Guest Post – By Jamie L. Fehrs, MBA, ChFC® – Manager, Financial Services Associate at Treloar & Heisel, our insurance partner

How hard is it to obtain disability income insurance? Not as complicated as you may think. Here’s what you need to know about the process.

Obtaining Disability Insurance For Doctors

When looking to purchase disability insurance, first you need to select coverage. Reviewing your options with a qualified advisor can help you choose the right insurance company, coverage amount, and coverage features for your needs.

Once you have decided what is best for you, it is time to apply for coverage. Remember that when you sign and send in an application, you are not committed to buying a policy. You are just requesting the insurance company to assess your application and decide if they are willing to provide coverage for you.

4 Steps To Obtaining Disability Insurance

1. Complete an online application

This takes about 15-20 minutes. You will need to answer a few identifying questions like date of birth and address as well as questions about your occupation, employer, and health.

2. Complete a personal health history

This will be either online or via a phone interview with a representative from the insurance company. This should take about 15-20 minutes and can be scheduled at your convenience.

Do you need lab work? In the past, disability insurance applications usually required a blood draw and urinalysis. However, this is no longer the norm. Nowadays, for individuals under 50 years old applying for coverage of less than $10,000 per month, labs are typically only requested under specific circumstances. Common reasons include the use of prescription medication or a lapse of over 2 years since a medical exam. Consequently, it’s uncommon for students or residents to undergo lab tests for approval. If laboratory work is necessary, a paramedical service will arrange a convenient appointment either at your home or office.

3. Review your medical records

In rare cases, an insurance company may require access to your medical records to better understand your health background and past treatment. Nowadays, insurance companies utilize electronic medical record systems, leading to quicker retrieval of doctor’s records. Upon your electronic authorization for the carrier to access your records (typically via email), they can often obtain them within 24 hours.

4. Coverage approval

Once your coverage is approved, the insurance company informs your advisor. This is when you should discuss the approval with your advisor and decide how you want the policy to proceed. Typically, the coverage is implemented as per your initial application. However, if you wish to adjust the coverage amount, alter the policy features, or even cancel your application without purchasing coverage, you can easily do so at this stage.

How long does it take to get approved for disability insurance?

Treloar & Heisel processes thousands of disability applications for doctors and doctors-in-training each year. Typically, it takes less than 60 days from submitting your application to purchasing your policy. Approval for coverage can often happen in as little as a week. Applying for coverage has never been simpler or more convenient than it is now.

Are there discounts for students and residents?

Discounts are often higher while you are a student or a resident. Purchasing coverage while in school or training could result in significant savings over the course of your career. Speak with an insurance professional at Treloar & Heisel today to see how these discounts could benefit you.

For financial assistance, connect with our team.