Mutual of Omaha Physician Disability Insurance Review (Updated 2023)

With a long-standing reputation and a wide range of customizable options, Mutual of Omaha offers comprehensive disability coverage options for physicians. In the following company review, we’ll dig into the main options, riders, and features on disability insurance for physicians offered by Mutual of Omaha.

What is Mutual of Omaha?

 
Established in 1909, Mutual of Omaha has stood as a pillar of financial strength and security for over a century. Mutual of Omaha’s unwavering commitment to financial stability is reflected in their A+ rating by A.M. Best, the highest possible rating bestowed by the renowned credit rating agency. This distinction serves as a testament to Mutual of Omaha’s financial strength, prudent management practices, and unwavering dedication to policyholder protection.

Mutual of Omaha Physician Disability Insurance Highlights

Next, we’ll identify some of the key features of Mutual of Omaha’s physician disability insurance policy options, including your rider options, which help you customize your coverage. 

Policies from Mutual of Omaha have the ability to be guaranteed renewable to age 65, ensuring that your coverage will not be canceled as long as you continue to pay your premiums. It also includes an own-occupation definition of disability, which means you will be eligible for benefits if you are unable to perform the duties of your occupation, even if you can still work in another field.

You can choose from a variety of benefit periods, up to age 70, and elimination periods, from 30 to 720 days. This flexibility allows you to tailor your coverage to your specific needs and budget.

Mutual of Omaha Physician Disability Insurance Riders

 
Mutual of Omaha’s disability insurance policy for physicians offers a variety of rider options that enable customization of coverage to cater to individual requirements. These valuable enhancements and safeguards to the core policy allow you to customize your level of financial protection in the event of a disability.

The Future Purchase Option Rider stands out as a proactive measure, allowing physicians to seamlessly increase their coverage in the future without the need for additional medical evidence. This rider allows for the potential for rising income and ensures that coverage keeps pace with professional growth.

The Cost of Living Adjustment (COLA) Rider offers a practical solution to combat inflation’s impact on purchasing power. By automatically increasing your benefit amount annually, COLA offsets the money-eroding damage that inflation can cause. 

The Guaranteed Insurability Rider provides peace of mind by guaranteeing the option to purchase additional coverage in the future, irrespective of changes to your health status. This rider is particularly valuable for those with pre-existing conditions or concerns about future health challenges.

The Return of Premium Rider introduces a financial safety net by enabling physicians to recover a significant portion of their premiums if they remain claim-free. This rider addresses the concern of paying premiums without ever needing to utilize the coverage.

The Waiver of Premium Rider offers a crucial safety mechanism by eliminating premium payments in the event of a disability. This rider gets rid of the financial burden caused by paying premiums while you’re disabled, ensuring continued protection without straining resources.

For a better explanation of the riders available and which ones are right for you, request your free quotes from LeverageRx – our insurance experts will guide you through your options and answer all of your questions. 

Mutual of Omaha Physician Disability Insurance Alternatives

 
Guardian offers a comprehensive disability insurance policy specifically designed for physicians, providing coverage for up to 60% of your monthly income. Their policy includes a variety of customizable options, such as own-occupation coverage, guaranteed insurability, and partial disability benefits.

MassMutual‘s disability insurance policy for physicians offers a unique feature called the “Own-Occupation Plus” rider, which provides even more comprehensive coverage for your specialty. Their policy also includes a variety of other riders, such as a cost-of-living adjustment rider and a future purchase option rider.

Ameritas offers a disability insurance policy for physicians that is tailored to the unique needs of medical professionals. Their options include a variety of features, such as a guaranteed renewable to age 65, an optional benefit periods up to age 70, and an elimination period ranging from 30 to 720 days.

The Standard offers a disability insurance policy for physicians that is designed to provide comprehensive coverage for your income. Their policy includes a variety of features, such as an own-occupation definition of disability, a choice of benefit periods up to age 70, and a choice of elimination periods from 30 to 720 days.

Principal offers a disability insurance policy for physicians that is designed to provide financial security in the event of a disability. Their policy also includes an own-occupation definition of disability, benefit periods up to age 70, and an elimination periods ranging from 30 to 720 days.

Every company and policy is different, and knowing what options to add can be overwhelming – to get a guided comparison of your options at all of these companies, request your free quotes from LeverageRx.

What’s Included in Mutual of Omaha’s Base Physician Disability Insurance Policy?

Mutual of Omaha’s base physician disability insurance policy offers a comprehensive range of features designed to provide financial protection in the event of a disability. These features include:

Guaranteed renewable to age 65: This ensures that your coverage will not be canceled as long as you continue to pay your premiums, even if you develop a medical condition that would otherwise make you uninsurable.

Own-occupation definition of disability: This means that you will be considered disabled if you are unable to perform the duties of your own occupation, even if you are able to perform other work. This is the single most important feature for physicians – it ensures that you will be protected even if you are unable to continue practicing medicine.

Choice of benefit periods up to age 70: You can choose a benefit period that will provide you with income for a specified period of time, up to age 70. This flexibility allows you to customize your coverage to meet your individual needs.

Choice of elimination periods from 30 to 720 days: You can choose an elimination period, which is the waiting period before your benefits begin, from 30 to 720 days. This allows you to balance the cost of your coverage with the level of protection you need.

Partial disability benefit: If you are partially disabled, you will be eligible for a partial disability benefit equal to 50% of your monthly benefit for up to 24 months. This benefit will help you cover your expenses if you are unable to work full-time due to a disability.

Pros and cons

 
Mutual of Omaha’s physician disability insurance policy has several advantages that make it a compelling choice for medical professionals. Their policy’s own-occupation definition of disability ensures that physicians are eligible for benefits if they are unable to perform the substantial and material duties of their specialty, even if they are still able to work in another job. This broad definition of disability provides comprehensive protection for physicians’ income. 

Mutual of Omaha’s physician disability insurance policy offers customizable options to meet the specific needs of individual physicians. The policy gives the option of benefit periods up to age 70, allowing physicians to select the duration of coverage that best suits their circumstances. Additionally, the policy allows you to pick your elimination period (from 30 to 720 days), allowing physicians to choose the waiting period before benefits begin. This flexibility allows physicians to tailor their coverage to their financial situation and risk tolerance.

Mutual of Omaha’s physician disability insurance policy does come with some potential drawbacks that are important to consider before making a decision. One common concern is the cost of the policy – disability insurance premiums can be expensive, and Mutual of Omaha’s rates can be more expensive than those offered by some other providers. Also, Mutual of Omaha’s underwriting process is rigorous, and some physicians can be declined coverage or offered less favorable terms due to health conditions or other factors.

Key Takeaways

 
Mutual of Omaha’s physician disability insurance policy offers a comprehensive range of features and benefits that make it a strong choice for medical professionals. You’ll want to carefully consider the price of a policy and understand the underwriting process involved before making a decision. Working with an independent, unbiased broker like LeverageRx can make this decision simple. Just request your quotes and a physician insurance expert will guide you through your options and answer your questions throughout the process.