Physician Disability Insurance Solutions Part 1
The U.S. physician and surgeon disability market provides an interesting landscape for insurance companies to navigate. Doctors are well-educated, typically affluent insurance prospects. They readily demonstrate a comfort in addressing their many insurance needs. And they have the income available to meet lofty premium requirements for their property, liability, life, health and disability policies. Yet, their occupational duties and work schedules can be both physically and mentally taxing which is why they need appropriate amounts of disability insurance.
Considering their relatively substantial incomes, doctors stand to lose significantly when faced with physical incapacitation due to disablement. Loss of their ability to earn a paycheck or run their practices often proves financially devastating to physicians, their familial dependents and their employees. Personal and business disability programs are essential to financial planning for medical professionals.
Regarding personal disability insurance, physicians and surgeons should max-out their coverage at levels of at least 65% of income by attaining layers of benefits beyond the ordinary limits of group and/or individual DI plans. Most doctors must eventually look to specialty-market purveyors like Petersen International for high-limit excess disability coverage to complement their underlying benefits.
In addition to benefit levels, the actual disability policy definitions for medical professionals are extremely important. Specialty-specific, own-occupation-defined disability insurance is imperative to the planning needs of physicians considering their specialized skillsets and the intricate nature of each study and practice of medicine.
Petersen International offers physicians and surgeons high-limit, long-term, specialty-specific, own-occupation-defined disability insurance with monthly and/or lump sum benefit options available. Optional residual disability and inflation adjustment riders are also available to those of any medical specialty.
Whether your doctor clients need excess coverage above the limitations of the standard DI market, or they have been declined or postponed by domestic carriers due to medical history, build, age, alcohol or drug abuse or some other reason, Petersen International has all the unique, specialty-market disability insurance solutions you need to financially safeguard your clients, their families and their businesses.
Call our medical profession disability insurance specialists at (800) 345-8816 to hear more about what we can do for physician and surgeon prospects.