When it comes to disability insurance, the company you choose is just as important as the policy itself. After all, this is the company you’ll rely on if you need to file a claim.
Here’s how to identify the best disability insurance companies for doctors.
1. Focus on Companies with Experience Serving Doctors
Doctors have unique needs when it comes to disability insurance. Look for companies that specialize in providing coverage for physicians and dentists. These insurers often offer features tailored to medical professionals, like own-occupation coverage and discounts for residents or fellows.
2. Look for Financial Strength and Stability
A disability insurance policy is a long-term commitment. You need a company with the financial strength to pay claims now and decades into the future. Check the insurer’s financial ratings from agencies like:
- A.M. Best
- Moody’s
- Standard & Poor’s (S&P)
Higher ratings indicate a more reliable and stable company.
3. Compare Key Policy Features
Top disability insurance companies stand out by offering comprehensive policy features, including:
- True Own-Occupation Coverage: Critical for doctors, this ensures you’re covered if you can’t perform the duties of your specific occupation.
- Guaranteed Renewable and Non-Cancelable Policies: Locks in your rates and protection for the life of the policy.
- Customizable Riders: Options like cost-of-living adjustments and residual disability riders add flexibility to your coverage.
4. Evaluate Claim Handling and Customer Service
The true test of an insurance company comes during the claims process. Research:
- How quickly they process claims.
- How supportive their representatives are during claims.
- Reviews or testimonials from other doctors who have worked with the company.
A company known for excellent service and efficient claims handling is a must.
5. Consider Discounts for Doctors
Some companies offer significant discounts for medical professionals, especially if you’re still in training. Look for companies that provide:
- Resident and Fellow Discounts
- Association Discounts
- Multi-Policy Discounts
These can help you lock in high-quality coverage at a lower cost.
6. Work with a Trusted Broker
A broker who specializes in disability insurance for doctors can save you time and effort. They’ll compare top companies on your behalf and recommend the best fit based on your unique needs and career stage. There is typically no additional cost for this service.
Top Companies for Doctors
While your individual needs will determine the best company for you, some insurers consistently rank as top choices for doctors, including:
- Guardian
- MassMutual
- Principal
These companies are known for their strong financial ratings, comprehensive policies, and excellent customer service.
The Bottom Line
Choosing the right disability insurance company is about more than just getting a policy—it’s about ensuring you have a reliable partner to protect your income for the long haul. Look for a company with a proven track record, strong financial ratings, and features designed specifically for doctors.
Take the next step by comparing quotes and working with a broker who understands your unique needs. Protecting your income starts with choosing the right partner.
Ready to protect your future?
Get a personalized side-by-side policy comparison of the leading disability insurance companies from an independent insurance broker.
