Best Disability Insurance for Urologists: How to Choose a Policy

Becoming a urologist takes a lot of time and effort. In addition to getting an undergraduate degree, you must go through medical school and choose urology as a specialty. After completing medical school, you must complete a residency that lasts at least five or six years.

As a urologist, surgical techniques are important, which is why it can be problematic if a hand-related injury affects your ability to work. This is where some type of disability coverage can make sense. A good disability plan can help provide you with income while you heal. Since physicians, including urologists, have a median income of $208,000 per year in 2021, it can make sense to protect your income.

Let’s take a look at disability insurance and how you can get a quote to protect your most valuable asset — your ability to earn an income.

Urology disability insurance premium cost

Your cost will depend on different factors. One is whether your medical specialty is considered invasive, which often means surgery. Urologists often perform surgeries, and this can lead to a higher risk of injury. This risk can result in a higher premium.

Other factors that can impact your premium include age, health status, previous health history with medical conditions, whether you’re a smoker, where you live and more. Your broker can give you an idea of the underwriting items.

Consider planning to spend between 2% to 4% of your income on disability insurance premiums.

Below is a sample of different potential disability policies and costs, including possible discounts. A broker can help you figure out a specific policy for you, based on your own needs and situation.

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

Company	Male	Female
Guardian	$204	$297
MassMutual	$175	$273
Principal	$163	$287
Ameritas	$180	$276
Standard	$174	$275

Why do urologists buy disability insurance?

Even though the Bureau of Labor Statistics lumps urologists in with other physicians, Salary.com reports that the typical range for a urologist's salary is between $353,840 to $470,250. If you sustain an injury that doesn’t allow you to work, health insurance might cover your medical costs, but it won’t replace a portion of your income.

Disability insurance covers a portion of income for a specific period, and you can usually get coverage until you’re 65 years old. Some policies might even cover a partial disability. A monthly benefit to help with your cash flow can be important if you can’t work and still need income to help cover your bills.

The Social Security Administration reports more than 25% of people who are 20 years old experience some type of disability before they reach retirement age. However, Social Security Disability Insurance (SSDI) is generally insufficient. As a urologist making a good salary, getting a disability insurance quote to help you with peace of mind might make sense.

SLP Insurance can get you a quote for true own-occupation coverage as a urologist. Just fill out the form below, and we'll reach out. Keep reading to learn more about the costs and riders you'll need, as well.

What should urologist disability insurance cover?

When looking at policies, make sure to compare different disability insurance companies. You can also use the services of a knowledgeable broker who can help you figure out what coverage is appropriate, as well as point you toward discounts you might receive while a medical student, in residency or for other reasons.

Some items to consider when comparing policies include:

• Future increase rider. As a medical student or resident, you might not have a large income. Later, though, it might make sense to have more coverage. Some of the best disability insurance plans allow you to get increased coverage later without the need for a medical exam. You should also verify that your policy is renewable and non-cancelable.
• Own-occupation. Check with your occupation definition to see if this makes sense for you. With this type of coverage, you receive benefits if you can’t perform the specific duties of your job as a urologist but can still work in another field.
• Partial disability. Consider a policy that offers a dollar amount of lost income due to partial disability. This way, you can replace some of your income with a disability claim, even though you might still be able to do some tasks.

Pay attention to disability insurance coverage limits as well. In some cases, if you have a group policy, your regular expenses might be higher than the limit. For example, if your basic expenses are $6,000 per month, you’re already beyond many group policy limits and it can make sense to have an individual policy.

Don’t forget to consider the benefit period, as well as whether you’re getting short-term or long-term disability insurance. Pay attention to when your benefits kick in, since you might need an emergency fund to help sustain your income and pay your bills until your benefits become available.

What kind of disability insurance coverage is offered to urologists?

There are different places to find disability insurance as a urologist.

Employer coverage

If you’re working for someone, you might be able to get a policy through your employer. However, the coverage amount might not be enough. Additionally, they might only offer a short-term disability policy that doesn’t meet all of your needs. Finally, realize that group disability insurance is taxable income if you get disabled. Individual disability insurance to cover the gaps might make sense.

Professional association

All medical specialties can access group coverage as a member of the American Medical Association, so you can check to see if they have a policy that meets your need. The American Urological Association offers some discounts on insurance, including disability, when you go through one of their partners. Compare policies and determine whether they offer something that makes sense for you.

Individually purchased policy

This is when you can work with a broker to help you find a policy that meets your needs. Medical professionals, including urologists, have different needs, sometimes depending on specialty. Your broker works with multiple insurance companies and knows about their programs and discounts, as well as underwriting requirements, and can help you find something that works for you.

Guaranteed Standard Issue

If you’re in a residency or fellowship program, you might have access to one of these guaranteed standard issue (GSI) policies. In some cases, brokers might not earn a commission, so they might not tell you about these. However, we’ll send you to the best policy, regardless of commission.

Realize that attending physicians usually can’t get one of these policies. However, if you’re a urology resident or fellow at different locations around the country, you might have access to a policy with a discount. Some places that offer GSI policies with discounts include:

• Johns Hopkins
• NYU Health System
• Tulane

To get a customized quote for disability insurance, fill out the quote form below and one of our partner agents will reach out with the next steps.

How much disability insurance do Urologists need?

In general, you can expect a policy to pay out about 60% of income. If you make $350,000 a year as a urologist, you might need to plan ahead. Not every policy is the same, and some may pay out less in benefits and have limits.

While you can purchase significant amounts of disability insurance coverage, here’s how to think through the right amount for you.

Urology disability payout amount

Start with the payout amount as a percentage of your income. If you make $350,000 per year, that’s $17,500 in tax-free benefits per month if you’re paid 60% benefits.

Look at your essential expenses and make sure that your benefit payout is enough to meet your needs. Get at least enough to cover your housing, debt payments, daycare expenses, groceries, utilities and other needs.

If you’re a single-income household, you might need to consider buying a higher amount of disability insurance.

Why you need to review your urologist disability insurance policy

Before signing on the dotted line, review your disability insurance policy to make sure it makes sense for you. Some things to watch out for include:

• True own-occupation language. Many policies include weak definitions to save the insurance company money.
• Be careful if you have pre-existing conditions. You might be disqualified from some policies if your broker doesn’t understand what they’re doing. Make sure you get what you need and work with someone who isn’t just trying to get a large commission.
• Agents paid by commissions. Many insurance companies pay top-dollar commissions to agents who are only allowed to sell policies from one company. Consider using a broker instead. They are authorized to sell policies from multiple companies.
• You might be dangerously undercovered. Your group policy might not offer enough coverage. We looked through a surgeon’s employer-provided policy recently and turned out he only had $5,000 a month of coverage and his housing costs were $8,000 a month. You risk not having what you need if you don’t double-check.

Get a disability insurance quote for urologists

SLP Insurance and its partner agents specialize in getting urologists an adequate level of true-own occupation disability insurance coverage. Our main concern is connecting you to the best policy for your needs and will go so far as to refer you to a different broker (— yes, even if we don’t earn anything from that referral!)

We go to great lengths to customize your quote with only what you need, and we have numerous discounts. Get a quote with the form below and our team will reach out!