Disability Insurance for Radiologists: Why Employer Coverage Isn’t Enough

Becoming a radiologist takes years of dedication, including completing medical school, a four-year residency and a fellowship program for further medical specialty training. That often amounts to hundreds of thousands of dollars of student loan debt in exchange for an equally high salary (eventually). 

Radiologists should protect their high six-figure income and education investment with long-term disability insurance.

Unfortunately, many radiologists rely on sub-par group coverage, or worse, ignore the importance of disability insurance altogether. Keep reading to learn how much it costs and what to consider for disability insurance for radiologists.

Radiologist disability insurance premium costs

As a general rule of thumb, you can expect to pay between 2% to 4% of your income for a true own-occupation disability insurance policy. 

But disability insurance premiums can vary greatly based on your coverage amount, benefit period and policy riders. Additionally, other personal factors impact your premium costs, including your age, gender, occupation, health history, smoking status and more.

To give you a general idea, here’s a sample quote for potential premiums for a female versus a male radiology resident or fellow.

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

Company	Male	Female
Guardian	$182	$265
MassMutual	$147	$229
Principal	$143	$246
Ameritas	$151	$232
Standard	$145	$228

Related: Graded vs. Level Premium Disability Insurance: A Breakdown of Costs

Unfortunately, women can pay up to 35% more for disability insurance, which is evident in the example above. A female radiology resident might qualify for premiums ranging from about $225 to $265. But her male counterpart could be looking at costs ranging from $140 to $180 for the same coverage.

Premiums also vary depending on whether you perform invasive radiology procedures. Interventional radiologists can generally expect to pay more for disability insurance than physicians in a non-invasive specialty.

SLP Insurance offers radiologists across the country custom quotes for true own-occupation disability insurance. We have discounts ranging from 10% to 30% off for a wide variety of specialties. Fill out the quote form below to get started. Or keep reading to learn the ins and outs of disability insurance for radiologists.

Why do radiologists buy disability insurance?

Long-term disability insurance serves as income protection against a sudden illness or injury. There are many variations of disability coverage, making it a complex financial product. But this can work in your favor if you buy an own-occupation policy.

True own-occupation disability insurance can provide a monthly benefit for a couple of years or up until retirement age, depending on your benefit period. It also allows you to find work in a different field without losing your full benefits. This means you can have multiple sources of income after a disabling event or illness.

Whether you work as a diagnostic radiologist or within one of the many sub-fields of radiology, a knowledgeable independent insurance broker can help customize your policy to provide you with the most comprehensive coverage.

What should radiologists look for in a disability insurance policy?

Disability coverage varies by insurance carrier and individual policy. So, it’s important to understand the basics of disability insurance for radiologists. Here are some key policy decisions that you should consider:

• Own-occupation coverage. This is the most important piece of the disability coverage puzzle. With an own-occupation policy, you only have to prove that your disability prevents you from carrying out your duties as a radiologist. Whereas, an any-occupation policy requires you not to be able to work in any capacity, making it more difficult to file a claim.
• Future increase option. With a rapidly increasing salary after residency, a future purchase option allows you to increase your amount of coverage later down the road without additional medical underwriting.
• Partial disability benefits. If you don’t qualify with a total disability, a partial disability rider can provide some level of benefits based on your limited ability to work.

Additionally, you might benefit from other optional riders, such as a catastrophic disability benefit, student loan protection rider or a built-in cost-of-living adjustment (COLA).

How often do radiologists file disability insurance claims?

Disability insurance companies rate radiologists as a moderate-to-high-risk occupation, depending on whether you perform invasive procedures. This rating classification typically results in higher premiums than other low-risk specialties because there's a higher likelihood of filing a disability claim based on historical data for the radiology profession.

Specifically, own-occupation disability coverage will usually be more expensive for interventional radiologists than a diagnostic radiologist.

What types of disability insurance for radiologists are available?

Before you buy disability insurance, be sure to compare the different types of insurance available to you via your employer, residency, association membership and other individual options.

Employer group policies

Many healthcare facilities provide disability insurance for radiologists in their benefits package. However, this coverage might have a limited payout amount that won’t cover your expenses or a weak definition of disability.

Additionally, any paid disability benefits will be taxable income because your employer pays for your premium with pre-tax dollars.

Professional association

Members of the American Medical Association (AMA) can buy group coverage underwritten by New York Life Insurance Company. Alternatively, you might have access to disability insurance options as a member benefit with other professional associations.

Guaranteed Standard Issue policy

Radiology residents and fellows might benefit from a Guaranteed Standard Issue (GSI) policy. These policies are only available through various residency and fellowship programs, such as NYU Health Systems and John Hopkins.

GSI policies don’t require medical underwriting, making them a great option for radiologists with pre-existing medical conditions.

Additionally, GSI policies have unisex pricing; female radiologists might find better pricing through a GSI option. However, this isn’t always the case, as many individual insurance policies offer unisex discounts.

Individual disability insurance policy

Even if you have an existing policy, you can likely benefit from supplemental disability coverage with an individual plan. An individual disability policy offers more flexibility in terms of adding or removing policy riders, as well as a stronger definition of disability with own-occupation coverage. Plus, paid disability benefits will be tax-free since you’ve already paid for your premiums with after-tax dollars.

With a variety of options to choose from, it’s best to compare policies and available discounts to ensure you’re receiving the best pricing for the coverage you need.

How much disability insurance do radiologists need?

The maximum disability benefit is typically around 60% of your income. Using data from the 2022 Medscape Physician Compensation Report, the average radiologist earns about $437,000 per year. This means the average radiologist could buy disability coverage for up to $21,850 per month.

Although you might be able to purchase a significant amount of disability insurance coverage, it doesn’t mean you have to or need to.

Look at your household budget and determine how much you need to cover your fixed expenses, including your mortgage, cars, student loans and other living expenses. Then, add a few thousand extra for miscellaneous and other surprise expenses.

Note if you’re a single-income household, you might need more coverage than a radiologist who’s married to another high-income earner.

Why you should review your radiologist disability insurance policy

Group disability plans aren’t usually enough to adequately insure radiologists from an unexpected illness or injury. They often come with limited benefits and a narrow definition of disability, which can make it harder to file a claim.

When considering long-term disability insurance, radiologists should be aware of the following:

• You need a true own-occupation policy that’ll protect your radiology income while allowing you to earn an income elsewhere if desired.
• If you have a pre-existing medical condition, you need to work with an independent broker. They can look into whether you’re eligible for a GSI policy through your residency or fellowship.
• Disability insurance costs for female radiologists can be higher. So, you’ll need to work with someone who’ll compare unisex pricing and other discounts to find you the best deal.

Note that some insurance agents earn large commissions by working with only one or two insurance companies. Unfortunately, this could result in you paying more than necessary for disability coverage. So, it’s best to check with an independent broker who’ll search the “Big 6” insurance companies for the best own-occupation policy.

Get a radiologist disability insurance quote

SLP Insurance is ready to provide you with a custom quote for disability insurance for radiologists. We’ll compare true own-occupation options and look for all available discounts to get you the best pricing for the coverage you need.

Fill out the form below to get started!