I recently had a high-income radiologist apply for disability income insurance. He told me up front that he would not take the policy if it came with an exclusion for one of his fingers. Two years earlier, he hurt the finger while playing soccer. He had to have a ligament repaired, but now the finger is working great.
I consulted the underwriters and they said there was a chance a policy could be issued without the exclusion rider. So, the physician and I agreed that there was no harm in applying. Unfortunately, after reviewing his records, the underwriter issued an exclusion rider for the finger because that type of injury repair has shown a risk of future problems.
Though I knew he said he wouldn’t take the policy, I told him about a surgeon I worked with about 15 years ago who was in a similar situation. His policy was also issued with an exclusion rider – for skin cancer. He wasn’t happy about it, understandably, but he decided to take the policy anyway. This surgeon recently started having some serious vision degeneration which is completely unrelated to skin cancer, of course. He is very, very happy he took the policy which pays $15,000 per month.
I talked to the radiologist about how, of the thousands of things that could disable him, his injured finger is extremely unlikely to be the thing that stops him from doing radiology. And, after hearing the example of the surgeon, he agreed. His income is now safe.
If you ever questioned a physician disability policy because of the possibility of an exclusion rider, talk with us. With over 20 years of experience we can help with your specific situation.