It's been a while since you looked at your disability insurance, right? I know busy young doctors have got better things to do, so I'm here to keep an eye on this kind of stuff for you. One way I keep current is to chat with product experts like Lawrence Keller at Physician Financial Services in Woodbury, New York.
Larry tells me that MetLife, a long time participant in the marketplace for physician-grade long-term disability insurance, has got more game now than ever. They've recently lowered their premiums for most surgical specialists, including plastic surgeons, cardiothoracic surgeons and neurosurgeons.
This upgrade reduces the average premium to certain doctors by 19% per year. Since you'll keep your policy for the rest of your work life, the savings can really add up.
According to Larry, MetLife has been somewhat competitive in the past but now "MetLife has gone from being a name and a player to being one of the contracts to seriously consider."
Not all doctors were so lucky in MetLife's recent rate rejiggering. They left ER docs, anesthesiologists, OB/gyn's, psychiatrists and orthopedic surgeons at the same risk rating class as before while they downgraded interventional cardiologists and interventional radiologists due to poor claims experience.
Keller thinks that that MetLife might not be a great fit for interventionalists anymore. "It would be wise to consider carriers that do not charge different premiums for different sub-specializations", like Berkshire, Standard Insurance Company, or Ameritas (formerly Union Central). "To them, a radiologist is a radiologist, a cardiologist is a cardiologist."
As a fee-only advisor, I help young doctors do financial planning for disability but I don't sell products, so If you need to buy insurance, you can reach Larry at 516-677-6211 or (800-481-6447 nationwide) or visit him on the web at www.physicianfinancialservices.com.
By the way, have you ever had that nagging feeling that you're insured but not really covered? Then check out this article from Ophthalmology Business magazine: