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Physician Life Insurance Guide

DI4MDS-Term_Life_Insurance_GuideDI4MDs Physician Life Insurance Guide can be downloaded here

NAIC Life Insurance Buyer’s Guide can be downloaded here: NAIC Life Insurance Buyer’s Guide

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Why do I need Disability Insurance?

Do not remain unprotected:

  • At least 51 million working adults in the United States are without disability insurance other than the basic coverage available through Social Security1.
  • Only 40 percent of US households have enough in liquid savings to cover at least three months of their recurring expenses, and only 28 percent can cover at least six months2.
  • Three out of ten American adults indicate they can’t pay an unexpected $400 bill without carrying a balance on their credit card or borrowing money from friends, family, or the bank3.

Unforeseen things do happen:

  • One in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.4
  • Each year around 5% of working Americans will experience a short-term disability (six months or less) due to illness, injury, or pregnancy.5
  • Almost all of these are non-occupational in origin.6

The most common reasons for short-term disability claims are7:

  1. Pregnancies (22.3%)
  2. Musculoskeletal disorders affecting the 
back and spine, knees, hips, shoulders, and other parts of the body (18.5%)
  3. Injuries such as fractures, sprains, and strains of muscles and ligaments (11.4%)
  4. Digestive disorders, such as hernias and gastritis (7.4%)
  5. Mental health issues including depression and anxiety (7.3%)

The most common reasons for long-term disability claims are8:

  1. Musculoskeletal disorders (27.6%)
  2. Cancer (15.0%)
  3. Injuries such as fractures, sprains, and strains of muscles and ligaments (12.0%)
  4. Mental health issues (9.3%)
  5. Circulatory (heart attack, stroke) (8.2%)

Odds are likely that you are healthier today than you will be in 10 years.

Lock in your health status for lower premiums by contacting us today!

  1. American Council of Life Insurers, Assessing Americans’ Financial Retirement Security, unpublished data from study released in September 2017 as https://www.acli.com/-/media/ACLI/Public/Files/PDFs-PUBLIC-SITE/Public-Industry-Facts/Assessments_Report_082917.ashx?la=en ACLI found that 54.3% of non-retired households (51.3 million in total) did not report having disability insurance. Assuming there is at least one adult in each household, this means the number of “uncovered” adults is at least equal to the number of “uncovered” households.
  2. Federal reserve, “Money in the Bank? Assessing Families’ Liquid Savings using the Survey of Consumer Finance,” FEDS Notes, November 19, 2018 https://www.federalreserve.gov/econres/notes/feds-notes/assessing-families-liquid-savings-using-the-survey-of-consumer-finances-20181119.htm, Table 1.
  3. Federal Reserve, Update on the Economic Well-Being of U.S. Households: July 2020 Results. https://www.federalreserve.gov/publications/2020-update-economic-well-being-of-us-households-overall-financial-security.htm, Figure 2.
  4. Social Security Administration, Disability and Death Probability Tables for Insured Workers Born in 1999 https://www.ssa.gov/oact/NOTES/ran6/an2020-6.pdf, Table A.
  5. Integrated Benefits Institute, IBI Benchmarking Analytics Series: Which Diagnoses Drive STD Incidence, Costs and Lost Time? https://www.ibiweb.org/which-diagnoses-drive-std/
  6. AskGMS, a group benefits market research firm, reports that 96% of in-force group short-term disability plans provide coverage for non-occupational disabilities only. https://www.askgms.com/disability-and-life-insurance.html.
  7. Integrated Benefits Institute, Health and Productivity Benchmarking 2019 (released September 2020), Short-Term Disability, All Employers. Condition-specific results. https://files.ibiweb.org/uploads/general/Sample-Reports.zip.
  8. Integrated Benefits Institute, Health and Productivity Benchmarking 2019 (released September 2020), Long-Term Disability, All Employers. Condition-specific results. https://files.ibiweb.org/uploads/general/Sample-Reports.zip