Disability and Life Insurance
Physicians invest a lot of time and money into their training and education with the understanding that their future earnings ability will be well worth the sacrifice.
Disability income insurance is one way to help protect that investment into future earnings. In fact, it should be one of the first policies purchased by a doctor as they prepare to finish medical school. This is coverage that you can take with you throughout your career, and between student discounts and state over state preferences, there can be a real advantage to knowing your options before you officially enter practice.
Disability coverage levels are affected by group coverage plans, so it is important to understand all of your options before you sign up for your company’s group disability policy. Many hospitals and universities offer “any occupation” disability insurance to their employees. These policies state that as long as you are capable of performing even the most menial tasks of employment, you are no longer considered disabled. We recommend looking at policy options that such as “own-occupation, specialty-specific” and “future increase pool”riders.
If you did not purchase a policy during your last year in medical school, that does not mean you have missed the boat. Physicians purchase and update their disability policies at all stages in their career and just like a whole life policy, the sooner you look into options the cheaper your rates will be. Don't wait to have a conversation with your agent concerning your disability insurance.
Like all insurance coverage plans, cost should not be your primary decision factor as all policies are not created equal. Find a policy that offers the strongest coverage at the best available price and look for components that can help cover your business overhead expenses while you are unable to work. You can add more coverage down the road, but remember that age and health are key rating factors. There’s no “one-size-fits-all” answer for determining the amount of coverage needed. In the end, it comes down to how much income you’ll want to have available in the event that you are no longer able to provide for yourself, your business, and your family.
The sooner you know your options, the better prepared you will be when it comes time to make a decision. With the ability to shop coverage through multiple carriers for term life insurance, whole life, disability and more, call us today to set up a no-obligation review.
Contact us at Medinsure Group to find out more by calling us 877-403-8584 or scheduling an appointment wth one of our team members here
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