Addressing the Chiropractor 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 as risky as an underground coal miner, but definitely of more concern than a certified public accountant.  But why?  Why are chiropractors such bad DI risks for insurance companies?  And why do you, an insurance professional, have problems finding them proper income protection?

From an underwriter/insurer standpoint, chiropractors are high-risk prospects, and they have been for decades.  Like the crashed physician and surgeon market of the late 80’s and early 90’s, the chiropractic professional sector of the DI business has always held a notoriety of heavy claims vs. premium intake, and insurance companies just don’t like losing money.

But what are the reasons for the infamous level of chiropractor claims in the industry? Chiropractors are well educated with years of accreditation beyond a simple bachelor’s degree 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 completely shunning the chiropractor market.  Few American carriers 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.  Petersen International offers a wide range of coverage options including long-term personal disability insurance, BOE coverage, loan indemnification and buy/sell insurance.

Chiropractors are highly-trained professionals who require disability insurance like any other prospect.  You as an advisor must be diligent in your prescription of coverage, and Petersen International can help you provide your clients with proper income protection.

Call us today at (800)345-8816 to learn more about our comprehensive line of benefits for the chiropractor market.

 


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