Disability Insurance Quotes for MDs, PAs & NPs

Your ability to work and earn income is likely your most valuable asset. When serious injury or illness keeps you from working, your income and lifestyle are at risk – and that risk is more substantial than most people think: 1 in 4 workers will become disabled during their working years. *Disability income insurance provides partial income so you can pay your bills if you get too sick or injured to work. Whether you have short term, long term, or individual disability insurance, all plans help protect your finances at a time when you may be in financial risk.

Short term disability insurance is often provided by an employer, either as a mandatory or voluntary benefit. Short term coverage is for temporary disabilities, typically replacing a percentage of your income for 3-6 months (and almost never more than a year) or until you can get back to work. Long term disability insurance is in many ways similar, but it is for longer term and even permanent disabilities. Sometimes coverage is offered as a workplace benefit, but it is frequently purchased as an individual policy. Long term disability plans are designed to provide a lasting source of income – through retirement if needed.

Income is a critical component of your standard of living. Disability income insurance can offer protection for lost wages if you get too sick or injured to work. Most disability income insurance won’t cover all lost income, but it can provide enough to cover a large portion of your expenses. In general, individual disability income insurance costs between two and three percent of your salary. For example, if you earn $100,000, you’ll spend around $2,000 to $3,000 a year for coverage.

Become familiar early on with the details of your existing insurance coverage, start with those offered through your job and evaluate if it’s enough. Disability income insurance has to be obtained prior to the accident or illness, so it’s important to be aware of what protection you currently have and to understand the terms. Keep in mind, disability coverage through your employer may not be enough to help cover monthly expenses. Individual disability insurance can help fill the gap.

Long-term disability insurance pays you a monthly benefit if you get sick or hurt and can’t work. It’s basically income replacement insurance. You can use the money from the insurance policy to cover your rent/mortgage, utility bills, food and other living expenses.

Monthly benefit: This is the amount of money the insurance company will pay you each month you are disabled. The benefit is paid at the end of the month and is typically paid to you tax-free.

Disability insurance companies can be compared based on the following two factors:

These companies currently offer an own-occupation definition of disability insurance for doctors along with a guaranteed renewable and non-cancelable contract: