What it is
Just like individual DI, disability insurance for doctors and physicians pays a percentage of the insured’s income upon disability, according to policy terms. However, disability insurance policies for doctors are customized, offering a true own-occupation definition of disability and specialty-specific protection. For example, if a doctor can’t work in their surgical specialty, but can return to general practice, the policy benefits can cover a reduction in income.
Don’t let your physician clients make the most common and critical mistake in business financial planning. Protect them and their practices with industry-tailored disability insurance.
How to explain it
Imagine … 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 power you’ve worked so hard to develop.
When to offer it
Offer disability insurance for doctors to all physicians, surgeons and specialists. Affordable disability insurance policies are also available for medical residents, as they begin their careers. Multi-life disability insurance policies are a great option for doctors who own their practices and have three or more employees. Business Overhead Expense insurance is also recommended.