Disability insurance

[OphthoApplicant04]

Can anyone share their experience with various disability insurance policies? Is there a particularly good one for ophthalmologists? I am currently a resident.

---

Members don't see this ad.

 

[MD Financial Services Scott]

The best options for you are Guardian, Ameritas, Principal, Standard, Ohio National, or Mass Mutual. All of them have a true own specialty definition for your specialty and the policies do not offset for future income if you are unable to do your specialty that you were doing at the time of claim. Best of luck, let me know if we can help further.

 

[foureyes]

I went through this very same search last summer. I had a previous policy I purchased during residency for $5000/month thru Standard, but then after fellowship, I decided it was time to get fully covered. It was cheaper for me to apply for a new, separate policy and do the medical underwriting- which I didn't need to do for my residency policy. And then, cancel the Standard policy.

After looking at all the different quotes and coverages, it came down to Ameritas and Berkshire Guardian. The Ameritas plan is much more robust for the $. The Provider Limited was almost the same price, but didn't have as many benefits. The full Guardian is the very best plan, but also the most expensive one.

Ameritas changed their occupation rating for ophthalmology sometime in the last 1-2 years and it made the premiums much better priced. Still a lot! [I pay ~$7800/year for $15k/month, up to age 67.]

Do your research and compare different agents- be sure to talk to someone who sells all the different companies so they aren't trying to sell you one product b/c they get commission. I compared quotes for various sources and my original residency agent still had the best deal- even for the same policy and same company- just bigger discount.

www.whitecoatinvestor.com is also an invaluable site. One of the moderators is also an agent, but you can send him your quotes and he will evaluate your quote to see if you are getting a good deal and the necessary, proper coverage for yourself.

 

[OphthoApplicant04]

Thanks to you both. Currently looking at Guardian and Ameritas through the insurance agent who contacted our program. It seems like Ameritas does have a very similar product for a lower fee, with a 6M occupation class versus 4M with Guardian.

 

[MD Financial Services Scott]

Thanks to you both. Currently looking at Guardian and Ameritas through the insurance agent who contacted our program. It seems like Ameritas does have a very similar product for a lower fee, with a 6M occupation class versus 4M with Guardian.

Just check all carriers as where both that you mentioned are great carriers there are other players in the market that might have better pricing per dollar of coverage desired. In addition, make sure you have the best discount offered by the respective carrier. If we can help further let me know.

 

[Leon DiJusticia]

I have discovered one thing. There is a firm which does a lot of 'claims' processing for different insurance companies. This firm, called Disability RMS, reads like a who's who of form UNUM executives. Their SOLE purpose is to look for any reason to delay, and if possible, deny claims! I advise ALL professionals to avoid like the plague ANY insurer which uses Disability RMS to adjudicate and process their claims. (BTW... PRINCIPAL FINANCIAL uses Disability RMS. Real bad experience there.)

My take... some years ago UNUM was vilified in the press and in court for their over-aggressive denial of disability claims. Since they got such a black eye, they decided to share it with the rest of the industry by outsourcing their Disability RMS unit!

 

[MD Financial Services Scott]

I have discovered one thing. There is a firm which does a lot of 'claims' processing for different insurance companies. This firm, called Disability RMS, reads like a who's who of form UNUM executives. Their SOLE purpose is to look for any reason to delay, and if possible, deny claims! I advise ALL professionals to avoid like the plague ANY insurer which uses Disability RMS to adjudicate and process their claims. (BTW... PRINCIPAL FINANCIAL uses Disability RMS. Real bad experience there.)

My take... some years ago UNUM was vilified in the press and in court for their over-aggressive denial of disability claims. Since they got such a black eye, they decided to share it with the rest of the industry by outsourcing their Disability RMS unit!

I agree and Unum really does not have a true own specialty product in the market any longer so not a great solution for physicians or dentists at this time.