Do physicians need a broker to buy private disability insurance? According to Billy Gwaltney, the short answer is yes. The major specialty disability insurance carriers distribute their policies through brokers, so physicians who contact a carrier directly will generally be referred to a broker or representative.
But Billy argues that simply having a broker is not enough. Physicians should work with someone who specializes in physician disability insurance and can help with more than the initial application. A knowledgeable broker can help structure the policy correctly, make sure important definitions are included, assist with future policy changes, and provide support if a disability claim ever needs to be filed.
Key Topics
- Whether physicians need a broker to purchase private disability insurance
- Why specialty disability insurance carriers work through brokers
- How disability insurance brokers are compensated
- Why physician disability insurance specialization matters
- How a broker can help design and review a policy
- The importance of getting the right policy definitions
- Why the broker relationship can continue after the policy is issued
- How an experienced broker can help during a disability claim
Key Takeaways
- Physicians generally purchase private specialty disability insurance through a broker rather than directly from the insurance carrier.
- The broker is compensated through the premium paid for the policy rather than through a separate consulting fee from the physician.
- Not every insurance broker specializes in physician disability insurance.
- A specialist can help make sure important policy definitions and features are included from the beginning.
- The broker relationship can remain important throughout a physician’s career as coverage needs change.
- An experienced broker can also help a physician understand and navigate the claims process if a disability occurs.
- Physicians should evaluate the broker as carefully as they evaluate the carrier and policy.
