
Higher maximum coverage
Extensive additional benefit options
Hospice care benefit
Cons
Higher cost
Longer wait times for underwriting
Some customer service concerns
Why we chose it: Guardian offers comprehensive disability insurance plans with an extensive selection of benefit options that can meet most physicians’ needs.
What we like
With a comprehensive own-occupation rider, you will be covered for full benefits if you are unable to practice your primary profession, regardless of whether you are employed in another field. Additionally, if you continue to practice but in a reduced capacity due to a disability, you can receive partial benefits.
Guardian also offers a wide range of additional benefit options, including a hospice care benefit, which provides a lump sum payment if you are diagnosed with a terminal illness. This can help cover end-of-life expenses and provide financial support for your loved ones.
What we don’t like
However, Guardian’s policies may come at a higher cost compared to other insurance companies. Additionally, some customers have reported longer wait times for underwriting and have raised concerns about the company’s customer service.
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