Neurologists Disability Insurance: Where to Buy It + Costs to Know (2024)

The human brain and nervous system are the machines that keep our bodies running. When something isn’t functioning correctly in the brain or nervous system, it can cause patients distress and pain. Neurologists do a good service helping patients in need who are suffering from ailments related to the brain, nervous system and spinal cord. 

Neurology is an in-demand medical specialty that can also come with a strong salary. According to the Bureau of Labor Statistics (BLS), as of May 2021, neurologists’ mean annual wage stood at $267,660. Given the salary neurologists earn and the investment in education and medical school that can be over a decade, it’s crucial to put protections in place as part of your financial planning.

Getting a disability insurance policy is a safeguard against the unexpected and can ensure you protect the valuable asset that is your livelihood. 

Neurologist disability insurance premium cost

You might think that the cost of disability insurance as a neurologist will be an arm and leg. Not so! In fact, you can expect to pay roughly two to four percent of your income for disability insurance. So paying such a small percentage you get 60% of your income covered, plus it’s tax-free. 

More specifically, how much you pay for disability insurance benefits depends on your current age, health status, location, smoking history and more. But remember, insurance companies also tend to view neurologists as less risky, which could work in your favor. 

Below are some prospective rates for residents and fellows. 

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

Company	Male	Female
Guardian	$204	$297
MassMutual	$147	$229
Principal	$143	$246
Ameritas	$151	$232
Standard	$145	$228

This is for true-own occupation coverage and for non-cancelable or guaranteed renewal policies. Non-cancelable policies can’t increase rates and guaranteed renewal options may have higher rates later on. 

Premiums range from as low as $143 to as high as $297. This includes a $5,000 monthly base benefit, with the option of increasing that by $15,000 later on. You can see options for residual disability coverage and catastrophic disability benefits, plus any limits for benefits from mental or nervous disorder payouts. You can also see eligible discounts that can save you money. 

Using SLP insurance, you can get a quick quote and get a true-own occupation plan, which offers the most protection. Fill out the form below to start now, or keep reading to learn more about disability insurance for neurologists. 

Why do neurologists buy disability insurance?

Disability insurance for neurologists can provide a monthly benefit amount for a specific term, typically called the benefit period. Purchase options include short-term disability insurance or long-term disability insurance, which is advised for physicians to protect against a loss of income. 

A long-term disability insurance policy can provide payouts each month for a couple of years up to retirement age, depending on what type of plan you buy. Neurologists have extensive education and training and a high salary to protect, so getting disability insurance is a smart move now to ensure you’re covered no matter what happens. 

What should neurologists' disability insurance cover?

Neurologists may have lower risk than some other medical professions, but still perform some procedures. Your best bet is to get long-term disability insurance with true-own occupation coverage. That means you’ll be protected in the long haul, and also if you can’t do your specific profession, you’ll receive benefits, even if you could do another job. 

You can also choose optional riders that provide even more protection based on your needs. Some riders include:

• Cost of living adjustment rider. Inflation is a big thing right now, and it may take a bite out of your monthly benefit in the future. Opting for a cost-of-living adjustment (COLA) rider means your benefits can go up related to the Consumer Price Index (CPI) or a set percentage. 
• Residual rider. Through a residual disability rider, if you become partially disabled, you can still claim some partial disability benefits. 
• Catastrophic disability coverage. It’s hard enough to imagine being disabled if you’re healthy. But if you experience a catastrophic disability resulting in losing certain faculties or the inability to properly take care of yourself, you might need to hire caregiver help. In this case, catastrophic disability coverage can provide benefits to get the help you need. 

These are some optional types of coverage you can get to make sure your policy is well-rounded and covers all bases. When shopping for disability insurance for neurologists, customize your options with riders that fit your needs and make sure your coverage amount is sufficient. This means looking at your fixed expenses and seeing that your plan could cover it. An individual policy may be able to provide more coverage than what you might get with group coverage, for example. 

How often do neurologists file disability insurance claims? 

The good news is that neurologists tend to be lower risk than other types of physicians or surgeons. Based on the number of disability insurance claims filed, this profession files fewer claims and is therefore considered less risky. 

That’s good news for you, as you might be eligible for lower premiums. In other words, you can pay less for protecting your high income and get more for your investment. 

What kind of disability insurance coverage is offered to neurologists?

You can find disability insurance for neurologists from a range of places. The coverage options, though may vary, and some might be better than others. Here are some top places to look for disability insurance. 

Employer group coverage for neurologists 

The first place to look for coverage is your employer. You might be offered disability insurance as part of a group policy. This can be a great perk, but it’s key to look at the benefit amounts. Plus, be aware that disability benefits that come from an employer plan are considered taxable income. 

Professional association 

You can also look for coverage options through a professional association. For example, physicians can use the American Medical Association (AMA) to get disability coverage through AMA Insurance. It doesn’t appear that the American Neurological Association (ANA) offers disability insurance, but it’s worth looking into if you’re a member. 

Individual policy for neurologists 

Through this option, you have the most flexibility and can work with brokers from the top insurance carriers to find true-own occupation coverage. An agent works with you directly to customize your individual disability insurance policy and meet your financial needs and risk tolerance levels. 

If you’re self-employed and ineligible for group coverage, this is also a great way to get a policy. 

Guaranteed Standard Issue (GSI) 

This option typically flies under the radar, and many insurance agents may not disclose this option. That’s because it’s generally available through residency and fellowship programs. In general, Attendings are ineligible for this option or don’t have the same benefits. 

For example, a GSI option for a resident or fellow may come with discounts. Plus, medical questions aren’t asked, so if you have a pre-existing condition, this option is best. GSI policies are available in a number of places, including UC Davis, Tulane, and Johns Hopkins. 

How much disability insurance do neurologists need?

As noted above, according to BLS data, neurologists make a mean annual wage of $267,660. Long-term disability policies typically provide up to 60% of your income as part of disability benefits. That means the maximum monthly benefit you might qualify for is $13,383. 

If you have a medical specialty, such as vascular neurology or pediatric neurology, you might earn a higher income. According to March 2023 data on Salary.com, pediatric neurologists may earn up to $381,090.

Given the potential for higher incomes with subspecialties, there’s a need for additional coverage. For example, a pediatric neurologist earning $381,090 could get a maximum benefit of $19,055 per month. 

The amount of coverage you get depends on your profession and any specialty-specific care you provide.

Neurologists disability payout amount

Based on the numbers above, the neurologist's disability payment amount can range from $13,383 to $16,368 or so. Numbers vary based on your exact salary and how much coverage you get. 

But you want to choose an amount to cover your basic expenses should something happen. If you become disabled, you can see if you’re eligible for Social Security. However, the average payment amount according to the latest published Social Security Administration data was $1,234 per month. That’s hovering around the poverty level, and given your high income as a neurologist, you want to get the most benefits for your needs. 

By getting your own coverage, you can choose an amount that covers all of your expenses. This can include housing costs, childcare, debt obligations and other necessities. Depending on your family situation, such as if you’re the sole income earner, you might want even more coverage. 

The good news is that when you buy your own policy using after-tax dollars the disability benefit is considered tax-free, which is a huge perk. 

Why you need to review your neurologists disability insurance policy

As a neurologist, you help people and earn good money. Though things can happen at any time, and you want to play defense and be prepared. Getting a disability insurance policy can help. But before purchasing a policy, review the following: 

• Ensure that you’re getting true-own occupation coverage. Ask for the definition of disability and what’s actually covered by the policy or not. 
• For those with pre-existing medical conditions, work with a broker who can discuss your options with you. 
• Review all of your options with various providers to make sure you’re not overpaying for coverage. 
• Look at current coverage amounts. If you get group coverage, you may not have enough benefits to be fully protected. 

Get a disability insurance quote for neurologists 

Ready to look into disability insurance for neurologists? Through SLP insurance, you can get a quote today. We’ll customize your quote, or send you to another broker, if needed, to make sure you have the policy you need. There are certain discounts you might qualify for, so fill out the form below and protect yourself today.