How to Buy Disability Insurance as a Pediatric Cardiologist

Pediatric cardiologists work with some of the smallest and most vulnerable patients. They’re trusted with safely and effectively caring for children undergoing various procedures and health problems. Beyond graduating from medical school, this trust is earned by completing a combination of internships, residencies and fellowships to further specialize in pediatric care.

So, it’s important to protect your extensive education investment and specialized training with adequate disability insurance. You can safeguard your high income by choosing a disability policy that is specialty-specific and tailored to your financial needs. 

Read on to learn about expected costs and coverage options for disability insurance for pediatric cardiologists.

Pediatric cardiologists: Disability insurance premiums

When searching for a disability insurance policy, you might find a wide range of premiums. This is because disability costs vary by insurance company and the individual being insured.

Generally, you can expect to pay between 2% to 4% of your income when buying long-term disability insurance. But the actual cost will depend on a number of factors, such as your gender, age, medical history, where you live, whether you smoke and more. Additionally, your occupation can significantly impact your premiums.

For example, physicians who practice invasive procedures can typically expect higher premiums than a non-invasive specialty. 

Let’s take a quick look at some sample quotes for disability insurance for pediatric cardiologists.

Pediatric cardiologist own-occupation disability insurance monthly cost
(Age 34, resident/fellow)

Company	Male	Female
Guardian	$181	$265
MassMutual	$147	$229
Principal	$163	$287
Ameritas	$156	$218
Standard	$168	$267

A female pediatric cardiologist could be looking at premiums from $220 to $290 per month versus a male at $150 to $180 per month. Note that these premiums would be higher if the individual were a pediatric interventional cardiologist.

Why should pediatric cardiologists buy disability insurance?

High-income earners should consider disability insurance as part of their larger financial plan. But it’s especially important for physicians in highly specialized medical fields, such as pediatric cardiologists.

There are only about 3,000 practicing pediatric cardiologists in the United States. This speaks to the specialized nature of the medical specialty, as well as the need to protect your livelihood if you’re unable to work in the same profession.

By purchasing a disability insurance policy with own-occupation coverage, you can receive a monthly payout for years or until retirement age, depending on your chosen benefit period. Even better, you can continue working in a different medical field or occupation altogether while still collecting disability insurance benefits. But to do so, you need the right disability policy to maximize protection and minimize your premiums.

Get a specialty-specific disability insurance quote with SLP Insurance by filling out the form below. Or keep reading for more information about disability insurance for pediatric cardiologists. 

What should disability insurance cover for pediatric cardiologists?

Long-term disability (LTD) insurance comes in many “flavors”. This often makes buying disability insurance confusing, leading to surprises during the claim process. Here are some key details to include when finding disability coverage:

• True own-occupation definition of disability. This allows you to file a claim if you can’t work specifically in your medical specialty due to a long-term illness or injury. But it also allows you to work in another capacity if desired, thereby, collecting earned income and disability income at the same time.
• Future increase option. The future purchase option rider allows you to buy additional coverage as your salary increases throughout your career. Residents, fellows and young attendings will benefit the most from this optional rider.
• Residual disability benefits. This rider allows you to collect benefits for a partial disability based on loss of income or a reduction in hours or duties.

Other policy riders to consider include a catastrophic benefits rider, cost-of-living adjustment (COLA), student loan protection, as well as many others. Keep in mind that each addition can increase your premiums. So, you’ll want to thoroughly think through which policy riders might be beneficial versus which ones might be an unnecessary cost.

How often do pediatric cardiologists file disability claims?

Disability insurance companies determine your overall risk by looking at historical claims data for people similar to you. This is where age, gender and other factors come into play. But your profession also plays a large role, especially when buying a true own-occupation policy.

Because pediatric cardiologists practice non-invasive medicine, they are less likely to experience work-related injuries or illnesses that could lead to disability claims. Premiums are generally lower because insurance companies may view them as lower risk compared to medical professionals who practice more invasive procedures.

Main types of disability coverage for pediatric cardiologists

You can find disability insurance for pediatric cardiologists in a few different ways. But each policy is different. So, you’ll need to look at what’s available through your employer, professional association, and residency or fellowship program and then decide if an individual policy could be more beneficial.

Employer-provided group policy

Pediatric cardiologists might find LTD coverage with their employer. However, this will typically be group coverage that includes a narrower definition of disability (aka not specialty-specific) and limited benefits.

Coverage through a professional association

Professional associations often provide discounted disability insurance coverage as part of their membership perks. Depending on the partnership, you might have options for individual or group coverage. For example, residents and attendings can find individual disability insurance options with the American Medical Association (AMA).

If you have access to LTD with a professional association, be sure you understand the details, as many of these offerings come with policy limitations and changes to premiums over time.

Individually purchased specialty-specific policy

Even if you have existing disability coverage through an employer or professional association, you can likely benefit from a supplemental policy. An individual disability insurance plan is portable, so it’ll follow you throughout your career. Additionally, you’ll lock in your premiums and find better coverage overall.

We recommend working with an insurance broker who’ll search the “Big 5” insurance carriers for own-occupation coverage and discounts.

Guaranteed standard issue policies with your residency or fellowship

This final option is often overlooked by residents and inexperienced insurance agents. Depending on where you’re completing your residency or fellowship, you might have access to a guaranteed standard issue (GSI) policy. For example, you might be eligible for a GSI policy through UC Davis, NYU Medical Center or John Hopkins, to name a few.

This type of policy provides guaranteed coverage without a medical exam. It also provides unisex pricing, which can be beneficial for female pediatric cardiologists.

How much disability insurance do pediatric cardiologists need?

Depending on your existing coverage, most insurance companies will allow you to purchase coverage to replace around 60% of your gross income. As long as you pay for your premiums with after-tax dollars (and not your employer), then that payout will be completely tax-free when you need it the most.

But, depending on your situation, you might not need the maximum benefit. Therefore, you could opt to choose a smaller benefit and then spend less on your monthly premiums.

The right amount of coverage will depend greatly on your fixed expenses and whether you have other sources of income to rely on.

That said, you might consider choosing the maximum if you’re the breadwinner or sole provider for your household. In contrast, you might consider a smaller benefit if you live below your means or have a high-income spouse that can support your family while you recover.

Why you need to review your disability insurance policy

When reviewing your existing policy or searching for better disability coverage, here are some considerations:

• You don’t have sufficient coverage if there isn’t an own-occupation definition of disability. This provides the strongest protection for your specific medical specialty.
• Group disability policies come with many limitations, such as capped monthly benefits and weaker definitions of disability that make it harder to file a claim.
• If you have a pre-existing medical condition, you need to work with a knowledgeable insurance broker who can guide you to the right policy. Applying for a policy with the wrong broker could disqualify you from GSI policies that might better serve you since medical underwriting isn’t a requirement.

Depending on where you bought your policy from, you might be able to find better rates or more adequate coverage options. SLP Insurance has access to numerous discounts and can help compare your existing policy, GSI opportunities and individual plans to find the best disability insurance coverage for you.

Get an own-occupation disability insurance quote

SLP Insurance works with cardiologists and other high-income medical professionals to find true own-occupation coverage at affordable rates. Fill out the form below to get started, and our team will reach out with next steps.