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From whom did you get your disability insurance policy?

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  • From whom did you get your disability insurance policy?

    Both the insurance agent and the underwriter. Any tips for a physician about to embark in private practice?

  • #2
    Keep in mind that depending upon your state of residence, there are only seven carriers that can potentially provide you with a policy that includes an "Own-Occupation" definition of total disability for the entire benefit period (to age 65 or longer) - Berkshire (Guardian), Standard, MetLife, Ameritas (formerly Union Central), MassMutual, Principal and Ohio National.

    Of the above companies, only Standard provides both an "Own-Occupation" definition of total disability and full coverage for mental/nervous and/or substance abuse disorders. However, unless you are an Anesthesiologist that does Pain Management, it is very expensive due to the unfavorable occupation class of 2P.

    You should always compare policies as best you can in terms of how they are structured and always look for discounts that may be available.
    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
    www.physicianfinancialservices.com

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    • #3
      I have mine through Guardian.  One thing the CFP told me was to make sure the policy is a "true" own occ.  His point being that if I could not perform the substantial and material duties of my profession I would be considered totally disabled and be able to receive the full benefit up to the age determined in the policy.  He said I could go to work doing something else and make above what I was making as a dentist and still receive the full benefit since I'm not in my own occupation.  In other words, as your new income grows, your disability income will stay the same.  This is in contrast to a "modified" own occ.

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      • #4
        I used Larry Keller - and it is through MetLife.  Own occupation with appropriate riders recommended by the WCI posts.

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        • #5
          We also used Larry Keller and highly recommend ?? Husband is IM and his is through MetLife.

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          • #6
            I had mine through MetLife, true own occupation.  After 8 years and nearly $30,000 donated, I dropped the coverage.  Going bare is a great feeling if you can swing it (pun intended).

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            • #7
              My original policy is through Guardian.   I unfortunately was diagnosed with a chronic condition after getting my policy so when I went to increase my benefit amount upon becoming an attending, the new premium was through the roof.  I kept the original guardian policy and have a second policy through Ohio National with a top health rating.   I guess their underwriters had a better outlook on my condition.

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              • #8
                Use the company's policy.  Checked it out and spoke with Joe Capone who advertises on the WCI site.  He was very good and let me know the in's and out's of the policy in place.

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                • #9
                  Hi Joe. This is Joe.  :  )

                   

                  Just getting into this forum. Good stuff.

                  Glad you were pleased. I try. Not perfect and definitely make mistakes but happy that you were able to post something positive.

                   

                   

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                  • #10
                    My wife used Larry Keller and can both highly recommended. We made it a priority to get coverage in the second year of a four year residency. We have seen too many friends and coworkers are age run into situations in their late 20's/ early 30's where having the coverage would have been a big help in a crunch. She's also got a military commitment after residency, and its a lot easier to get coverage as a civilian resident instead of an active duty attending from what we understand.

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                    • #11
                      Depending upon the state you live in the carriers you can buy a true own occupation definition from are Standard, Principal, Guardian, Ameritas, Mass Mutual, and Ohio National.  Now some states, like CA, are more limited as not all of the ones mentioned here have the true own occupation definition avaiable for purchase in that/those state but most of us who handle a great deal of disability insurance every year knows what carriers and where to go for each unique individual.  Just keep in mind that the basic rates are determined on your gender, medical specialty, age, and state of residency....after that it comes down to your particular health status and which carrier might have an appetite for anything specific you might have going on.
                      Scott Nelson-Archer, CLU, ChFC
                      303-953-0263 Direct / [email protected]

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                      • #12
                        And, of course, discounts that may be available to you via your hospital affiliation or professional association memberships.
                        Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
                        www.physicianfinancialservices.com

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                        • #13
                          +1 for @LBKCLU . Larry was fantastic when my wife and I got our policies as residents

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                          • #14
                            I bought my own occ policy in 1994 with Paul Revere. I guess that's not a policy that's sold any more.
                            My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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                            • #15
                              That is a solid policy, keep it.....
                              Scott Nelson-Archer, CLU, ChFC
                              303-953-0263 Direct / [email protected]

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