As a working physician in Anaheim, Bakersfield, Irvine, La Jolla, Riverside, San Diego, and the surrounding areas, it is important that you protect your ability to earn a living in your chosen specialty. When you are looking for the best disability insurance for physicians you need to make the call to DI4MDs. We help physicians in all different specialties to get the right disability insurance so that they can continue to earn money even if the disability is permanent or forces them to move into a different specialty. Call us today to learn more about getting the best disability insurance for physicians.
Types of Disability Insurance for Physicians
When looking for the best disability insurance for physicians you may not realize that there are three very different types of disability insurance policies. The first and most comprehensive disability insurance is the individual disability insurance plan. This policy is often defined as specialty specific and is designed to protect the income you earn as a physician who practices in a specific specialty. These policies keep you, the physician, in control instead of your practice or association. These policies are noncancellable and guaranteed renewable, meaning premium and contractual provisions cannot be changed by the insurance company and the policy cannot be cancelled by the company, unless premiums are not paid.
Another type of disability insurance is the association plans. These policies allow the insurance company to change rates and provisions on a class basis annually. Policy provisions favor the insurance companies and is not specialty specific like an individual plan is. If a physician leaves the association they will no longer be covered and must obtain their own disability insurance plan, which could prove difficult if a health/vocation change has occurred.
Employer sponsored group disability insurance is similar to association plans where the contractual provisions and premiums can change at policy anniversary. Group plans are subject to ERISA which limits the insured’s rights at claim time. These group disability insurance plans are best utilized as supplements to your individual disability insurance plan. Benefits received are also usually taxable.
Work With Our Experts to acquire the Best Disability Insurance for Physicians
There are many different options when it comes to disability insurance for physicians, but you want to have the best disability insurance for physicians. No matter where you practice in Anaheim, Bakersfield, Irvine, La Jolla, Riverside, San Diego, and the surrounding areas, it is important to protect your income stream. Contact our team at DI4MDs and put our experience to work getting you the best disability insurance for physicians.