Life Insurance for
Physicians and Dentists
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Why Life Insurance?
Knowing that your family will be taken care of financially can provide immense peace of mind. Life insurance ensures that your loved ones will have the financial resources they need to cope with life’s challenges after you are gone, reducing stress and uncertainty for both you and your family.
Only 44% of millennials have life insurance, despite being at an age where coverage is more affordable.
25% of people would feel a significant financial impact within one month of losing the primary wage earner.
Heart disease is the leading cause of death in the United States, causing about 1 in every 4 deaths, highlighting the importance of having life insurance to cover unexpected health crises
1 in 4 people living in the U.S. only have group life insurance through their employer, which might not be enough.
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Why Choose DoctorDisability?
Over the last 20 years, we have helped thousands of physicians get life and disability insurance. We work with all of the major insurance companies and and make it easy for you to choose the best plan for your needs.
Save Money
Because life and disability are our primary focus, we know how to design a policies so that you only pay for what you really need. In addition, because of our large volume, we have access to discounts that will save you money.
Specialists
Whether you are an anesthesiologist, hospitalist, or orthopedic surgeon we understand your unique challenges and will help you secure your income with the best life and disability insurance available on the market.
Super Simple
We make life and disability insurance easy to understand, easy to compare and easy to apply for.
Trusted by Thousands
We’ve helped thousands of medical professionals get the right life and disability insurance to protect their financial futures. We work with all of the major insurance companies and are licensed in all 50 states.
We Understand You
Our experienced agents work exclusively with doctors; we understand your busy schedule and desire to have the highest quality benefits available.
True Own-Occupation
We only recommend disability policies with an own-occupation definition of disability. This means YOUR occupation is protected!
Our clients are located at prestigious institutions all over the country.
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We're committed to doing good.
Doctor Disability partners with Su Refugio, an orphanage in South America, to provide 100 meals to orphaned children for every policy purchased.
Free Guide: Doctor Disability 101
Discover the essentials of a great disability insurance policy.
- Most important features of a great policy
- Common exclusions from coverage
- How much does it cost?
- How much should you buy?
- Pros and cons of group disability
Introduction to Life Insurance
Life insurance is a vital financial tool designed to provide security and peace of mind for you and your loved ones.
At its core, life insurance is a contract between you and an insurance company: you pay regular premiums, and in return, the insurer promises to pay a designated beneficiary a sum of money upon your death.
There are two main types of life insurance: term life and permanent life. Term life insurance covers you for a specific period, such as 10, 20, or 30 years, and is generally more affordable. If you pass away during the term, your beneficiaries receive the death benefit. This type of insurance is ideal for those looking to cover specific financial obligations, such as a mortgage or children’s education, within a certain timeframe.
Permanent life insurance, which includes whole life and universal life, provides coverage for your entire lifetime and often includes a savings component known as cash value. Whole life insurance offers fixed premiums and a guaranteed death benefit, while universal life insurance provides more flexibility with premium payments and death benefits.
Life insurance is crucial for anyone with dependents or significant financial obligations. It helps ensure that your loved ones can maintain their standard of living, cover daily expenses, pay off debts, and manage future costs like college tuition. By securing a life insurance policy, you provide a financial safety net that supports your family’s needs even after you’re gone.
Understanding the basics of life insurance empowers you to make informed decisions about protecting your family’s future.
Understanding key life insurance terms is essential to making informed decisions about your coverage. Here are some fundamental terms to know:
Policyholder: The person who owns the life insurance policy and is responsible for paying the premiums.
Insured: The person whose life is covered by the insurance policy. Often, the insured and the policyholder are the same person.
Beneficiary: The person or entity designated to receive the death benefit from the insurance policy upon the insured’s death.
Death Benefit: The amount of money the insurer pays to the beneficiary when the insured passes away. This is the primary purpose of a life insurance policy.
Premium: The regular payment made to the insurance company to keep the policy active. Premiums can be paid monthly, quarterly, or annually.
Term Life Insurance: A type of life insurance that provides coverage for a specific period (term), such as 10, 20, or 30 years. If the insured dies during the term, the death benefit is paid out.
Whole Life Insurance: A type of permanent life insurance that covers the insured for their entire lifetime and includes a savings component called cash value.
Cash Value: A feature of permanent life insurance policies that builds up a savings element over time. The policyholder can borrow against or withdraw this amount under certain conditions.
Underwriting: The process the insurance company uses to evaluate the risk of insuring the policyholder and determine the premium rate.
Riders: Additional benefits or options that can be added to a life insurance policy for extra coverage or flexibility, such as a waiver of premium rider or an accelerated death benefit rider.
Familiarizing yourself with these terms can help you navigate the life insurance landscape and select the best policy for your needs.
Choosing the right life insurance company is crucial for ensuring you get the best coverage for your needs. Here are some key factors to consider:
Financial Strength: Check the financial stability of the insurance company. Ratings from agencies like A.M. Best, Moody’s, and Standard & Poor’s can provide insights into an insurer’s financial health and ability to pay claims. Companies with high ratings are generally more reliable.
Customer Service: Good customer service is essential. Look for companies with positive reviews and high customer satisfaction ratings. Websites like J.D. Power and the Better Business Bureau (BBB) can offer insights into the company’s service quality.
Product Offerings: Ensure the company offers a range of life insurance products that meet your specific needs, whether it’s term life, whole life, or universal life insurance. Some companies specialize in certain types of policies, so choose one that aligns with your requirements.
Underwriting Process: Different companies have varying underwriting processes and criteria. If you have health issues or other risk factors, look for a company with a flexible underwriting process that might offer better rates or more lenient policies.
Premium Costs: Compare premium quotes from multiple companies to ensure you’re getting a competitive rate. Use online comparison tools and consult with insurance agents to find the best deal.
Riders and Customization: Consider whether the company offers additional riders and customization options to tailor the policy to your needs. Common riders include accelerated death benefit, waiver of premium, and accidental death benefit.
Claims Process: Investigate the company’s claims process. A company with a straightforward and efficient claims process can make a significant difference during difficult times.
By considering these factors and conducting thorough research, you can choose a life insurance company that provides the coverage and support you need for peace of mind and financial security for your loved ones.
Introduction to Long-Term Disability Insurance
Disability insurance is designed to replace a portion of your monthly income if you are unable to work due to an illness or injury.
Long-term disability insurance pays you a monthly benefit if you get sick or hurt and can’t work. It’s basically income replacement insurance. You can use the money from the insurance policy to cover your rent/mortgage, utility bills, food and other living expenses.
The coverage applies to disabilities that happen both on and off the job. Many policies even cover you if you are traveling to a foreign country when your disability occurs.
The greatest benefit of owning disability insurance is financial peace of mind; knowing that no matter what happens, you’ll have the needed resources to maintain you and your family’s standard of living.
Monthly benefit: This is the amount of money the insurance company will pay you each month you are disabled. The benefit is paid at the end of the month and is typically paid to you tax-free.
Maximum benefit period: When you become disabled, benefits are paid to you as long as you remain disabled, up to the maximum benefit period. Benefit period options are 2 years, 5 years, to age 65, to age 70 and to age 65 with lifetime extension. The longer your benefit period, the higher your premium.
Elimination period: The elimination period is the length of time you must wait after you become disabled before your monthly benefit will be paid. Options are 60, 90, 180 and 360 days. The most common benefit period is 90 days.
Definition of disability: The definition of disability determines when you are considered disabled. The best policies consider you disabled if you are unable to perform the duties of your current occupation. This is referred to as “own occupation”. The least desirable definition is a policy that considers you disabled only if you are unable to work in “any occupation”.
Guaranteed renewable and non-cancelable: This means that, as long as you pay your premiums when they are due, the insurance company cannot cancel your policy, change your policy provisions or increase your premium (up to age 65). The benefit to you is that once you qualify for the initial policy, your rates will never go up and the insurance company cannot change or terminate your contract.
Residual (partial) benefit rider: The residual benefit pays you a partial benefit if you have a partial disability. What this means is that if you get sick or injured and suffer a partial loss of income, you’d receive a benefit equal to the percentage of your lost income.
COLA rider: The cost of living adjustment, or COLA, increases your monthly disability payout during a period of disability to offset for inflation. This is important if you have a lengthy disability claim.
Guaranteed Insurability Rider: This rider provides a guaranteed option to buy additional disability insurance in the future without health requirements (no medical exam/questions). Financial underwriting is required, but an injury or illness would not prevent you from purchasing additional insurance. This option is especially important to professionals who expect a large increase in their future income – like medical residents/fellows.
Choosing the right life insurance company is crucial for ensuring you get the best coverage for your needs. Here are some key factors to consider:
Financial Strength: Check the financial stability of the insurance company. Ratings from agencies like A.M. Best, Moody’s, and Standard & Poor’s can provide insights into an insurer’s financial health and ability to pay claims. Companies with high ratings are generally more reliable.
Customer Service: Good customer service is essential. Look for companies with positive reviews and high customer satisfaction ratings. Websites like J.D. Power and the Better Business Bureau (BBB) can offer insights into the company’s service quality.
Product Offerings: Ensure the company offers a range of life insurance products that meet your specific needs, whether it’s term life, whole life, or universal life insurance. Some companies specialize in certain types of policies, so choose one that aligns with your requirements.
Underwriting Process: Different companies have varying underwriting processes and criteria. If you have health issues or other risk factors, look for a company with a flexible underwriting process that might offer better rates or more lenient policies.
Premium Costs: Compare premium quotes from multiple companies to ensure you’re getting a competitive rate. Use online comparison tools and consult with insurance agents to find the best deal.
Riders and Customization: Consider whether the company offers additional riders and customization options to tailor the policy to your needs. Common riders include accelerated death benefit, waiver of premium, and accidental death benefit.
Claims Process: Investigate the company’s claims process. A company with a straightforward and efficient claims process can make a significant difference during difficult times.
By considering these factors and conducting thorough research, you can choose a life insurance company that provides the coverage and support you need for peace of mind and financial security for your loved ones.
These companies currently offer an own-occupation definition of disability insurance for doctors along with a guaranteed renewable and non-cancelable contract:
- Guardian/Berkshire Life
- Mass Mutual
- Principal
- Ohio National
- Ameritas
- The Standard