Disability Insurance

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  • Avatar lostlost 
    Status: Physician
    Posts: 21
    Joined: 10/21/2018
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    I bought a DI policy with guardian when in residency for $ 5000 a month with own occupation, guaranteed renewable, non cancellable, COLA, option to increase 5K more, residual disability, and level preium till 65 for 188 dollars a month. Medical exam was not necessary as part of the deal as a group policy with all hospital employee. I am now an attending and thinking of buying more disability up to 15K. I can exercise 5K increase option but it only bring me up to 10 k a month. Here are my question.

    1) Is there any benefit to buying another 5K from the same company (guardian ie) or would you buy it from a different company like principal or NWM ect? I am thinking that two company, you can hedge in terms of making claim and increase ur chance of payout in event of disability.

    2) What are your thoughts on my policy premium? I am payin 188 a month for 5K from guardian. I didn’t need to take medical exam but I am healthy. I wonder if I am paying extra for that “benefit” even though I am healthy.


    Thank you.


    #180273 Reply
    DK Unger DK Unger 
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 109
    Joined: 01/08/2016

    Assuming your income and existing (group) coverage allows you to purchase more than $10K of individual monthly benefit, there are some benefits to exploring other companies for additional coverage. One, depending on your medical specialty and discount availability, some companies are more competitive than others from a premium standpoint. Secondly, establishing a policy with a different company will allow you to purchase the maximum monthly benefit you are eligible for in the future without additional medical requirements if an increase option rider is included on that policy. Some plans include this rider for no charge as long as you purchase at least 75% of the coverage you are eligible for.

    Independent Insurance Agent - dku(at)

    #180305 Reply
    Avatar lostlost 
    Status: Physician
    Posts: 21
    Joined: 10/21/2018

    DK thank you for the reply.. can you still exercise an increase option if you have already become disabled? as long as you meet income requirements? I don’t see why not since no medical exam is required right?

    #180314 Reply
    Avatar CFEonline 
    Status: Physician
    Posts: 100
    Joined: 09/05/2018

    I would favor diversification of you risk, by having two policies rather than just one. Take a look at your options, it is pretty easy and free. It is worth getting a quote, both for additional insurance from a different company, and if you have moved states since picking up the insurance in residency then looking at re-applying with the same company for a new policy. If you search around the posts here you can find some folks who can provide you quotes by e-mail at no charge. Make a table with the amount of benefit and the premium, either annually or per month, and make a ratio to see how much benefit each premium dollar is really buying you. Then account for the specific things certain companies might allow that others won’t (is there a limit on total months of disability for mental/nervous conditions, will they allow you to reduce your premium by choosing guaranteed renewable only instead of non-cancelable guaranteed renewable, etc)

    #180319 Reply

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