Disability Insurance Quote Sites: Who is on the Other Side of Your Computer Screen?

Obtaining an insurance proposal from an online broker is extremely easy and a great way to get a sense of how the rates from different insurance companies will vary based on gender, age and specialty. But before moving forward to submit an application there are a few issues you should consider to make sure you’re getting the most objective recommendations about the coverage that best addresses your needs.

The ability to submit an application requires the involvement of a licensed insurance agent and it’s important to understand who these individuals are and their relationship with the online quote engines.

While some online quote engines will maintain their own dedicated team of insurance professionals, others rely on contracted insurance agents who have agreed to pay an ongoing fee or commission split for the ability to secure your information.

If this is the case, there’s no way to know if this insurance agent was chosen because of the amount of money they agreed to pay or a commission split arrangement based on insurance recommendations they make.

Oftentimes you will not be able to prequalify the experience these individuals have working with physicians, where they are located and if they may bring a bias to their recommendations due to being employed by one of the companies being presented to you.

Is it an independent quote engine or a marketing tool created by an insurance broker or company?

As the expression goes, the devil is in the details and it’s important to read the fine print on these websites. In many instances, these sites have been created by representatives of a specific insurance company as a prospecting tool. This isn’t a reflection of their professionalism, experience or the products they recommend, but it’s important to understand who you are buying from and why they might be promoting a specific product.

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Disability Insurance Quote Sites: Who is on the Other Side of Your Computer Screen?

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Did you know?

The premiums paid by a practice owner for a policy that insures their ongoing business expenses is 100% tax deductible

Residents and fellows can insure 100% or more of their incomes during training

Medical underwriting can be waived when a practice purchases individual policies as part of its benefit package

Taking medication or seeking counseling to manage stress can affect your ability to secure coverage

Residents and fellows can forfeit their right to a teaching hospital’s “guaranteed issue” coverage if they apply elsewhere and are denied due to medical conditions

Some policies that insure student loan obligations require the insured to be out completely and not be expected to return to work ………ever.

Rates and provisions of individual policies are guaranteed not to change until the age of 65. The same isn’t true for group or association coverage.

Contributions cannot be made into a qualified retirement account in the event of a disability

Business overhead expense policies can cover hiring a locum tenens

Most employer provided long term disability coverage will require you to be out for as long as six consecutive months in order to qualify for benefits

Voluntary offerings to large healthcare populations can be offered without medical underwriting and permanently discounted rates.

Individual policies can be used to raise the income placement percentage and maximum monthly benefit for employed physicians and executives

If your employer provides you with long term disability coverage for free, any benefit amount provided during a claim will be taxed.

Group insurance policies usually only protect base salary

Graduating physician who are entering practice can obtain coverage that’s greater than their actual earnings

The “guaranteed right” to increase the benefit amount of an individual policy will be reduced as you age.

Group long term disability policies can be obtained by practices with fewer than 10 full time employees

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