Guardian’s Provider Choice is one of the top disability insurance products available for physicians and other white-collar professionals. It’s a highly flexible policy that offers true own-occupation coverage, which means that if a physician is unable to perform the duties of their medical specialty due to illness or injury, they will still receive benefits, even if they are able to work in a different occupation.
Here are some key features of the Provider Choice policy:
- Own-Occupation Definition: One of the strongest in the industry, this coverage ensures that physicians are protected if they cannot perform their specialty, even if they can work in another capacity.
- Benefit Periods: You can choose benefit periods of 2, 5, or 10 years, or coverage until ages 65, 67, or 70, giving you flexibility based on your career plans and financial goals.
- Elimination Periods: Guardian offers elimination periods ranging from 30 to 720 days, allowing for flexibility depending on how soon you’d want to begin receiving benefits after a disability occurs. Shorter elimination periods come with higher premiums, while longer ones help reduce costs.
- Built-in Benefits: The Provider Choice policy includes several built-in benefits such as:
- Automatic Benefit Enhancement: Increases your benefits over the first six years without needing to prove increased income.
- Unemployment Waiver of Premium: If you lose your job, your premium payments are waived temporarily.
- Presumptive Disability and Hospice Care Benefits: Special provisions for catastrophic disabilities and end-of-life care.
- Optional Riders:
- Cost of Living Adjustment (COLA): Protects against inflation by increasing monthly benefits over time.
- Future Increase Option (FIO): Allows you to increase coverage as your income grows, without additional medical underwriting.
- Student Loan Rider: Helps pay student loan debt if you become disabled.
- Retirement Protection Plus Rider: Ensures you can continue saving for retirement if you become disabled.
- Partial Disability Coverage: Provider Choice covers partial disabilities, meaning you can receive benefits even if you are able to work but your income is reduced due to a disability. This feature is particularly important for physicians who may continue working part-time.
- Financial Strength: Guardian is highly rated, with an A++ financial rating, indicating stability and reliability when it comes to paying claims.
Guardian’s Provider Choice is often seen as a premium choice for physicians due to its robust coverage, but it may come with slightly higher premiums compared to other carriers. However, the policy’s strong own-occupation definition, flexible riders, and comprehensive benefits make it an excellent option for those seeking long-term income protection.