Guardian physician disability insurance is by far the most effective way to provide financial security for yourself and your future knowing that your income is insured. Individual disability income offered directly will usually provide a higher quality benefit than an association group policy. With this type of coverage, quality should certainly be a priority over price.
While it may be cheaper to buy association coverage now when you are healthy and able to work, I assure you that you will no longer feel this way if you ever suffer from a disability. Individual guardian life insurance company would traditionally pay in more circumstances and more often than association coverage. While this is not the case in every circumstance, the difference between the terms of each contract can be a difference of tens of thousands of dollars at the time of claim.
Regardless of the quality of Disability coverage, there are options available for Physicians to save money on their income protection without having to sacrifice the quality of coverage.
Considerations Choosing Guardian Physician Disability Insurance
Most Physicians work in private practices or hospitals with other Physicians and Practitioners. These are all people who are in a similar situation and in need of income protection as well. Guardian physician disability insurance offer something called Multi-Life Discount Programs which are offered for groups of 3 or more participants in the medical market from any single work place.
These programs can provide anywhere from 10-45% discounts on premiums depending on your gender and age. In order to qualify for these programs, a combined 3 or more employees from the same practice or hospital must apply for disability insurance through the same insurance carrier.
In applying for a Multi-Life Disability discount program from Guardian physician disability insurance, each applicant must still be in good health and should expect to be medically underwritten. The multi-Life discount programs available are not there to help those who are not medically eligible for Disability insurance, but rather those who are eligible and are looking to save money on their premiums.
Disability income is something that many Physicians will purchase throughout their careers. Joining efforts and purchasing Guardian physician disability insurance is an intelligent way of reducing the cost of coverage. Purchasing a Disability Income policy through a Multi-Life program is still the equivalent of purchasing an individual policy – the quality is the same and each participant still owns his/her own policy. If any participant decides to leave the medical practice or hospital, his/her coverage will continue on and remain unchanged.
Disability Income protects a person’s greatest financial asset, the ability to earn an income. Although you may not want to pay extremely high premiums for insurance, you still need to be sure that you are protecting yourself and your family with the best option available. As you begin to look into purchasing Guardian physician disability insurance, be sure to speak with your insurance advisor regarding the options available related to Multi-Life Discount plans.