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Individual Disability for Physicians

Tuesday, April 9, 2013

Individual Disability Income (DI) insurance helps physicians protect their ability to work and earn an income. In the event of a disability, the policy provides monthly benefits to help pay daily living expenses. Nearly every physician is a candidate for Individual DI insurance. Generally, policies are non-cancelable, guaranteed renewable to age 65 and conditionally renewable for life. As a general rule, at age 65 as long as you work 30 hours per-week the coverage can continue.

Individual DI insurance can be purchased individually or added to employee benefit packages as either stand-alone coverage or as a supplement to group long-term disability insurance. A Multi-Life Discount of 20% (based on unisex rates) applies when three or more physicians at the same practice purchase Individual DI insurance at the same time. For larger physician groups, many disability carriers offer discounts greater than 20%.

If your income is disrupted by a disability, you could lose out on months or years of contributions and potential growth on those assets. To help individuals continue saving for retirement in the event of a disability, carriers typically offer programs that can help fund your retirement. Saving for retirement is a long-term commitment. In the event of a disability, you may find that your monthly benefit checks are just enough for daily living and not sufficient to fund your retirement programs or your children’s college education.


Individual DI insurance premium rates depend on a variety of factors, including age, gender, physician specialty, smoking status, state of residence, Benefit Period, Elimination Period, Your Occupation Period, selected riders and

any available discounts. When Individual DI insurance is offered as a physician benefit, premiums can be paid by the practice group or the physician. The below table offers three examples of how coverage can be structured to meet either a practice group or an individual physician’s needs:

Estimated Individual Disability Insurance Rates for Physicians


Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.