Doctor DI: Disability Insurance for Doctors and Physicians
How to explain the need for disability insurance for doctors:
Stop and think. If you could no longer perform your duties as a doctor or a physician, could you afford to maintain your current lifestyle? What if you returned to your practice following a disability, only to discover that some patients found new doctors or that partner physicians now refer patients elsewhere? Worse yet, what if you were no longer able to perform specialized duties and you were forced to change the scope of your practice? In all of these scenarios, you could lose part or all of the earning capacity you've worked so hard to develop.
How to explain the physician disability insurance product:
Just like individual DI, disability insurance for doctors and physicians pays a percentage of your income, according to policy guidelines, if you become disabled. However, policies are customized to meet your unique needs, offering a true own-occupation definition of disability and specialty-specific protection. For example, if you can't work in your surgical specialty, but can return to general practice, your income will not be penalized.
Don't make the most common and critical mistake in business financial planning. Protect yourself and your practice with industry-tailored disability insurance.
For brokers who aren’t selling disability insurance for doctors – Start now!
The health care industry is growing fast. In fact, the U. S. Bureau of Labor Statistics expects the medical industry to experience more job growth than any other industry between 2014 and 2024. Physicians and surgeons in particular are expected to see a 14 percent growth in employment. This is a large market, and it’s only going to get bigger. For brokers looking to expand their DI business, selling disability insurance for doctors is the perfect opportunity.
Furthermore, doctors need income protection now more than ever. According to a Medscape report, physicians can expect to make up to $443,000 per year depending on the specialty. Physicians in lower-earning specialties still make a minimum of around $200,000 per year. At the same time, Medscape reports that the average medical student graduates with $176,348 in debt. Doctors have large incomes to protect, and their significant debt makes that protection even more crucial.
Read more about why doctors should be part of your DI growth plan.
For brokers who don’t know how to break into disability insurance for doctors – Here’s how:
Smart doctors already have disability insurance, so marketing to them can make breaking into disability insurance for doctors difficult. But have you considered marketing to medical residents?
Many medical residents do not think about disability insurance, and that’s a mistake. Residents receive numerous advantages, including pre-approval without proof of income, low rates and the option to increase coverage every year to match income.
Read more about tapping into this exciting DI market.
For brokers who are already selling Doctor DI - Get a second opinion!
If you already have a doctor disability insurance market to go to, you may want to think again. DIS offers more than one option. In fact, we have four insurance carriers that quote disability insurance protection designed for doctors and physicians.
Get more choices and more services with DIS. And we can help you secure those association relationships!
For more information about selling disability insurance for doctors and physicians, make sure to request your free Disability Insurance for Doctors Sales Kit. Also, make sure to sign up for our "Selling by Association" webinar. By establishing association relationships, you can build your DI book of doctor clients fast.
Request a disability insurance quote today.
Disability Insurance Services Careers
"I’ve worked with DIS for six years now. DIS is a top notch outfit – a great agency and with a great staff. The DI Analyzer outlines differences in coverage, they're very expeditious in getting applications approved, and they communicate very well with us. If you want to work with a great agency, work with DIS."