Malpractice Insurance Rider for Disabled Physicians
Author: Sun Life Financial
Published: 2011/06/10 - Updated: 2026/01/11
Publication Type: Announcement
Category Topic: Dental - Doctor Insurance - Related Publications
Page Content: Synopsis - Introduction - Main - Insights, Updates
Synopsis: This product announcement details an industry-first insurance rider developed by Sun Life Financial that addresses a critical financial gap faced by medical professionals during periods of disability. The information proves particularly valuable because it explains how physicians and dentists - who must maintain malpractice insurance coverage even when unable to practice - can now receive reimbursement of up to $25,000 annually for these mandatory premium payments during approved disability periods. With the average physician paying roughly $15,000 per year for malpractice coverage, this rider offers meaningful financial relief during what is already a challenging time. The practical nature of this solution makes it especially relevant for healthcare professionals with disabilities who face the dual burden of lost income and ongoing professional insurance obligations - Disabled World (DW).
Introduction
The Employee Benefits Group division of the U.S. business group of Sun Life Financial, Inc. has announced the launch of a Malpractice Insurance Reimbursement rider - a first in the employee benefits industry. The optional rider offers Physician Group Long-Term Disability customers reimbursement of their malpractice insurance premium payments while they are out of work on long-term disability.
Main Content
Physicians and dentists face additional financial pressure while on long-term disability, since they must continue to pay malpractice insurance premiums as a necessary business expense, according to MGIS, a leading national medical group administrator that provides administration services for all of Sun Life's Physician Group products.
"There are about 600,000 physicians in the U.S. who practice in medical groups and need malpractice insurance," said Jeff Brunken, President, The MGIS Companies, Inc. "Physicians pay, on average, $15,000 a year for malpractice insurance. This rider will provide significant help during a difficult time."
Sun Life's Malpractice Insurance Reimbursement rider will provide reimbursement of up to $25,000 of malpractice insurance premium payments due and paid during a 12-month period of approved disability.
"As an innovator in the group benefits industry, we are excited to create a solution that provides medical practices, doctors, and dentists with the ability to protect more of their income," said Michael E. Shunney, Senior Vice President and General Manager of Sun Life's Employee Benefits Group.
Sun Life Financial offers a full range of specialized group products to physician and dentist employer groups, including Physician Group Long-Term Disability, Short-Term Disability, and Life and Accidental Death and Dismemberment.
The Employee Benefits Group division (EBG) of Sun Life Financial offers Group Life, Disability, Dental, and Medical Stop-Loss insurance through 170 group insurance sales representatives in 34 major U.S. cities. As of December 31, 2010, EBG had approximately 35,000 policyholders and more than $2 billion of business in-force, covering approximately 12 million lives.
Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.