DI for Doctors

[The DI Doctor]

My preference is to give a choice as choice gives a feeling of power to clients who generally prefer to have more than one option when they are shopping.

Some carriers like Met Life and Standard have made some incredible advances in offering true own occupation coverage to more medical professionals, much higher issue and participation levels than before, and more recently there have been changes greatly increasing pools of future purchase coverage available.

I would be happy to help you further as you are getting more call for this. As more volume inevitably brings more problem cases, I will be happy to find solutions and exceptions for those.

 

[Whit]

Look for a carrier that best covers the only three ways a client gets paid:

1. Total Disability-need true own occ for a Doc
2. Residual- one that only requires loss of income not loss of income and time or duties. Had a peditrician that developed Carpal Tunnel, went from 20 patients a day to 10 because she was working much slower, thus her income decreased 45%. She was still able to work full time and do all of her duties, but she received a proportionate benefit because her policy only required loss of income
3. Recovery for full benefit period-youre out three years, clients dont wait around and other Dr.'s stop referring to you it can take a long time to get back to where you were, if ever. Many policies limit this to paying for only 1-3 years.

This limits you to Guardian, MassMutual and Union Central.

Contact me if you need more help:

[email protected]

 

[disability Insurance Reso]

There are several good carriers for Doctors and besides Guardian,who has a specialty letter built into the contract to expand the definition of TD, there is; Union Cental,Standard and these should be evaluated as well.

 

[Whit]

Mass has specialty true own occ protection.

 

[TPetersen]

All of these responses are right, but they also assume that only one carrier will be involved. There may be times that multiple carriers are needed depending upon the need. The Excess markets may be needed for additional coverage beyond issue limits of the primary markets.

Other primary and excess markets may be needed for business coverages as many DI carriers do not write, or write very little of, business disability plans.

Contact your local disability borkerage. If you run into difficulty, check back with this group.

 

[NMFNMDRT]

I would use Mass or Guardian for physicians.

 

[sgriswold]

I use Guardian and Standard.

Standard has a good multi-life program which is great if there's a physician group you want to target. If you get 3 apps placed for 1 employer within 1 year (these don't have to be employer paid) then there's a 10% multi-life discount. Rates are converted to gender-neutral.

Especially attractive for female docs since GN rates are already about 5% lower.

 

[SetforLifeIns]

If you are looking at multi-life with 3 or more doctors, check out Principal. Their rates are not only unisex, but also discounted. Their rates are more competitive than any other company previously mentioned in the discounted realm.

Furthermore, Principal now offers both transitional occupation as well as true own occupation for physicians.

And, their underwriting can't be beat. Their typical turn around time is less than 10 days. If you are familiar with disability insurance, you will know that underwriting turn around is very challenging.

 

[BNTRS]

If you are looking for a plan with multiple lives several carriers have a multi life product that goes beyond simply discounting several IDI policies. You can also get them guaranteed issue.

 

[Blessed]

Can one contract directly with Guardian?