Despite Massive Student Loan Debt, Coverage for Student Loan Payments is not a Top Priority in Long Term Disability Insurance for Doctors

Omaha, NE (PRWEB) July 05, 2017

LeverageRx, a leading digital insurance and lending marketplace exclusively for medical professionals, released the 2017 Report on Long-Term Disability Insurance for Doctors.

The 2017 report was compiled from data received after surveying insurance agents and brokers with a heavy focus on individual long term disability insurance sales to physicians and dentists.

The full 2017 Report on Long-Term Disability Insurance for Doctors can be found here.

Student Loan Benefit Riders Are Not a Priority in Disability Insurance:
According to the Association of American Medical Colleges and the American Dental Education Association, the average student loan debt was $180,723 and $262,119 for physicians and dentists, respectively. However, coverage to help with student loan payments in the event of disability was not a core feature of long-term disability insurance for doctors. When student loan coverage was available, only 4.6 percent of long term disability insurance sales contained additional benefits for student loan payments in the event of a disability.

When asked to rank the importance of several long term disability insurance features, coverage for student loans had the lowest average ranking. Additionally, almost half of all respondents said that of the long term disability insurance policies sold to doctors in the last 12 months, none contained coverage for student loan payments when available.

Own-Occupation Definitions of Disability are the Standard for Doctors:
When an own occupation definition of disability was available to the insured, an estimated 92.4 percent of all policies sold contained an own occupation definition of total disability, while an estimated 7.0 percent contained a transitional occupation definition and only 0.6 percent of all policies sold contained an any occupation definition. When asked to rank the importance of several long term disability insurance features, an own occupation definition had the highest ranking for both doctors in training and practicing doctors.

The Majority of Doctors Purchase Long Term Disability Insurance During Training:
In the 2017 survey, respondents were asked to provide a breakdown of long term disability insurance sales to physicians and dentists by career stage. An estimated 55.3 percent purchased disability insurance during training, while 44.7 percent waited to purchase until practicing. 27.1 percent of doctors purchased in their last year of training.

About the Survey:
The survey was completed by insurance agents and brokers that specialize in disability insurance sales to physicians and dentists and sold over 1,600 long term disability insurance policies to doctors over the last 12 months. The agents that participated have an average 14.9 years of industry experience and over 18,000 long term disability insurance policies sold throughout their careers.

The participants of the survey include:

Adam Sandman, Physician Financial Services Allison Batt M.S., The BattDouglas Financial Group Andy Borgia, DI4MDs
DK Unger, DI4MDs Lawrence B. Keller, Physician Financial Services Michael Douglas, CLU®, ChFC®, CFP®, The BattDouglas Financial Group Michael Relvas, MR Insurance Consultants Pradeep Audho, PKA Insurance Group Inc Raymer Malone, High Income Protection Insurance Agency Robert Kaplan, CFP®, Kaplan Financial Ryan Poindexter, MD Financial Services Scott Nelson-Archer, MD Financial Services Stephanie Pearson, Stephanie Pearson, MD

About LeverageRx:
LeverageRx, based in Omaha, NE, is a digital lending and insurance marketplace tailored for physicians, dentists and other medical professionals. The company makes it incredibly simple for doctors to compare rates for financial services including student loan refinancing, personal loans, long-term disability insurance and exclusive mortgage programs for doctors. LeverageRx is known by doctors for its instant long term disability insurance quoting engine software, allowing customers to compare rates from the country's top disability insurance providers.

Read the full story at http://www.prweb.com/releases/leveragerx/2017-disability-report/prweb14478957.htm