Things You'll Need:
- You need to be a doctor or dentist.
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Step 1
Make sure the physician disability insurance explicitly says it's for "own occupation". Otherwise, the insurer might make you work at an occupation that would give you only a small fraction of your original salary. This would make the policy nearly worthless by being unable to replace most of your income.
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Step 2
Buy physician disability while you're young and healthy. As a physician, you know it goes downhill from today. Underwriting will get more difficult for every day you wait. Shop around and begin the application process as soon as possible.
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Step 3
Do not choose group or association policies, like those offered by your employer. Many physicians and other high earners make this mistake and it costs them dearly when disability hits. The reasons to shun them include:
- can be changed or canceled unilaterally by the insurance company
- more limited definition of disability
- other coverage and income reduces benefits -
Step 4
Apply and go through the underwriting process. For physician disability insurance policies, it involves two things:
- evaluate your health
- verify finances (via tax returns or paystubs) to justify insured monthly benefit amount -
Step 5
Take a medical exam from the insurance company. Depending on the insurance company, you'll be required to do most or all of the following tests: saliva test, blood test, urine test, physical exam, and EKG.
If you have medical problems, that does not necessarily disqualify you. Depending on the condition, picking another company may be all that's required to secure coverage.
As mentioned before, it's better to apply sooner than later, since health deteriorates over time. Don't wait until it's too late.
