Physician disability insurance can be purchased directly from an insurance company or through an independent broker. The long answer, however, is that you should purchase disability insurance directly from an independent broker who has direct experience working with doctors. Given physician experience, it’s critical to who you choose to work with.
Prior to purchasing the policy, you should request quotes from at least three different providers in order to make sure you’re getting your money’s worth. You may find the price varies quite a bit between providers. In addition, there are often differences in coverage and benefits between policies. For instance, some policies provide full benefits if you’re partially disabled. Other policies provide a smaller amount of coverage if you are a bit disabled.
One thing you’ll want to look for in physician disability insurance companies is a good fit with your physicians and their practices. Ask about how many physicians will be covered under the policy. Also, find out what your doctors need from the policy and if there are specific physicians whom the policy does not cover. For example, some policies do not cover physical therapists healthcare professionals disability insurance.
When physicians purchase physician disability insurance, they receive a variety of special benefits. Some policies will pay 80% or more of their fees, so long as they remain in practice. Additionally, many policies provide a bonus if the physician agrees to continue practicing for a certain number of years. Again, it’s best to select the best disability insurance companies that have top physicians on their rolls to ensure you’re receiving your payments in a timely manner.
When you get quotes from three insurance agents, evaluate them and see who offers the best policies. Ask each agent to give you a comprehensive quote on just what your new policy covers. Don’t forget to include any extra benefits you might get. For instance, some policies offer guaranteed issue life insurance coverage for people with certain pre-existing conditions. Ask about special coverage that might also be beneficial, such as accidental death benefit and accelerated death benefits. Don’t forget to ask about special deductions you can take and how these will affect your premiums.
It may be time consuming, but you’ll need to get at least three quotes from different physician disability insurance products. If you don’t get these estimates from the three insurance agents you contacted, keep looking. Sometimes the cheapest policy is not always the best policy. Contact at least three insurance agents to obtain the best estimates and results.