Physicians invest years in mastering their craft. What if a shoulder or knee injury makes surgery too painful to perform, or hearing loss interferes with diagnostics? That’s where own occupation disability insurance steps in, providing benefits if you can’t perform your specific role, even if other jobs are possible.
Keep reading to learn more about how physician disability insurance in Franklin can protect your specialty with Eagle Insurance & Financial Services.
Types of Own Occupation Policies
- Standard Own Occupation: Pays out when you’re no longer able to work as a physician, regardless of other roles you could fill.
- Enhanced Definition Own Occ: Covers when even modified roles in your specialty are off-limits, not just full practice.
- Business Overhead Expense (BOE) Riders: Designed for physician-owned practices, this covers rent, staff salary, and utilities if you’re out due to disability.
Why Physicians Need It: Risk & Protection
Physicians face unique risks—musculoskeletal strain, burnout, fatigue. Even a minor impairment could end a specialized career. Meanwhile, traditional group disability insurance might only cover “any occupation” and lacks customization.
Compare physician disability insurance in Franklin versus generic group benefits today!
Claim Triggers & Economic Triggers
- Standard Trigger: You must be unable to perform your occupation.
- Residual Trigger: If you lose income due to disability but can work part-time, you’ll still receive partial benefits.
- Economic Trigger: Pays out if you can’t make at least a set percentage (e.g. 80%) of your pre-disability income, even if still working.
Riders That Matter for Physicians
- Cost-of-Living Adjustment (COLA): Keeps benefits aligned with inflation.
- Future Purchase Option (FPO): Lets you increase coverage without new medical underwriting.
- Student Loan Rider: Adds funds to help with debt obligations if you become disabled.
When to Buy: What’s the Best Timing?
Attending physicians may find premiums remain affordable, but starting during residency/fellowship generally yields better rates and longer coverage certainty.
How to Choose a Policy That Fits
Before committing, consider these factors:
- Specialty Coverage: Ensure your specific medical role is covered.
- Elimination Period: Balance premium costs with how long you can go without income.
- Benefit Period: Prefer until retirement age (65–70) for long-term protection.
- Indexing & Inflation Protection: Safeguards benefit value over time.
- Reputation of Carrier & Agent: Claims reliability matters.
Physician Disability Insurance in Franklin with Eagle Insurance
Eagle Insurance & Financial Services offers a better option for physicians. With nearly 30 years serving Middle Tennessee and expertise in own occupation disability, we offer A+‑rated carriers, personalized assessments, resident-to-attending planning, and strong client testimonials.
Contact us today at Eagle Insurance & Financial Services to craft a plan tailored to your specialty, financial goals, and lifestyle!
