Broker Check


Why do I need disability coverage?

Long-term own occupation disability insurance provides tax-free monthly benefits to you, your family, and your business. The right coverage provides the monthly income you need to protect your family, and business when you cannot work in your specialty due to an injury or illness.

You! Disabled? What are your chances?

The probability of a white-collar worker becoming disabled for 90 days or longer between the ages of 35 and 65 is 27 percent for men and 34 percent for women. A 35 year old, white collar male who suffers a disability lasting 90 days or longer will be out of work for an average of about six years.¹

The odds of death are less than disability from ages 25 to 60. At age 35, the chances of Disability are 6.1 times greater than death.²

What are the most common causes of disability?

Many people think of freak accidents as the most common causes of disability. While they happen, approximately 95% of disabilities are caused by illnesses rather than accidents.³

Leading causes of new disability claims in 2010:³

  • Musculoskeletal/connective tissue disorders caused 27.5% of new claims. Examples include neck and back pain, joint, muscle, and tendon disorders, foot, ankle, and hand disorders, etc.
  • Cancer caused 14.6% of new claims.
  • Injuries and Poisoning caused 10.3% of new claims.
  • Cardiovascular/circulatory disorders, including Strokes, caused 9.1% of new claims.
¹ Life and Health Insurance Foundation for Education (LIFE), New Study Sheds light on American's Real Risk of Disability, Press Release, May 2007.² Health Affairs, The Policy Journal of the Health Sphere, 2 February 2005³ Council for Disability Awareness, Long-Term Disability Claims Review, 2011

What is Own-Specialty coverage?

Own Specialty is the strongest definition for coverage in the marketplace. It's the best coverage to protect you and prevent insurance companies from denying your claim. Own Specialty supersedes Own Occupation coverage in that it simply states that if you cannot do your medical sub-specialty then you get paid full benefits regardless of future income from other occupations. If you're an MD or DO, that is your occupation.

Your specialty is the type of medicine you practice. You want coverage to protect you in case you're no longer able to practice your specialty.

How much disability insurance coverage do I need?

Any representatives or agents will tell you to buy all you can afford. That answer is typically a commission-driven recommendation. We recommend that you buy the amount of coverage you need to take care of your household living expenses with a future purchase option to increase your contract if and when your financial needs change.

How much does disability insurance cost?

The cost is dependent on age, gender, medical specialty, state of residency, place of employment, and medical history. Give us a call or e-mail us for a custom disability insurance quote.

When is the best time to purchase a personal disability contract?

Contracts are age, gender, medical specialty, state-of-residency, and state-of-health specific, so the longer you wait, the more expensive they become until you lock down your contract. In addition, if, in the future, you work for an employer or group practice that has its own coverage, you could be precluded from purchasing your own personal policy.

How long does it take to get a quote and then a policy if I want to move forward?

M.D. Financial Services provides quotes in 24 hours or less. Once you're ready to apply for disability coverage, it typically takes between three to eight weeks for a policy to be received and implemented. The sooner a Paramed Exam is taken, an Attending Physician Statement is secured, and income verification documents are provided, the more timely your coverage can go into effect.

Can I qualify for coverage based on a less-than-perfect medical history?

The answer depends on both your medical history and your present health status. At M.D. Financial Services, our long-term experience in guiding our physician clients with health issues is where we create value for you. Providing us with a brief but complete description of the issue, including treatments, medications, duration, and present condition, will allow us to match you with the best insurance company based on your health status. Truthfully, we get offers that others can't simply because of the volume of disability insurance contracts we place for our clients. As an example, we routinely get people with type II diabetes and those on depression medication coverage.