Evaluating Policies

An Introduction to Disability Coverage for Medical Residents & Fellows: 

How to Assess Policy Benefits 

by David Chrin, Disability Insurance Specialist

When reviewing the policy features contained in disability illustrations, many doctors are unsure of how much 'weight' to assign the various policy benefits.  To help aid you when you are deciding on a disability insurance (DI) carrier and on a specific policy, I have identified the key areas that need your consideration.

There are 6 benefit provisions that every policy should have.  These provisons are Noncancelable, Guaranteed Renewable, Residual, Inflation Protection, Future Insurability and Specialty Specific.  They carry the highest 'weight' & represent the culmination of 15 years of benefit improvements.

Currently there are only six DI carriers that offer the above benefit provisions; they include Ameritas (Dinamic), Berkshire/Guardian (Provider Choice), Ohio National (ContinuON II), Mass Mutual (Radius Choice), Principal (HH750) and The Standard (Platinum Advantage). Rating services like Standard & Poors, Moody's, and A.M. Best perform in-house audits & assign financial strength ratings. The DI carriers listed above are all well rated. 

Female physicians should also consider a policy that offers Unisex/Gender Neutral rates.  These rates can provide savings of 16% to 52% in premium when compared to female specific rates.  

As of March 2017 there is now only one DI carrier offering Specialty Specific coverage with Unisex/Gender Neutral rates.

Principal was the last DI Carrier to discontinue the Unisex/Gender Neutral rates on March 21st 2017.  

See the Female Residents Tab for the time line of discontinued Unisex rates.

Mental Disorder & Substance Abuse claims have risen significantly. #1 Claim is Muscle & Skeletal.

Of the six DI carriers, three limit this category of claim to 24 months/lifetime unless hospital confined.

Of the six DI carriers, all six limit this category of claim to 24 months for Anesthesia & Emergency Medicine.   

For over 30 years, I have been providing disability coverage for physicians. I currently represent the six DI carriers that offer the best policies for resident/fellows and I would be happy to personally help you through your decision making process.