There was a time when physicians could obtain high quality disability insurance from a wide range of insurance carriers. Then, due to increasing costs and competition, the field narrowed, as did the available benefits, making it more difficult for physicians to obtain this coverage. Today, physician-specific disability insurance has become a specialty product offered by a small handful of insurers and requiring the specialty knowledge of disability insurance brokers who understand the unique needs of physicians. Here is why we recommend finding a broker who specializes in disability insurance specifically for physicians:
1. Too Many Moving Parts in Physician-Specific Disability Insurance Plans
Physician-specific disability policies are comprised of many components, each of which must be specifically tailored and coordinated to meet the unique and complex needs of physicians. Choosing the right options that provide the maximum protection as efficiently as possible is critical to meeting the long-term income protection needs of physicians. Only a specialty disability insurance broker has the knowledge and experience to provide the expert guidance physicians need in constructing the most effective disability income protection plan.
2. Ever-changing Disability Insurance Products
Although the universe of physician-specific disability insurance products has narrowed to just a handful of specialty disability insurers, the competition is fierce, leading to constant changes in product features and benefits. Specialty disability insurance brokers spend 100 percent of their time following the market and educating themselves on product changes.
3. Your Income Protection Needs are more Complex
You’ve invested hundreds of thousands of dollars and more than a decade of your life preparing for a demanding career that will generate millions of dollars of earnings which means you have much more at stake than most other workers. Most workers only need to protect their incomes, which a standard disability insurance policy will do in many cases. You need to protect your highly refined skills and ability to generate a high income which requires specialized disability insurance plans developed and implemented with the help of the specialized guidance of a disability insurance broker.
4. Specialty Disability Insurance Brokers Work for You, Not the Insurers
When you purchase a disability insurance policy from a traditional insurance agent working for an insurance company, you may not be receiving the objective, client-centric advice you need and you may be limiting your choices to the disability insurance product the agent is allowed to offer. Because disability insurance brokers can offer the disability insurance products of a number of different carriers, they can focus their efforts on providing the best possible solution for your needs. In addition, disability insurance brokers who specialize in the medical community, have relationships with the top tier specialty disability insurers who offer the best physician-specific disability products.
Your best bet is to work with a disability insurance broker who has access to all of the top disability insurance carriers and who has extensive experience in working with medical professionals. They have the expertise and the resources to provide the very best solutions and the resources to streamline the process of obtaining a disability income protection plan tailored for your specific needs.
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