Disability Insurance for Illinois Physicians

Think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury.

Cost of Living in Illinois

According to 2021 data from the Bureau of Economic Analysis, the annual average cost of living in Illinois is $49,558.

 

      • Housing and Utilities: $7,884
      • Healthcare: $7,449
      • Food and Beverage (non-restaurant): $3,451
      • Gas and Energy: $979
      • All Other Personal Expenses: $29,795

Average Base Salaries in Illinois

The average salary in Illinois is $63,930. Below are average salaries for medical professionals based on data from Indeed in 2024.

 

Disability Prevelance and Impact in Illinois

    • Prevalence of Disability: In 2018, approximately 11.0% of Illinois residents of all ages reported having one or more disabilities. Among working-age individuals (21 to 64 years), the prevalence was 8.8%.
    • Employment Impact: In 2018, the employment rate for working-age individuals with disabilities in Illinois was 38.8%, compared to 79.0% for those without disabilities. This indicates a significant employment gap between individuals with and without disabilities.

Top Tips for Illinois Physicians to Get the Best Rates

1. Start Early

One of the best ways to secure favorable disability insurance rates is to purchase a policy early in your career. Premiums are generally lower for younger, healthier individuals. By locking in your policy early, you can take advantage of these lower rates and avoid potential premium increases due to age or changes in health.

2. Shop Around and Compare Quotes

Not all disability insurance policies are created equal. Different insurers may offer varying coverage options, benefits, and rates. It’s crucial to shop around and compare quotes from multiple providers. Working with an insurance broker who specializes in physician disability insurance can help you navigate the options and find a policy that meets your needs and budget.

3. Understand Your Policy Options

Disability insurance policies come with a range of options that can impact your coverage and premiums:

    • Own-Occupation vs. Any-Occupation: Own-occupation policies provide benefits if you’re unable to perform the specific duties of your medical specialty. Any-occupation policies, on the other hand, only pay out if you can’t work in any occupation for which you’re reasonably suited. Own-occupation policies typically cost more but offer greater protection.
    • Benefit Period: This is the length of time you’ll receive benefits if you become disabled. Longer benefit periods, such as coverage up to age 65, will result in higher premiums but provide more comprehensive protection.
    • Elimination Period: This is the waiting period before benefits kick in after a disability occurs. Shorter elimination periods result in higher premiums. Consider your financial situation to determine the appropriate balance.

4. Consider Group vs. Individual Policies

Many medical professionals have access to group disability insurance through their employers or professional associations. While group policies can be less expensive and easier to qualify for, they often offer less flexibility and portability than individual policies. Evaluate the pros and cons of each option to determine which best suits your needs.

5. Opt for Riders to Enhance Coverage

Riders are optional add-ons that can enhance your disability insurance policy. Some popular riders for physicians and dentists include:

    Ready to secure your future?

    Request a free quote for disability insurance today and take the first step towards safeguarding your career and peace of mind. Your future self will thank you.