Disability Insurance for Radiation Oncologists: How to Buy

Becoming a radiation oncologist requires years of schooling, as well as a residency and possibly a fellowship. It’s a lengthy process of learning about different methods of cancer treatment, particularly using radiation therapy. Afterward, you’ll probably have student loans and a need for income protection in the event that something goes wrong.

Disability insurance can help you replace a portion of what you get through your paycheck.

Here’s what you need to know about disability insurance for oncologists, including tips for getting a quote that offers a monthly benefit amount that can help you manage your household finances while you recover from injury or illness.

Radiation Oncologist disability insurance premium cost

One rule of thumb is to plan on spending between 2% and 4% of your income on disability insurance premiums. Your premium is likely going to be based on some of the following factors:

• Age. Younger oncologists generally pay lower premiums. Additionally, younger people who are in residency or fellowship can access cheaper GSI policies.
• Health and pre-existing conditions. If you have certain medical conditions, you might be at greater risk for disability, affecting your premium.
• Medical specialty. Radiation oncologists have a rating classification that can translate to lower premiums.

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

Company	Male	Female
Guardian	$162	$236
MassMutual	$140	$218
Principal	$143	$246
Ameritas	$151	$232
Standard	$145	$228

Fill out your information in the form below, in order to get a customized quote for radiation oncologist disability insurance specifically tailored to you. If you want to hold off, keep reading, to find out more about the reasons for getting disability insurance, what it covers, and more.

Why do radiation oncologists buy disability insurance?

The Bureau of Labor Statistics considers oncologists as a type of physician or surgeon, with a median income of $208,000 annually, according to its latest data. It’s important to note that radiation oncologists differ from radiation therapists. 

An oncology specialization requires more schooling and offers a much higher salary. In fact, Salary.com reports that the average salary for a radiation oncologist is $439,260 as of December 2022. That’s a lot of money, and income protection becomes important if you can’t work.

The Social Security Administration estimates that 25% of people who are at least 20 years old will experience some type of disability during their lifetimes. There is Social Security Disability Insurance (SSDI) to help cover these costs, but navigating the system can be difficult, and the benefits probably won’t be enough to cover your needs. As a radiation oncologist making a high income, you might need to turn to another solution.

Disability insurance provides a way to receive disability income that is more likely to cover your bills. Most policies cover you until you’re 65 years old; some might even cover a partial disability. An insurance broker can help you review your options and work through any waiting periods, limits and exclusions.

SLP Insurance partners help you secure true own occupation disability insurance for radiation oncologists. We’ll find the best policy for your situation, including necessary riders. Fill out the short form below to get your quote.

What should radiation oncologist disability insurance cover?

Different disability insurance companies offer a variety of choices for disability policies.

As you speak with a broker, here are some items to consider:

• Own-occupation disability coverage. With own-occupation disability insurance, you receive disability benefits when you can’t complete the specific duties of your job as a radiation oncologist, even if you’re able to work another job.
• Partial disability. Receive some type of payout, even if you don’t experience total disability due to illness or injury.
• Ability to get more disability coverage later. Many medical students, fellows and residents have a smaller benefit because of their smaller income. Once you finish your program, your higher income might require a higher degree of protection. Some disability insurance plan providers allow you to upgrade to more coverage.

Also consider the plan’s benefit period and waiting period. You don’t get your benefits immediately, and your benefits might only be paid out for a set period of time. Short-term disability insurance and long-term disability insurance have their own rules, so speak with a knowledgeable broker about your needs.

How often do radiation oncologists file disability claims?

Insurance companies rate oncology and radiation as some of the lowest-risk healthcare professions. The rating classification comes from historical claims data and other information. 

The rate classification means a long-term disability policy for a radiation oncologist will likely have affordable premiums. You can get income protection coverage at a reasonable rate that might be lower than those offered to other medical specialties.

What kind of disability insurance coverage is offered to radiation oncologists?

There are a few different places to find disability insurance for oncologists. Review your needs and carefully read the disability plan features to determine what makes sense for you.

Employer coverage

Many hospitals, cancer treatment centers and other employers offer disability insurance. Realize, though, that there are often limits on benefit payouts. Your benefit might not be large enough to cover your costs with group disability insurance. On top of that, the IRS expects you to pay taxes on benefits you receive from employer coverage.

Professional association

Any medical specialty, including oncologists, can become a member of the American Medical Association and access group coverage. However, specialized professional organizations like the American Society for Radiation Oncology (ASTRO) and the American College of Radiation Oncology (ACRO) offer different membership benefits that can include discounts on different types of insurance.

Individually purchased policy

You can also purchase disability insurance through a marketplace or look for health insurance with a disability rider. A good insurance agent or broker can help you find a policy that meets your needs. An individual policy offers more options and customization and usually comes with higher limits.

Guaranteed Standard Issue

Medical residents and fellows might have access to Guaranteed Standard Issue (GSI) policies. These policies are fairly uniform and sometimes come with discounts.

Most of the time, attending physicians can’t get a GSI policy. However, you might qualify if you’re an oncology resident or fellow. Some places that offer GSI policies with discounts include:

• Case Western University
• NYU Health System
• UC-Davis

Some brokers might not earn a commission on a GSI policy, so they don’t always tell you about these options. You might have to specifically ask about a GSI policy. 

How much disability insurance do radiation oncologists need?

It’s common for medical professionals to receive a benefit of up to 60% of their income as a disability benefit. Perhaps you make $450,000 a year as a radiation oncologist. Here are some things to consider as you decide how much coverage to purchase.

Radiation oncologist disability payout amount

Start with how much the policy will pay out if you become disabled. If you make $450,000 annually, 60% is $22,500 each month.

Depending on your situation, you might not need the full 60% of your salary to cover your housing, insurance, loan payments and other necessities. You can get a smaller amount of coverage and manage your budget so you have a smaller premium. 

On the other hand, a single-income household might need more coverage to make up a shortfall if there isn’t another source of monthly income.

Why you need to review your radiation oncologist disability insurance policy

Read all the fine print and understand the terms and conditions before choosing a disability policy.

• True own-occupation definition. Understand the definition of disability and make sure it applies to your specific occupation as a radiation oncologist.
• Waiting period. Understand how long it will take until your disability benefits actually kick in.
• Terms for pre-existing medical conditions. There might be limits related to your health status or a medical condition.
• Commissions. Know how your agent or broker receives commissions, and what policies they might steer you toward to pad their own income.
• Disability benefit limits. Don’t assume group coverage is adequate, whether you get it through an employer or professional association. You might have limits on benefits that won’t allow you to meet your needs. A recent policy audit showed a physician with a monthly limit of $5,000 a month. It wasn’t enough to even cover his $8,000 housing costs.

Get a disability insurance quote for radiation oncologists

SLP Insurance and its partner agents specialize in getting radiation oncologists the true-own occupation disability insurance coverage they need. We gather customized quotes with only the coverage you need, and have numerous discounts. 

If we can’t find you the policy you need, we’ll find it for you elsewhere. Get a quote with the form below, and our team will reach out!