Addressing the underserved Chiropractors Market
Regarding the underwriting of disability insurance, certain occupation classes require more finesse than others. One such classification is that of the chiropractic professional; not risky as an underground coal miner, but definitely of more concern than an accountant. But why? Why are chiropractors considered higher DI risks for insurance companies?
From an underwriter/insurer standpoint, chiropractors are high-risk prospects, and they have been for decades. Like the crashed disability insurance market for physicians and surgeons in the late 80’s and early 90’s, the chiropractic professional sector of the Disability Insurance has always held a notoriety of heavy claims vs. premium intake, and insurance companies just don’t like losing money. There are very few exceptions, and we have these companies in our portfolio.
But what are the reasons for the infamous level of chiropractor claims in the industry? Chiropractors are well educated with years of accreditation which is always a positive in the eyes of an underwriter, but the physical nature of their occupation, overtime, lends to the early degeneration of their bodies, more so than most medical doctors. Practicing as a chiropractor takes more physicality than the majority of white collar professions, and as the neck and back become enflamed and as joints weaken, a chiropractor has a more difficult time performing the duties of his/her occupation.
Traditional underwriting of disability insurance lends to the side of being conservative, thus most companies completely shunning the chiropractor market. Few US insurance companies are willing to offer the occupation any disability income insurance, and those that will risk it, severely limit the benefits available.
The best source of substantial disability income and business insurance for chiropractors is through outlying markets. LifeGuy.com can offer a wide range of insurance coverage options to chiropractors, from multiple insurance companies including long-term or short-term personal disability insurance, Business Overhead Expense coverage, Business Loan Protection and Buy-Out or buy/sell disability insurance.
Chiropractors are highly-trained professionals who require disability insurance like any other professional. We can help you with proper income protection when needed.
Call us today at (239) 466-4466 or email INSURANCE@LifeGuy.com to learn more about our comprehensive line of benefits for chiropractors.