Summary Of Michigan Specific Policy Features*

Percent More or Less than Average Premium

Male: -0.79%

Female: 2.83%

Policy Options from All of the Big Six Companies:

Yes

Unisex Policies Offered

No

*The information on this page are accurate as of the date this page was created, September 2021.  Policies and discounts vary by individual circumstances. For information on your specific options, please console with one of our advisors.

Located in the Great Lakes region of the upper Midwestern region of the United States sits Michigan. Michigan is the only U.S. that consists of two separate peninsulas: a lower peninsula and upper peninsula, each separated by a five-mile channel of water called the Straits of Mackinac. Michigan also has almost 65,000 inland lakes and ponds, which means it has the second most water of any state (second to Alaska).


Michigan includes a vast area of 96,700 square miles of land and average elevation of 900 feet. The state is ranked number 10 in the list of most populated U.S. states, with almost 10.1 million residents. The largest city in Michigan is Detroit, which includes a metropolitan-area population of more than 3.7 million people.


As of 2021, there are 21,785 active physicians in Michigan working in a variety of specialty areas including:


  • Emergency medicine: 3,637

  • Surgery: 2,188

  • Radiology: 2,002

  • Psychiatry: 1,661

  • Anesthesiologists: 1,641

  • Cardiology: 1,130

  • Oncology: 730

  • Endocrinology, diabetes, and metabolism: 260

  • All other specialties: 8,536



Disability Insurance in Michigan

Are you one of the almost 22,000 active physicians in Michigan? If you are, you might understand the importance of financial stability and having the necessary steps aligned to back up your investments into a medical education and solid career. While having a great medical education and career are two very important investments into dependable income security, they don’t provide the kind of income securities in the event that you get disabled. The real question to ask yourself is, what kind of steps do I have in place if I can’t work, but can still get income?


At Pattern, our goal is to provide you with up-to-date resources and expertise needed both to fully understand physician disability insurance, but also to find the best and most comprehensive policy for you. As an independent agency, we don’t have any affiliation to any of the Big 6 Companies and are only looking out for your best interests.


Knowing Your Disability Insurance Policy

As we explain in Chapter 3 of our Beginner’s Guide to Disability Insurance, there are several different definitions to understand to know what to look for in a policy. Knowing the following definitions will help you get the most out of your physician disability insurance policy:


  • Elimination Periods: All long-term policies have an elimination or waiting period (commonly 90 days), which means you must be disabled for a specific length of time before your policy will begin to pay your benefit. With a shorter elimination period, the cost of your policy will increase. A longer elimination period means you save money on your premiums.

  • Maximum Benefit Periods: Most long-term max benefit periods are set at age 65, but can vary. Many injury-driven disabilities are recoverable within a short amount of time, but 90% of physician disabilities are caused by a chronic illness and thus extend over a longer time.

  • Riders: As a helpful recommendation for doctors, riders are optional provisions that provides added benefits or flexibility. 



When to Purchase Disability Insurance

If you’re in training to be a physician, one of the best times to find a good disability insurance policy is now because doing so could provide you with training discounts. If you’ve completed training and have begun your medical career, you should take the opportunity now to work with Pattern to find a comprehensive policy that meets your needs.


When you work with Pattern, our experts help you to complete 3 simple steps:


  1. Request your quotes: you fill out a quote request form, and we submit it to each of the Big 6 Companies

  2. Compare your options: you review and compare your six quotes. Your Pattern support team will be there to guide you through the policies, answer your questions, provide examples, and make sure you have a clear understanding of each policy.

  3. Apply and buy: after you’ve made a decision, we will help you complete and submit a short application. From there, we will handle the insurance paperwork and get your income insured.


For Frequently Asked Questions about physician disability insurance, visit Chapter 8 of our Guide to Disability Insurance!