You may or may not have to pay taxes on the benefits you collects from a disability claim. It depends on how your physician disability insurance premiums are paid. This 3-minute video explains this in more detail, and shares if your premiums are deductible.
As you age, your physician disability insurance policy may not allow you to increase your coverage, or it may exclude certain conditions from coverage. However, if you have a Future Increase Option in your policy, you may not have to worry about these restrictions.
Last week my family and I were on vacation in Key Largo and it was the first time we spent any real amount of time fishing. Now, I am not talking all day, but in the evenings we would go out to the pier the condo had, bait up some hooks with shrimp, and then drop a line in. We would typically sit out there 2-3 hours just visiting with each other and the other owners in the complex.
After the first night and several suggestions from the other people watching our less-than-stellar success at fishing (our lines kept breaking), we were told we needed to buy nylon coated metal lead wires. My son, Braeden, was so excited the next night because we were catching tons of fish (caught and released). He did not care if he caught a 1 lb grunt fish, snapper, baby barracudas, or 2 foot black tip sharks – all were fun and exciting.
Each night this was our routine and each night a few of the same owners came down to watch the sunset (which was amazing!). As we all visited, there was one gentleman that I talked to more than the rest. He shared an interesting story.
July 4, 2016 represents 240 years since our great nation was born! Our history is that of farmers, explorers and ship builders that led us to now be – arguably – the economically rich and powerful country in the world.
We are excited to announce that Johns Hopkins gets a new Unisex female and male discount of 30% through our firm.
Our firm works with all of the major carriers that offer own-specialty disability insurance for physicians. Our long-term relationships with each of these carriers and underwriting departments greatly benefit our physician clients.
The Catastrophic Rider of a physician disability insurance policy is frequently misunderstood, or misrepresented. While it does provide additional benefit dollars, there are also additional restrictions one must meet in order to qualify for the added benefit.
Attention residents, fellows and interns: MetLife made changes!
Wow, it seems just a few years ago we were saying the opposite: “Physician disability benefit limits to be reduced; buy it now while you still can.” That simply is the not the case anymore as carrier after carrier has decided to increase their issue limits.
Have you ever wondered how a physician disability contract is priced?
In our last post, we started the discussion of buy-sell agreements for physicians and explained how the disability component of these agreements is often overlooked. Disability buy-sell insurance is, simply put, an insurance contract that states that after a period of time being disabled, you, your practice or your partners will be given a benefit amount that was predetermined in order to buy the disabled person’s share of the practice. In this final part of the series, we’ll cover other reasons why you need disability buy-sell insurance and share some probabilities that a disability would trigger a claim.