When it comes to disability insurance, urologists fall under a different category than other surgical subspecialists. Most disability insurance companies classify physicians under a surgical or nonsurgical specialty class. This determines the occupational class which ultimately determines the premium or cost of the policy. For urologists, this can vary from company to company. While some companies consider urologists in the same category as a general surgeon, others classify them in the same nonsurgical category—the same as a pediatrician. By changing this occupational class, this can vary the premium cost by over 30%. Yet another reason it is important to work with an independent broker who can shop around for you to ensure you are getting all of the available options to make an informed decision.
As a urologist, it is important that your individual disability insurance policy have the following features:
• Specialty Specific definition of disability. This can be called various titles, depending on the company. Here are a few: own occupation, your occupation, regular occupation, transitional occupation and transitional your occupation. Instead of focusing on the title, read the fine print to ensure that your policy will cover you if you become too sick or injured to work as a urologist, even if you are working in another medical specialty or occupation.
• Residual rider. With a residual rider, this will allow the policy to pay for partial claims. Typically it requires you to have either a 15 or 20% loss of income and it will pay that proportion of your benefit.
• Cost of living rider. This is especially important if you purchase your policy prior to age 45 and do not have a lot of other assets to rely upon at the time of claim. This will keep your policy up with inflation while on claim.
• Increase options. It is important that your policy will allow you to purchase more benefit in the future as your income increases without having to undergo more medical underwriting.
• Noncancealble, guaranteed renewable. This means that once you have the policy, the company can never increase your premiums or modify your contract.
Look for special discounts available, such as those through Set for Life Insurance. This can especially help you if you are a woman and can acquire your policy at unisex rates.
If you are a resident or fellow, you may purchase up to $5000/month during training regardless of your income or if you have a group policy in force. Once you have completed your training, you may increase the policy to adjust to your needs.
For more information about disability insurance for urologists or to request a quote comparison, contact Set for Life Insurance today!