Frequently asked questions relating to disability insurance for doctors

Who is DocPlanning?

DocPlanning.com is comprised of independent insurance brokers who specialize in disability insurance for physicians and dentists. We are completely independent and work with all of the top disability insurance companies for doctors.

Do I pay more for using your services?

Nope. The cost of insurance is the same wherever you go. Each insurance company sets its rate which is then approved by each state’s department of insurance. By going through an independent broker, you are able to easily compare the rates from multiple insurance companies without any additional cost.

How much does disability insurance cost?

The cost of a policy is based on several factors:

  • Your age
  • Your gender
  • Your health (this is waived for GSI plans)
  • State that you reside in
  • Benefits and riders included on the policy

A general rule of thumb is to expect the cost of disability insurance to be one to four percent of your annual gross income. When it comes to disability insurance, you get what you pay for. Cheaper policies are cheap for a reason. Never sacrifice the quality of your disability protection just to save a few dollars.

When is the best time to buy a disability policy?

The best time to buy disability insurance is when you are young and healthy. Your eligibility to obtain disability insurance is heavily based on your current and past health. Pre-existing conditions can render you unable to obtain any coverage or they can severely limit the quality of any coverage that will be offered to you. Additionally, rates will be lower when you obtain coverage at a younger age.

How do I compare different disability policies?

Disability insurance contracts are distinctly different from one another. They are not interchangeable as many people mistakenly assume. Each company will have different contractual provisions and benefits within their policy.

We do not expect you to read through each insurance contract and be able to decipher the differences. This is why we have already done that work on your behalf and have a clear understanding of the differences between each insurance contract.

What is the application process?

We make this process as simple as possible. Once you have reviewed your quotes and decided on a policy, the application process is as follows:

  1. Submit an initial application online.
  2. Complete a telephone interview or online questionnaire to answer questions about your health history.
  3. The insurance company will review your application, health history, and medical records when necessary.
  4. Once your application is approved, we will send you the policy electronically.

The entire application process can typically take between 3-8 weeks. If you are able to complete the necessary steps in a timely manner, it can greatly increase the speed of this process.

What is underwriting?

Underwriting is the process used by an insurance company to determine your risk and whether your application will be approved. The insurance company will review:

  • Your current and past medical history;
  • Your medical records;
  • Financial documents (pay stubs, tax returns, etc), which are examined to justify the amount of coverage you are applying for.
How long does the application process take?

The application process typically takes about 3-8 weeks. If you are able to complete all of the required information in a timely manner, it can greatly speed up this process. Oftentimes, applications that take longer are due to the insurance company’s difficulties when trying to obtain your medical records for review. 

What if I have a pre-existing condition?

If you have any pre-existing conditions or concerns, this should be mentioned to us before applying for any insurance. In many cases, we are able to pre-screen these concerns with the various insurance companies to determine what the expected outcome will be.

Are benefits taxable?

If you pay your premiums with after-tax dollars, the benefits will generally be tax free. If you deduct the premiums or your employer pays the premiums on your behalf, the benefits will likely be taxable to you. In most cases, disability insurance premiums will not be deductible to begin with. It’s always best to discuss this with your accountant to determine how your premiums are being paid.

What happens if I change jobs or move to a different state?

Your policy will not be affected simply by changing employers or moving to a different state. You are able to continue your coverage from employer to employer and state to state.

Compare rates from the top disability insurance companies for doctors.