When it comes to protecting your income as a physician or dentist, own-occupation disability insurance is a crucial safeguard. This type of policy ensures that if you become unable to perform the duties of your specific medical specialty due to illness or injury, you will still receive benefits—even if you can work in another capacity. But how do you get the right own-occupation disability insurance quote? Let’s break it down.

What Is Own-Occupation Disability Insurance?

Own-occupation disability insurance is a policy that pays benefits if you are unable to work in your specific occupation due to a disability. Unlike other disability insurance types, own-occupation coverage allows you to work in a different profession while still receiving benefits from your policy.

For example, if you are a surgeon and suffer an injury that prevents you from performing surgeries but allows you to teach or consult, your policy will still pay benefits under the own-occupation definition.

Factors That Affect Your Disability Insurance Quote

The cost of an own-occupation disability insurance policy varies based on several factors, including:

• Your Medical Specialty: Higher-risk specialties, such as surgeons and anesthesiologists, typically have higher premiums.

• Age and Health Status: Younger, healthier applicants tend to receive lower rates.

• Benefit Amount and Duration: The more coverage you seek and the longer the benefit period, the higher the premium.

• Riders and Policy Features: Additional options, such as cost-of-living adjustments (COLA) or future increase options, can affect the price.

• Insurance Carrier: Different insurance companies offer varying rates and policy structures.

How to Compare Own-Occupation Disability Insurance Quotes

When requesting quotes, it’s essential to compare policies from multiple reputable providers. Look for companies that offer strong financial stability, favorable policy terms, and competitive pricing. Some of the top insurance providers for physicians and dentists include:

• Guardian
• MassMutual
• Ameritas
• The Standard
• Principal

Each provider has different underwriting guidelines and pricing, so obtaining multiple quotes ensures you get the best coverage for your needs.

Getting the Best Own-Occupation Disability Insurance Quote

To secure the most competitive rates:

• Work with a Specialized Broker: A broker experienced in physician disability insurance can help you navigate different policies and providers.

• Apply Early: The younger and healthier you are, the better your rates will be.

• Consider Group and Individual Policies: Some employers offer group disability insurance, but individual policies provide stronger own-occupation protection.

• Customize Your Policy: Choose riders and benefit periods that align with your career and financial goals.