Went Fishing and Got Hooked!

Family Fishing | Physician Disability Insurance Story

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.

The Disability Component of Buy-Sell Agreements (Part 2 of 2)

Physician Disability in Buy Sell Agreements

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.

The Disability Component of Buy-Sell Agreements (Part 1 of 2)

Physician Disability in Buy Sell Agreements

For physicians in medical practices, the concept of a “buy-sell” agreement is not new. In fact, if you’re like most medical practices, you probably already have such an agreement in place. Most agreements do a good job covering how to handle the death of a partner, but most never address the questions, “What if my partner or I become disabled, what then? How do we dissolve the practice fairly?”