Finding the right disability insurance for doctors can be a lengthy process. Once you find the right one and submit your application, you’ll need to wait four to six weeks before receiving an offer.
Physicians understand the pain of processing paperwork. There are many variables insurance agents must review, process, and verify when it comes to disability insurance for doctors. They need to confirm your employment and salary, review your medical records (as a patient), and assess your level of risk.
Disability insurance for doctors is highly recommended for all medical professionals. The more you understand the process, the easier it will be to get your disability insurance taken care of, and get protection for you and your family.
Research Disability Insurance for Doctors Policies
The first step is working with your agent to compare different policies. Disability insurance for doctors’ policies can be complex and offer many optional features. You should work closely with your agent to identify which add-ons are recommended for a physician like yourself. The easiest way to find the best coverage at the lowest cost is by requesting multiple quotes from different carriers. Once you’ve found the right one, it’s time to apply.
Submit Your Disability Insurance for Doctors Application
You or your agent will submit your application with supporting documentation. You’ll need to submit proof of employment and income. You will also need to authorize the release of your medical records. Missing information will lead to processing delays, so make sure you submit everything required the first time.
Paramedical Exam
After you’ve submitted your application, you need to get a disability insurance medical exam. Also known as a paramedical exam, the exam is similar to a physical check-up. It consists of recording your height, weight, blood pressure, and pulse. They’ll take blood and urine samples. There will also be an interview about your medical history.
Underwriting Process
Once complete, your paramedical exam results are sent to the insurance company’s underwriter. The underwriting process is often the most time-consuming part because records can be difficult to obtain. The underwriter will use all the information submitted to assess your risk of filing a claim for coverage. They will consider your overall health, and your medical specialty will also influence your premium.
Accept Your Policy
If you get through the underwriting process you will receive an offer with a premium amount based on your risk assessment. After reviewing the offer and accepting it, the insurer will issue your policy. If you’re not satisfied with the offer your receive, you’ll need to start the process over with another carrier.
