Disability Income Insurance: Solutions for Age and Health Concerns

As a physician or dentist, you’ve likely spent years building a successful practice, honing your skills, and ensuring that your patients receive the best possible care. But have you given enough thought to what would happen if you were unable to work due to a disability? 

Disability income insurance is a crucial safety net for healthcare professionals who rely on their ability to practice medicine to maintain their lifestyle and meet financial obligations. However, securing this type of coverage may become more complicated as you get older due to health issues that you may have developed. 

Today, we’ll dive into why age and health matter when securing disability income insurance, why it’s especially important for healthcare professionals, and what options exist for those facing health challenges.

Why Disability Income Insurance is Essential for Physicians and Dentists

As a medical professional, your income is closely tied to your ability to perform your job. Whether you're seeing patients, performing surgeries, or managing your practice, your physical and mental health directly affects your livelihood.

Disability income insurance provides a vital safety net in the event that an illness or injury prevents you from working. This type of insurance replaces a portion of your income if you become temporarily or permanently disabled and unable to work.

For physicians and dentists, the stakes are especially high. Not only do you face the pressure of running your own practice, but your profession is often physically demanding, and the risk of injury or illness can be greater than many other industries. For instance, repetitive motions during surgeries, long hours, and even exposure to infectious diseases can all contribute to the risk of disability.

Disability income insurance can help protect you and your family from financial hardship in these situations, making it an essential part of any comprehensive financial plan.

Age and Health: Two Key Factors Impacting Your Ability to Secure Disability Income Insurance

Aging and Disability Income Insurance Coverage

While age itself may not be an issue with respect to obtaining disability income insurance, health changes as you get older may complicate obtaining coverage.

Chronic conditions such as joint issues, back issues, heart disease, or neurological disorders, which can impact your ability to work, may develop as you age. As a result, the disability income insurance underwriting process may become more difficult. 

The good news is that while preexisting health conditions often develop as you age and play a significant role in the underwriting process, they are not an insurmountable barrier to securing coverage.

Preexisting Conditions and Disability Income Insurance 

When it comes to securing disability income insurance, preexisting conditions can make things challenging for physicians and dentists. Insurers often scrutinize medical histories carefully, and conditions such as chronic back pain, diabetes, or mental health disorders could result in higher premiums, exclusions, or a complete denial of coverage.

However, it’s important to remember that not all preexisting conditions are deal-breakers. Some insurers are more flexible and willing to work with applicants who have specific health conditions. This flexibility is particularly true for medical professionals, as some insurers recognize the unique risks and demands of the healthcare industry.

How To Secure Coverage in Later Years or With Health Conditions

It’s important to know that even if you are older or have preexisting health conditions, securing disability income insurance is still possible. 

Some insurers specialize in covering individuals who may be considered "hard to cover" by traditional standards. These insurers offer policies that are tailored to the unique needs of physicians, dentists, and other healthcare professionals. They understand the demands of the profession and may be more willing to offer coverage despite age or health history.

Here are a few key strategies to improve your chances of securing coverage:

1. Work with a Specialist

A specialized insurance broker who understands the nuances of disability income insurance for healthcare professionals can be invaluable. These advisors often have relationships with insurers that offer coverage to those in higher-risk categories and can help you find the best policy for your needs.

2. Choose the Right Type of Policy

When seeking disability income insurance, it’s important to understand the different policy options available. Some insurers may offer more flexible policies that take into account your age or medical history. 

A long-term policy with guaranteed renewability can provide stability, while riders that allow for inflation protection can ensure that your benefits keep pace with the rising cost of living. Here, again, having an insurance advisor who understands the unique aspects of your profession can offer significant advantages.

3. Stop Putting It Off

While it’s never too late to secure disability income insurance, purchasing coverage earlier in your career can help lock in lower premiums and avoid the challenges of age and health-related underwriting restrictions.

It’s Never Too Late to Protect Your Future

While age and health can impact your ability to secure disability income insurance, it is by no means an insurmountable obstacle. As a physician or dentist, securing this type of insurance is critical to protecting your income and helping ensure that you and your family are financially protected if you are unable to work due to illness or injury. 

Even if you're older and have a preexisting condition, there are insurers who specialize in offering coverage to individuals who may be considered high-risk by traditional standards. By working with a specialized broker, exploring different policy options, and securing coverage early, you can safeguard your financial future and maintain peace of mind knowing that you’re protected no matter what challenges lie ahead.

To learn more about safeguarding your income with coverage for harder-to-insurer healthcare professionals, contact an advisor today.

About Treloar & Heisel

Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.

Insurance products offered through Treloar & Heisel, LLC.