It is advisable for everybody including doctors and dentists to avail of disability insurance. According to the AMA’s Survey only around 70% of physicians insure themselves against disability. But the process and the products are a little complicated and not well informed.

To overcome this problem a detailed insurance guide has been prepared for physicians and dentists with advice and tips to get the best policy to meet their requirements and also to get the best buy and save money. All need disability insurance to provide for them, when they are no longer able to work.

When is the Best Time to Purchase Disability Insurance?

If you ask an agent which is the best time to have an insurance policy he will definitely tell you it is now. Well that is quite correct as insurance policy depends on certain factors. The first being overall health and age. The younger the person the better and lesser is the premium. The older the person gets the bigger is the risk the company takes to insure.

Doctors and dentists in fellowship or residency will have to pay insurance premium of around $5000 -$6500 whatever be their field of speciality or the present income. After completing the fellowship or residency they can increase their premium. They can also calculate their living expenses for the month and accordingly fix the premium amount on money they will require if they should be disabled. In this way if anything happens to them they are well provided.

How does the Disability Insurance Work?

If you become disabled you will get the amount you have made provisions for after providing all the documents to substantiate your disability from your physician. If the policy is an individual policy then you will get it free of tax.

If you buy a disability insurance policy in the twenties then you will pay far less premium then buying a policy when you are thirty five or forty. Gender of the person availing insurance is also considered, like a male is expected to have less risk than a female so the premium charged for a man is less.

Many times the speciality that you have chosen in your medical profession may also have more premiums then some other speciality. Very often the premium amount depends on the state in which you are located.

Premium Pricing based on Occupational Classification

There are different insurance companies each charging a different premium depending on the occupation. When deciding to buy an insurance policy it is better to know from agents which insurance company gives a better cover and premium depending on medical speciality and occupation classification.

Accordingly you can buy an insurance policy from that company. There is one insurance company which charges disability premium based on term, so that the physician buying the policy can pay a lesser premium in the beginning and can increase the premium after the speciality when he is able to pay a higher premium