Doctor Disability Insurance
The Importance of Own Occupation Disability Insurance for Physicians
As a physician, your ability to work is your livelihood. Whether you are treating patients, performing surgeries, or leading medical teams, your professional expertise and skill is the core of your income. Own occupation disability insurance is a critical safeguard for physicians, as it offers financial protection if you are unable to perform the specific duties of your medical practice due to illness or injury.
Unlike traditional disability insurance, which may only cover the inability to perform “any” occupation, own occupation insurance provides coverage if you cannot perform your specific medical role. This is crucial for doctors because even a temporary disability might prevent you from practicing medicine, but you may still be capable of working in a different capacity, such as in research, teaching, or administrative roles. In such cases, an own occupation policy ensures that you receive benefits based on your inability to work in your specialized field, rather than forcing you to accept lower-paying alternative work.
Physicians are at a higher risk for specific types of disabilities, such as repetitive strain injuries, back problems, or conditions that impact their ability to perform surgery. An illness or injury might render a physician unable to perform delicate tasks, like surgeries or physical examinations, but they may still be able to work in an academic or consultative capacity. Without own occupation disability insurance, physicians may face financial hardship if they are forced to change professions or stop working entirely.
Additionally, physicians often carry significant student debt, high living expenses, and other financial obligations that make having disability coverage even more essential. Own occupation disability insurance provides peace of mind, knowing that if they become disabled, they can maintain their lifestyle without having to compromise on their financial security.
In summary, own occupation disability insurance is an essential financial safety net for physicians, protecting your income and allowing you to focus on recovery without the added worry of financial instability.
Meet Owen O’Malley, Your Trusted Disability Insurance Agent
I have worked with the medical community predominantly during my 14 years in the insurance industry, and I know how hard you have worked through residency, fellowship, internship, etc. to get to where you are today. My unique knowledge and understanding of physicians and dentists helps me go above and beyond to help tailor plans that meet your unique needs.
My goal is to help families like yours protect what matter most — your income, homes, cars, and more. I’m also here to help you prepare an effective strategy to achieve your financial goals.
I’m proud to work with multiple companies that have been serving satisfied customers from the medical community for over 90 years. Customers from all around Tennessee & Kentucky count on outstanding financial strength and superior claims service to help protect their family. With our A+ rated carriers, by A.M. Best. Quality service, strength and satisfaction—that’s something I’m glad to be a part of. Connect with us via phone, email, or online to request a quote!
HOURS: 8:30a-5:30p Monday – Friday
*Saturdays & Evenings by Appointment
OFFICE: 5517 Charlotte Pike, Nashville, TN 37209
Phone: 615.356.4803 | Fax: 615.356.4831
Claims: 800.361.6126 (Available 24 Hours)
Policy Changes: 800.255.7828 (Available 24 Hours)
Why You Should Have Individual Disability Insurance Over Group Disability Insurance
While group disability insurance plans offered by employers may seem like a convenient and cost-effective option, they often fall short in providing adequate protection for individuals, especially when compared to individual disability insurance. Here are key reasons why having individual disability insurance—or supplementing a group plan with an individual policy—is a smart decision.
- Customization and Flexibility:
Individual disability insurance is tailored to the policyholder’s unique needs and profession. It allows for customization in terms of coverage amounts, benefit periods, and the definition of disability. For example, physicians or other specialized professionals may require “own occupation” coverage, which ensures they are covered if they can no longer perform their specific job, even if they are able to work in another capacity. Group plans, on the other hand, often offer limited or one-size-fits-all coverage that might not be as comprehensive or specific to your career. - Portability:
Group disability insurance is tied to employment, meaning if you change jobs or become unemployed, your coverage could end. Individual disability insurance is portable and remains in effect regardless of your employment status. This gives you greater security as you won’t lose your coverage if you switch employers or decide to become self-employed. - Larger Benefit Amounts:
Group disability plans typically have lower benefit limits and may only cover a portion of your income, usually up to 60%. Individual policies often offer higher coverage amounts, ensuring that you can maintain your standard of living if you become disabled. Additionally, individual plans may offer the option to increase coverage as your income grows, something group plans typically do not. - Guaranteed Renewability:
Most individual disability policies come with a guaranteed renewability feature, meaning the insurer cannot cancel the policy as long as premiums are paid. Group disability plans, however, can be canceled or changed by the employer at any time, leaving you with uncertainty about future coverage.
In conclusion, while group disability insurance offers some basic protection, it often falls short in terms of flexibility, coverage, and long-term security. Supplementing a group plan with an individual policy ensures that you have comprehensive protection that is personalized to your needs and can be maintained throughout your career.
