The Statistics Behind Physicians Becoming Disabled (A Case Study)
Today I spoke with a young dentist who is trying to figure out if he needs physician disability insurance. He asked me, “What are my chances of becoming disabled?” Even though I have specialized in physician disability insurance for over 30 years, I still had to stop and think. I didn’t have an exact answer. […]
Are You Paying High Female Premium Rates for Your Physician Disability Policy?
Women usually have a good deal when it comes to life insurance. They might typically pay 20% to 40% less than men. But unfortunately, disability insurance premiums for women are usually much higher. Depending on the age and company, rates of 40% to 60% higher are common. Is there anything you can do? Maybe. I […]
The Disability Component of Buy-Sell Agreements (Part 2 of 2)
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 […]
The Disability Component of Buy-Sell Agreements (Part 1 of 2)
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 […]
Physician Disability Insurance Checklist: Does the A.C.P. Plan Pass? (Part 2 of 2)
In our last post earlier this week, we started to put the American College of Physicians (A.C.P.) to the “test” – comparing the physician disability insurance product offered through this association against high-performing private disability insurance. In this final post of this series, we’ll cover two more recurring topics presented from respected magazines, such as […]
Physician Disability Insurance Checklist: Does the A.C.P. Plan Pass? (Part 1 of 2)
rivate Practice, Money Magazine and Consumer Reports to help you make an informed decision about disability insurance. In this two part post, we will be using recurring topics from these articles to compare the disability insurance product offered through the A.C.P. against high-performing private disability insurance. It is very important – and very common – to […]
Should You Pay Physician Disability Premiums with Pre- or Post-Tax Dollars? (Part 1 of 2)
Paying your physician disability insurance premiums with pretax income may be an attractive option due to the immediate savings you receive. But are you really saving money in the long-run? In this two-part post we’ll explain whether pretax or post-tax dollars provide a greater benefit. Do You Have Enough Disability Insurance? Anyone who works for […]
You Are Purchasing the Words and Phrases in Your Physician Disability Insurance Contract
During my 30+ years of working with professional clients, I found that physician disability insurance is more understandable when I provide claim examples. Here’s an example of a physician who needed to file a Residual Disability Claim and learned how important it is to have the right words and phrases in his disability insurance contract! […]
The Cost v Benefit of a Shorter Waiting Period on Your Physician Disability Insurance Policy
How can you get a shorter waiting period without paying a higher premium on your physician disability insurance policy? Most people don’t realize what a valuable benefit this particular policy is until they do some math. One scenario saves a physician 80%! Most doctors choose to go with a waiting period of 90 days to […]
A Supplemental Health Benefit to Your Physician Disability Insurance
. The insurance carrier, Principal Financial Group, takes your income protection even further with a unique, built-in provision called the Supplemental Health Benefit. Here’s how it can help. How It Works The Supplemental Health Benefit provides a once in a lifetime lump sum 6 times your monthly benefit if you were to become disabled under […]
How a Christmas Tradition Turned into a Physician Disability Claim
Some claims are just too interesting to NOT share! On November 30th I had a call from a Radiologist with a ‘potential claim’ question. His question to me was, “If I lost partial vision does that make me eligible for a claim on my disability policy”? Well the answer is, “It depends.” Here’s his (unusual) […]
Discounted, Own Specialty Physician Disability Insurance
Physicians looking for disability insurance will quickly learn from a simple online search that companies preach, “Discounted, Own Specialty Disability Insurance.” The importance may get overlooked as a physician digs deeper into possible contracts, trying to understand the specific wording. We recommend not losing site of a discounted, own specialty disability insurance plan by understanding […]