Exclusion Riders—Not Always Too Exclusive

Exclusion Riders Not Too Exclusive for Physician Disability Insurance

Occasionally I take an application from a doctor who has a history of an injury, disease, or other disorder that has a higher than normal risk of causing future problems. Rather than decline the application, often insurance underwriters will agree to issue a regular policy that covers everything except that problem. This allows the applicant to still get a policy and have everything else covered at a fair premium rate.

These exclusions are not always completely exclusive, however. The intent of many of these riders is to exclude just the preexisting condition – not all situations that involve the affected area.

Why Your Birthday May Be the Perfect Motivator

Getting Physician Disability Insurance Before Your Birthday

Most of the uninsured doctors I talk with really want to get disability insurance, but they struggle to find a few minutes to fill out the application. Sure, they understand the importance of getting a good policy before something happens to their health in order to protect their families financially. Still, they get busy and put off completing the application again and again thinking they will have time to do it later.

But one thing that really seems to motivate doctors to take the time to get their insurance is their birthday!

Act Fast – High Disability Benefit Opportunity Ending Soon!

High Physician Disability Benefit Ending Soon

Back in May I shared that the disability provider with the highest limits will no longer be offering their products directly to physicians after September 1st. This deadline is rapidly approaching, so upper income physicians who are interested in getting a high $35,000 monthly income benefit from their disability insurance policy need to act now.

“I Hope My Agent Sold Me Disability Insurance!”

Hoping You Had a Physician Disability Insurance Policy

I received an email this morning from the wife of a surgeon whom I spoke with years ago. She was hoping her husband had some physician disability insurance with me – some insurance they could use now because he is becoming disabled. She didn’t tell me the details of his disability, but it is too late for them anyway. I didn’t have good news for her.

Is a Physician’s Disability Tied to Foreclosure?

Physician Disability Tied to Foreclosures?

What do foreclosures and disabilities have in common? A lot! It turns out that almost 50% of foreclosures involve disability of the family breadwinner. But surprisingly, only about 3% of foreclosures are a result of death. So if you want to protect your family financially, which type of insurance is more important? Obviously, the physician disability insurance is much more important.

Nevertheless, I am surprised by how often I speak with people who are very careful to have life insurance, but haven’t given physician disability insurance much thought.

“One Thing I Should Have Done is Upgrade My Insurance”

Physician Disability Policy Updates | MDDisabilityQuotes

Several years ago, I spoke with a lawyer who was receiving physician disability income benefits. He didn’t start out as a lawyer. He was actually a dentist originally, but a back injury ended his dental career. Fortunately he had disability income insurance with an own occupation definition of disability that allowed him to work in a new occupation and still receive the full benefits. He was able to live on the benefits and go to law school. Then he continued to receive the benefits while working as a lawyer.

This lawyer is quick to say that he would not have made it financially without the disability income insurance, but he still wishes he had done a better job of updating his policy.