Own Occupation Disability Insurance FAQs

 

Q. Why do I need disability coverage?

A. Long term own occupation disability insurance to provides tax-free monthly benefits to you, your family and your business. The right coverage provides the monthly income you need to protect your family and business when you cannot work in your specialty due to an injury or illness.

Q. What is Own Specialty coverage?

A. Own Specialty is the tightest definition for coverage in the marketplace.

It's the best means to protect you and prevent insurance companies from paying your claim."Own Specialty" supersedes "Own Occupation" coverage, in that if you're an MD or DO, that is your occupation.

Your specialty is the type of medicine your practice.

You want coverage to protect you in case you're no longer able to practice your specialty.

Q. How much disability insurance coverage do I need?

A. Many representatives or agents will tell you to buy all you can afford. That answer is typically a commission-driven recommendation. We recommend that you buy the amount of coverage you need to take care of your household living expenses with a future purchase option to increase your contract if and when your financial needs change.

Q. How much does disability insurance cost?

A. The cost is dependent on age, gender, medical specialty, state of residency, place of employment and medical history. Give us a call or e-mail us for a custom price disability insurance quote.

Q. When is the best time to purchase a personal disability contract?

A. Contracts are age, gender, medical specialty, state-of-residency, and state-of-health specific, so the longer you wait the more expensive they become. In addition, if, in the future, you work for an employer or group practice that has its own coverage, you could be precluded from purchasing your own personal policy.

Q. How long does it take to get a quote and then a policy if I want to move forward?

A. M.D. Financial Services provides free quotes in 24 hours or less. Once you’re ready to apply for disability coverage, it typically takes between three to eight weeks for a policy to be received and implemented. The sooner a Para-Med Exam is taken, an Attending Physician Statement is secured and income-verification documents are provided, the more timely your coverage can go into effect.

Q. Can I qualify for coverage based on a less-than-perfect medical history?

A. The answer here depends on both your history and your present health status. If there are extenuating circumstances, a brief but complete description of the issue, including treatments, medications, duration and present condition, is very helpful. There are carriers that will provide coverage for such pre-existing conditions as diabetes or depression. It’s important that you come to us first in that if you are previously declined for a pre-existing condition it makes it more difficult to provide you a variety of coverage choices.

Q. Why is there so much bad information about disability insurance from other representatives and agents?

A. It’s surprising and disappointing to learn how many representatives either never read the contracts they provide their clients or are simply looking out for their own interests first. Most agents know surprisingly little about the products they sell, doing very little research on behalf of their clients. In addition, many representatives are driven by company quotes, thus running the risk of placing their clients into contracts which may be easy to sell, but are not exactly right for the situation.

Q. What other products and services does M.D. Financial Services offer?

A. We work in all areas of:

disability insurance
business-overhead insurance
long-term-care insurance
term life insurance
whole life insurance
high-deduction retirement plans (typically $100,000 or greater annual contributions)
If you have further questions call or e-mail us today.
 
 
 
 
 
with Scott Nelson-Archer
  Seeking Solutions

We know the questions to ask to ensure our clients get the coverage that’s most appropriate for their unique situation. We’ll dig deep to protect you.
PLAY VIDEO



with Gary Baird
  Thinking Outside The Box

Regardless of your circumstances or what you may have experienced from other agents in the past, we’ll work hard to get the job done for you.
PLAY VIDEO

 
 
M.D. Disability Insurance Services is owned by M.D. Financial Services, Inc.