The chart below compares the best Disability Policies for a Nurse Practitioner.
Disability Insurance is Priced based on “Occupation Rating”.
But not all carriers rate Nurse Practitioners the same!
And not all policies have the features high earning professionals need!
Out of the top 10 Disability Insurers, Nurse Practitioners get the best combo of features and rates with the carriers below.
* detailed explanation of each benefit is located at bottom of this page
Even though Guardian is the most comprehensive, it’s not always the best fit.
Factors such as age & health play a role in the selection process.
Choosing the right carrier is critical to avoid a decline, exclusion…. or just wasting your time!
As an independent agent, I shop the market and match you with the best policy for your needs!
The cost for a typical Nurse Practitioner is around 1%-2% of income.
Remember! Disability Insurance can replace up to 80% of your income until age 70!
That is over $2,000,000 of Income Replacement for most Nurse Practitioners!
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Definitions of Benefits listed above
- Occupation Rating: Each occupation gets a “rating” based on how dangerous that job is perceived to be.
- Each carrier treats each occupation a bit differently in various ways. Your occupation could be a 6 with one carrier but a 5 with another.
- To make the situation even more complicated, some carriers have a rating system with 6 levels, others have only 4 or 5 levels. Making it very hard for consumers to navigate on their own.
- Own-Occupation: Benefits are triggered if you are unable to work your specific occupation.
- Any-Occupation: Benefits are triggered if you are unable to work any occupation you might be suitable to work.
- Partial Disability Benefit: Pays a partial benefit if your initial disability reduces you to part-time work.
- Recovery Benefit: Pays a partial benefit while you start back at work but are not full time yet.
- Cost of Living Adjustment: Increases monthly benefits each year while disabled.
- Catastrophic Benefit: An additional monthly benefit if you suffer from a severe disability such as blindness, loss of limb, etc.
- Rehab Benefit: Pays for rehab services related to getting back to work.
- Work Modification Benefit: Pays for various modifications to your work environment, or equipment, that your employer is not required to provide.
- Retirement Savings Benefit: Funds a retirement account on your behalf equal to the amount you save each month through your 401k/IRA.
- Serious Illness Benefit: Pays an additional benefit if you incur a serious illness such as stroke or seizure.
- Hospice Benefit: Pays an additional benefit if you require Hospice Care.
- Unemployment Benefit: Pays your premiums for up to 6 months if you become unemployed.
- Student Loan Benefit: Covers any Student Loan Payments you make on a regular basis. This benefit is an additional cost, and can even be purchased on it’s own without the rest of the disability policy.
- Non-Cancelable Policy: All of the listed policies are what’s called “Non-Cancelable” policies. That is just a fancy term for a guaranteed level premium that never increases. The alternative is a “Guaranteed Renewable” policy, meaning the carrier can increase premiums.