You may be overlooking a good disability insurance market. Doctors are widely recognized as a strong market for disability insurance, but doctors who work for the military don’t receive the same attention. Although military doctors have access to some benefits, and there are some unique coverage issues to consider when securing a policy, they can still use additional paycheck protection.
If you live next to a large miliary base – for example, Fort Liberty in North Carolina, Fort Campbell in Kentucky, Fort Cavazos in Texas, Fort Moore in Georgia or Joint Base Lewis-McChord in Washington – this could be a huge opportunity for you.
Who Are Military Doctors?
Military doctors are doctors who provide medical services for the military, but there’s a wide variety in exactly how this occurs. According to Learn.org, some military doctors work in field hospitals and treat patients who have been injured while serving on the front lines, but most military doctors actually work in hospitals in the U.S. or on military bases. Just like doctors working in the private sector, these military doctors provide preventative care and diagnose and treat injuries and illnesses.
Another variable is whether military doctors are on active duty or are serving in the reserve while working in a civilian hospital. According to Veteran.com, there are two main ways to become a military doctor, and they result in different relationships with the military. Doctors who go through the Uniformed Services University of the Health Science (USUHS) are on active duty. On the other hand, doctors who go through the Health Professions Scholarship Program (HPSP) are commissioned as an officer in the Individual Ready Reserve.
When helping military doctors obtain disability insurance, these differences can be important.
Why Should Military Doctors Consider Individual Disability Insurance?
Military doctors should have some disability income protection through the military. However, just as many private-sector workers with job-based disability insurance still find that they need individual disability, many military doctors may want additional coverage.
Military doctors have to go through medical school. Although obtaining a medical degree while serving in the military alleviates the financial burden, this is a huge investment of time and hard work.
If a disability prevents them from practicing medicine, they will lose their source of income. The U.S. military provides some disability benefits under certain circumstances. However, military disability benefits only cover base pay, and the amount provided is NOT going to be enough to make up for the lost earning potential. Military doctors who have to leave medicine because of a disability are looking at a substantial pay cut.
Individual disability insurance can provide additional paycheck protection so military doctors don’t have to worry about their financial security in the event of a disability.
Securing Disability Insurance for Military Doctors
When securing disability insurance for military doctors, there are a few unique issues.
- Approach carriers that cover military doctors. This is more specialized coverage, so it’s important to target disability insurance companies that are willing to insure military doctors.
- Understand the limits and exclusions. One big issue for military doctors is whether the policy excludes disabilities that occur as a result of war. This is a common exclusion. Also understand how the policy works when military doctors are on active duty or deployed overseas. If coverage is not available during this time, it may be possible to pause the policy, but it will depend on the terms of coverage and the carrier’s rules.
- Provide information about military service. When you’re completing a disability insurance application for a military doctor, the carrier will usually want to know details about the applicant’s military service. If you haven’t helped any clients in the miliary before, this will be new to you, but it’s not a big hurdle. Simply work with your client to answer the questions about things like the current length of service and the discharge date if it’s known.
- Make sure you ask about other sources of income. Military doctors may moonlight outside of the military hospital. When obtaining disability insurance, it’s important to know about any additional sources of income so you can obtain sufficient coverage.
Developing a Military Doctor Niche
If you live in an area with lots of military doctors – for example, near a military base or VA hospital – serving military doctors could be a good niche market. Just like other doctors, military doctors have an income worth protecting, but they are often overlooked by insurance agents.
DIS has partnered with First Command to provide income protection solutions for military personnel. Coverage is available for doctors and dentists on active duty as well as most workers who aren’t on active duty but work in a military hospital. Express underwriting options are available for qualifying applications, and there’s a 25% discount if the applicant’s primary income is from the VA. Contact us to learn more.
