What is the potential value of a physician’s income? To earn your M.D., you have studied, sacrificed and worked hard for many years. Your skills are highly valued and your income reflects this. For example, the income of a 35 year old physician earning $300,000 per year through age 67 has a value of $9,600,000. The income of a specialist, age 50, earning $600,000 through age 67 has a value of $10,200,000. And these are the values before inflation increases! Physicians like you have a lot to lose. This is why it is so important for you to protect your income with a physician disability insurance policy.
Are you really protected? Too many physicians have been devastated to find out at the time of claim that their disability income protection policy does not cover them the way they assumed it did. You can make sure you are protected by answering the following questions now.
1. As my income has increased, has my disability income protection also increased?
When you upgraded your house, you likely increased your home owner’s insurance along with it. The protection on your income, likewise, should be increased as the value of your income grows.
2. Do I need Specialty Own Occupation/True Own Occupation coverage?
In most cases, yes! Read this post and explore more about physician disability insurance here that explains own occupation coverage.
3. Does the definition of disability on my policy mean that I will actually receive benefits if I were to become disabled?
Some policies require that a physician be unable to perform the material and substantial duties of their own specialty, while others require he/she be unable to perform the basic functions of living such as being able to feed or dress oneself. Some policies will pay full benefits even if you are working in another occupation while disabled in your own, but others will not pay if you are able to work in any occupation at all.
4. Do I know what the difference is between group and individual disability insurance and why this really is important to me?
If not, stay tuned for our next 2 posts.
5. What other factors do I need to consider when I review my disability income protection?
The fact is, everyone’s situation is unique so this is where we can really help you out by highly customizing your doctor’s disability insurance policy to your specific situation. We will help you determine which benefit periods, custom riders, policy definitions, ancillary benefits and other policy features that will best suit you.
Check with us today. We will answer these questions for you, and your answers will be based on what kind of income protection will be best for you and your specific situation.
You have worked hard and invested a lot of time and money in your education and training. Now is the time to make sure this most valuable asset is well-protected! You can start today requesting a free policy review or a no-obligation quote.