How to Buy Disability Insurance as an Endocrinologist

As an endocrinologist, you diagnose and treat a range of hormonal disorders that can significantly impact a patient’s overall health and quality of life. This might include expertise in diabetes and other metabolic conditions, as well as pediatric, reproductive, and gender affirmation endocrinology subspecialties. All of which require a three-year residency plus an additional two to three years of fellowship.

Needless to say, endocrinologists sink a lot of money and time into medical school and training. So, you’ll want to protect your specialty income with a disability insurance policy tailored to your profession.

Keep reading to learn how you can benefit from disability insurance for endocrinologists and what it might cost you for own-occupation coverage.

Example premiums for endocrinologist disability insurance 

The cost of disability insurance can be a turn-off for many physicians. But here’s the good news. You’ll likely find more favorable rates than an endocrine surgeon or other invasive medical specialties.

How much should you expect to spend? Unfortunately, there isn't a simple answer because long-term disability insurance is a highly custom financial product. Your disability premiums will be based on various risk factors, such as your age, gender, profession, health history, lifestyle choices and more.

That said, you can generally budget to pay around 2% to 4% of your income on own-occupation coverage that protects your endocrinology specialty.

As a reference point, here are some sample premiums for endocrinology residents.

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

Company	Male	Female
Guardian	$163	$236
MassMutual	$147	$229
Principal	$134	$238
Ameritas	$145	$207
Standard	$145	$228

As shown, the average male endocrinology resident or fellow can expect to pay just shy of $150 per month for coverage. In comparison, a female resident could find monthly premiums of around $230.

Why do endocrinologists need disability insurance?

Long-term disability insurance can mitigate the financial risk of a disability that disrupts your ability to earn income as an endocrinologist. With the right policy, you can replace a large portion of your earnings, ensuring that essential expenses — like your mortgage and car payments, student loan debt and daily living costs — can be met. Instead of worrying about how you’ll pay the bills, you can focus on your recovery and eventual return to practice.

But what are the odds that you’ll use your disability policy? The Social Security Administration (SSA) reports that about one-fourth of today’s 20-year-olds will experience a disability before retirement.

But that estimate is based on a strict definition of disability. Plus, it doesn’t take into account the unique challenges that physicians face throughout their stressful careers, both physically and mentally. So, you’re probably more likely to use your policy (especially an own-occupation policy) than the general population.

If you’re ready to find out how much own-occupation disability insurance for endocrinologists could cost you, fill out the quote form below. SLP Insurance will search for the most cost-effective coverage using the top discounts for your situation. Need more details? Keep reading to learn what adequate coverage looks like.

What should endocrinologist disability insurance cover?

Endocrinologists and other high-income medical professionals should look for a disability policy with a true own-occupation definition of disability.

This level of coverage provides the strongest income protection by providing disability payments if you can’t work in your endocrinology specialty due to a long-term disability. Even more, it will continue to pay out if you work in another medical field or occupation.

Beyond opting for a strong definition of disability, you might benefit from adding certain disability insurance riders to your policy. Common riders include:

• Residual disability or partial disability benefits
• Future purchase option
• Catastrophic disability benefits

However, there are many optional riders to choose from, and each one can tack on additional costs. For example, a cost-of-living adjustment (COLA) or student loan protection rider might make sense in some cases. But oftentimes, the cost of these riders outweighs the need for them. Instead, you might benefit more from increasing your base policy benefit.

How often do endocrinologists file disability insurance claims?

Disability insurance companies determine risk based on historical claims data. This risk then determines how much you pay for disability insurance coverage. That’s why women and older applicants typically pay more for disability coverage. But your occupation also matters.

Fortunately, endocrinologists have a low risk of filing disability claims in comparison to invasive specialties. A low-risk classification is great for your bank account. But medical professionals are still at a higher risk of disability than the general working population due to the specialized nature of their profession.

Where to find disability insurance for endocrinologists

Endocrinologists can get disability coverage through several sources. For example, you might have group coverage through an employer-sponsored disability plan. Alternatively, you can access disability insurance options through the American Medical Association (AMA) or other professional associations.

That said, these group policies usually have a weak definition of disability (i.e., any-occupation coverage) and limited benefits. Therefore, many medical professionals purchase a supplemental individual policy that provides more comprehensive coverage.

Note that some medical residents and endocrinology fellows can take advantage of a guaranteed standard issue (GSI) policy. These types of disability policies provide guaranteed coverage, which can be beneficial if you have a pre-existing condition. That said, GSI options are only available with select residency and fellowship programs across the country.

How much disability insurance do endocrinologists need?

Most disability insurance policies allow you to buy coverage for up to 60% (give or take) of your gross income. So, let’s look at what the maximum benefit might be for the average endocrinologist using data from the Medscape 2022 Physician Compensation Report.

Sample disability payout for endocrinologists

The average endocrinologist earns $257,000 per year. Using the maximum benefit available, you could receive monthly benefits of up to $12,850 with a qualifying disability.

However, you might not want the maximum payout if you prefer lower monthly premiums. Alternatively, you might not need it if you have multiple sources of income, such as a high-income spouse, rental properties or a lucrative side hustle.

You’ll need to look at your overall financial situation (both present and future) to decide just how much disability insurance you need.

When choosing a benefit amount, it’s important to note that you will receive tax-free disability benefits with an individually-purchased policy. However, your benefits via an employer-sponsored plan will be considered taxable income if your workplace is covering your premiums.

Disability insurance for endocrinologist checklist

If you’re in the market for disability insurance, you’ll need to pay attention to the following when choosing coverage:

• The definition of disability. True own-occupation coverage is relatively affordable for endocrinologists and provides the strongest protection for your specialty.
• The benefit amount. At a minimum, you want a policy that covers your fixed expenses with some wiggle room for miscellaneous costs.
• Policy details. You can tailor your policy by choosing a benefit period (e.g., two years versus five years versus through retirement age) and a waiting period that you’re comfortable with. You’ll also want to review any exclusions that might limit your benefits.

Finally, when it comes to disability insurance, who you work with matters. A knowledgeable insurance broker can access premium discounts and provide guidance to avoid unnecessary costs.

Get a disability insurance quote for endocrinologists

SLP Insurance assists endocrinologists in evaluating disability insurance options specifically for your medical specialty. Our goal is to find the most advantageous disability insurance policy and pricing, whether that be through a GSI policy or various discounts available to our team. Fill out the form below to get started!