How much does it cost to add a psychiatric disability rider onto own-specialty disability insurance? Rough estimate.
First of all, something needs to be cleared up. You can't add a Psychiatric disability rider onto an own-specialty disability insurance. These contracts are sold to too many individuals to make them that customized.
It's actually very simple. You want to look for a policy with a definition of total disability that includes two primary parts:
- Disability is classified as the inability to perform the material and substantial duties of your own occupation.
- Benefits will remain payable, even if you decide to work in a different occupation, so long as you continue to be unable to work in your occupation at the time of claim.
The definition of disability is relative to the occupational duties you have, at the time claim.
For example: You buy a disability insurance policy while working as a surgeon - if you become unable to operate, then you may qualify for benefits. However, if you buy the policy as a surgeon, but later decide to work as an accountant, the criteria for being disabled will now be relevant to the duties of an accountant, not a surgeon. (Not so realistic, but I think it gets the point across)
So, an own occupation policy for a Psychiatrist is the same policy as is used for a surgeon, an engineer, cpa, etc. The language is always relevant to "your occupation". What makes it specific to your medical specialty is the fact that your occupation is the same as your medical specialty.
Regarding pricing . . . There are way too many variables to give you anywhere near an accurate estimate. It will depend on gender, state, age, health, etc.
If you really just want ball park figures, males can typically expect to pay 1-3% of gross income and females can expect to pay 2-5% of gross income.
Hope this is helpful. It's a bit difficult to explain, but is important for you to know if you are looking into getting coverage.
