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Peter F. Lalor, M.D.
Peter F. Lalor, M.D.
Disability DiscussionWhy should a physician purchase an Individual Disability Insurance policy?
Assuming you are 32 years old and your current income is $200,000:
We know that you have spent the last 14 years becoming an attending physician. We know that if you practice to age 65 your potential income is $6,600,000.00. It is probable that you have substantial student loans. Taking into consideration the time you have committed, your income potential and the obligations you have assumed, it is imperative to purchase a comprehensive individual disability policy.
When should a physician purchase an individual disability policy?
The answer is NOW! Why? Take advantage of your good health so you have no difficulty qualifying for a policy. Lock in your premium at your current age. Once disability insurance is purchased, your premium will not increase unless you purchase additional insurance, as your income increases.
Can Residents/Fellows purchase individual disability insurance if their current employer provides group disability?
Yes. Most companies have special issue limits for Residents and Fellows. No income documentation is required and your group disability benefit is not used in the calculation of how much individual disability insurance you can purchase.
What can you expect the premium to be?
Individual disability insurance policies typically cost 2% of current income.
How long does the application process take?
The application process usually takes 4 – 6 weeks.
What are the steps in the application process?
Completion of application
Personal history interview
Who owns the disability policy?
Is the disability policy portable?
Yes. Since you own the policy, if you move to another state, the policy moves with you. You just need to notify us of your new mailing address.
Will you be able to obtain coverage if you have a pre-exsisting condition?
Yes. Depending on the medical condition, most carriers can still offer you some type of coverage. For many medical conditions a policy can be issued with an exclusion for the medical condition. An exclusion allows the carrier to provide coverage except for a disability which occurs from that pre-exsisting, medical condition. We represent many carriers and there is most likely a carrier that will be willing to make an offer.