3 Main Factors Impacting the Cost of Physician Disability Insurance

Disability insurance is one of the finest methods to preserve your assets and provide income for your family if you become ill or incapacitated and are unable to work.

The three main factors that may influence the physician disability insurance cost are discussed below.

Medical Specialty

One of the most important determining variables in how much you’ll spend each month is your medical specialization. Certain specialties of physicians are more likely to be unable to execute their tasks if they become handicapped.


The more disability benefits you want to get each month, the higher your monthly premiums will be.

Consider your financial obligations to decide how much disability insurance you require. To estimate how much income protection you require, add up the costs of your mortgage, other insurance premiums, credit cards, student loans, utilities, and other bills.

Add up what you have to pay each month, as well as how much you contribute to your financial objectives.

Someone should not live paycheck to paycheck just because they are on disability. Money should continue to be directed toward your financial future. In addition, consider how much money you have saved.

Even though older physicians are at a higher risk of incapacity, they frequently require less insurance since they have more resources and assets. The more money you have saved, the less likely it is that you will require disability insurance benefits, such as medical insurance.

Older physicians are also approaching retirement age and the eligibility age for Social Security.

The magnitude of your savings will also be a consideration when determining the length of your policy’s elimination period.

Period of Disability Elimination

The disability elimination period is the time between being disabled and becoming eligible to begin receiving benefits. This is also known as the waiting time. It might be as short as a 30 day period of time or as lengthy as a two-year period of time.

Knowing how long you can survive on your savings is essential for determining the appropriate elimination period.

The smaller the monthly premiums, the longer the waiting time. The less time you have to wait, the higher your monthly premiums will be.

In other words, the more money you have saved and the longer you can wait to receive benefits, the less money you’ll have to pay each month.

To Sum Up

Compare plans and providers if you’re a physician searching for disability income insurance to ensure you’re receiving the greatest prices and coverage for your money.

After all, purchasing insurance is equivalent to purchasing peace of mind. A low-cost insurance may be enticing, but inadequate coverage may put you at a major disadvantage if you need to file a disability claim.


Naomi Olson [Website TwitterHeadshot]

I am a CFP® (Certified Financial Planner).

I have a severe phobia of bridges and dirty balance sheets.

Hobbies: blogging, meditation, and loving Bull Market (my dog).

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