At Guardian®, we recognize the unique challenges that physicians face. That’s why we’ve designed our physicians’ disability insurance coverage to help protect your income and meet your needs as a practice owner.

Personal income protection: Safeguarding your income

If you’re unable to work in your medical specialty due to an illness or injury, individual disability income (DI) protection may help to replace a portion of your paycheck, enabling you to worry less about money, and focus more on your recovery. Your DI policy is designed to help you maintain your lifestyle while you’re disabled.

As a physician, there’s special protection available for you. Our Enhanced True Own-Occupation coverage is available exclusively to physicians and doctors of osteopathy. With this coverage in place, if you become totally disabled, you’ll receive your full disability benefits, even if you’re gainfully employed in another occupation or capacity. Additionally, while total disability keeps you from practicing your own occupation, there may be instances when you can work in your own practice and still collect your full disability benefit.

Our base policy is one of the strongest and most flexible in the marketplace today. It includes a Hospice Care Benefit and a Serious Illness Endorsement. In addition, you can customize your policy to meet your specific needs, by choosing any or all of these valuable options:

  • Student loan coverage
  • Protection in the event of partial disability
  • Lump sum benefit at age 60
  • Retirement contribution protection with Retirement Protection Plus*
  • Future Increase Option Rider, which gives you the opportunity, each year, to increase your coverage as your income grows — without requiring proof of medical insurability

* Retirement Protection Plus is not a pension plan, qualified retirement plan, or qualified individual retirement account, or a substitute for one.

Business protection: Safeguarding your practice

With an Overhead Expense disability insurance policy, up to 100% of your routine business expenses may be covered should you become disabled — including your office rent, business equipment expenses, utilities, employee salaries, and benefits.

The Overhead Expense policy can safeguard the income of your employees, including your nurses, medical assistants, and other staff.

You can also tailor your Overhead Expense policy to include various options, based on the needs of your practice. A few of these include:

  • Professional Replacement Endorsement: Provides an additional benefit for the purpose of hiring a replacement for you while you’re on disability. This helps you fund the care for your patients without interruption.
  • Business Loan Protection Rider: If you have elected this rider and become totally disabled, you’ll be reimbursed for covered business-related loan expenses from a financial institution.

Coverage to help you transition your practice in the event of your continued disability

If your practice is structured as a partnership, you may already have a buy-sell agreement in place to specify the terms under which your partners or business entity will buy out your share of the practice should you have to leave due to disability. If you already have such an agreement, or plan to create one, Disability Buy-Out insurance can be used to fund it.

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As a physician, you know how unpredictable life is, and how an individual’s health can suddenly change due to an injury or illness. That’s why it’s important that you consider taking the right steps today to put comprehensive personal income protection and business protection in place. These coverages can help you protect your personal finances as well as the practice you’ve worked so hard to build.

At Guardian, we’ll help you tailor your coverage to fit your needs.

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Individual disability insurance policy Form 18PG is underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, NY. Product provisions and availability may vary by state. In New York: These policies provide disability insurance only. They do not provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department. For policy form 18PG, the expected benefit ratio is 50%. For policy forms 18PG-F, the expected benefit ratio is 60%. The expected benefit ratio is the portion of future premiums that the company expects to return as benefits, when averaged over all people with these policy forms. Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice.

Optional riders are available for an additional premium.

Conditions and limitations apply. Medical information is not required when applying to exercise an increase option. Taken into consideration are financial information as well as all disability insurance in force, for which you’ve applied or are eligible to receive.

Lump Sum reference: This publication is provided for informational purposes only and should not be considered tax or legal advice. Please contact your tax or legal advisor regarding the tax treatment of the policy and policy benefits and your particular set of facts and circumstances. The information provided is not intended or written to be used and cannot be relied upon, to avoid penalties imposed under the Internal Revenue Code or state and local tax law provisions.

Guardian® is a registered trademark of The Guardian Life Insurance Company of America.

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