Disability Insurance

At Kaplan Financial, we specialize in helping physicians secure "own-occupation" disability insurance. With more than 4,000 physician clients nationwide and over 30 years of experience, our in-depth understanding of physicians' disability insurance and financial planning needs allows us to deliver comprehensive protection at competitive rates. We believe our clients respect our professional knowledge and appreciate our honesty and common sense approach to disability insurance. We understand that early planning to pursue financial security is critical.

We are pleased to be the exclusive provider of the Guardian (GSI) Guaranteed Standard Issue offer for interns, residents and fellows training at UCLA Medical Center, UCSF Medical Center, UC Irvine Medical Center, and Kaiser Permanente. We are also an endorsed agent for the GSI offer at Mayo Clinic, Mass General Brigham, NewYork-Presbyterian (Columbia & Weill Cornell), UChicago Medicine, University of Rochester, Dartmouth-Hitchcock, University of Virginia, University of Wisconsin, Baylor College of Medicine, and have access to over 150 additional GSI programs at training hospitals throughout the country.

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Whether you are an emergency room physician, anesthesiologist, cardiologist, or orthopedic surgeon, we can help you obtain coverage from the most respected, financially secure disability insurance companies in America. Employer sponsored discounts of 10% to 25% and lower unisex pricing for females are available at participating hospitals.

By starting a plan now, your policy and premium (based on your age at the time you purchased your policy) are guaranteed to age 65. This means that the insurer can not later increase your rates, modify your contract, or cancel your policy for any reason, including your disability. Additionally, as your income increases, you may have the ability to increase your coverage regardless of any changes in your health.

Customize your Coverage:

Non-Cancelable & Guaranteed Renewable
Own Occupation (Specialty Specific) Definition of Disability
Total and Partial/Residual Disability Benefits
Age 65, 67 or 70 Benefit Period
Future Insurance Option (FIO) Rider
Optional Inflation Protection (COLA) Rider
Optional Retirement Plan Protection (RPP) Rider
Optional Student Loan (SLR) Rider
Optional Catastrophic Disability Benefit (CDB) Rider
Financially Strong Insurer - Standard & Poor’s, A.M. Best, and Comdex Composite Score

Available Carriers:

Ameritas
Berkshire/Guardian
Lloyds of London
MassMutual
Ohio National (AuguStar Life)
Principal Financial
The Standard
Unum

Limitations of Group (LTD) Disability Coverage:

Coverage depends upon remaining a member of the group - not portable
The insurance company may have the option to cancel, modify, and/or raise your rates without your consent
Group plans can not be tailored to meet your individual needs

The Changing Market:

Premium guarantees (Non-Cancelable plans) are threatened
Increase in rates for physicians
Specialty coverage for physicians is endangered
Benefit periods are reduced

Certain Conditions may be Limited or Excluded:

Mental, Nervous, Drugs and Alcohol (MNDA)
Soft-tissue Injuries
Pregnancy Claims
Foreign Travel

How Policies are Offered:

Disability insurance can be purchased on either an individual or group basis. Group insurance is usually provided by your employer or purchased individually through an association. Although initially low in cost, group policies have several limitations. They can be canceled (by the association, the insurance company, or by your employer with 30 days notice) to save money, premiums increase significantly as you get older and are subject to annual increases by the insurer due to the claims experience of the group. Finally, group and association plans often contain restrictive language that is usually not found in an individual policy and they contain less generous provisions.

How Disability Policies are Priced:

The cost of coverage is influenced by your age, gender, state of residence, benefit amount, benefit period, optional riders, and your medical history.

How to Determine the Amount of Coverage:

In general, you should maintain enough disability insurance coverage to replace at least 50% - 60% of your gross income. If you are a sole proprietor, use net income from Schedule C of your Federal income Tax Return instead of your gross income. Please refer to the Income Ratio Guide to determine the maximum monthly benefit amount that you may purchase based on your earned income. Special limits for first year physicians in private practice (based on medical specialty) and physicians in training may also apply. Premiums paid with post-tax dollars will result in tax-free benefits. Premiums paid with pre-tax dollars will result in taxable benefits.

Summary:

Purchasing a disability policy is one of the most important steps in the financial planning process. For this reason, it is important to discuss your needs with an experienced physician-specialized advisor who 1) understands the subject thoroughly; 2) represents more than one company (broker); and 3) can help you determine whether the policy's features, benefits, risks and fees are appropriate for you based on your financial situation and objectives.

Contact us today for a complimentary, no obligation conversation or click here to receive disability quotes from the leading providers of physician "own occupation" disability insurance.

Note: Riders are additional guarantee options that are available to an insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing. Guarantees are based on the claims paying ability of the issuing insurance company.