We’ve been working with doctors for the last 30 years. When we began supplying doctors disability insurance for income options, there were over 125 impairment income businesses.
Over that period of time we’ve found medicine change drastically. Handicap businesses have reacted by removing or altering advantageous contract provisions, such as:
- Reducing benefit particular own-occupation definition
- Raising waiting premiums
- Removing the specialty underwriting
- Increasing fiscal underwriting
- Tougher medical managing processing
- More rigorous periods
- More Rigorous claims intervals
In the past 30 years we’ve found many friends and customers end up being disabled. We’ve found the worth in our recommendation. We’ve found adversity experienced by some who did not take our guidance.
The protection of your income needs to function as the basis for the entire fiscal strategy. When all is said and done, doctors disability insurance lets you fulfill your financial obligations. It lets you concentrate on becoming well and attempting to overwhelm your injury or sickness. It lets you live with dignity.
Recall the first rule of insurance, ensure first that which you can least afford to lose… your income, your health and your daily life.
In the event where you obtained a goose which always laid golden eggs, would you protect the eggs or the goose? The most intelligent choice will be to insure the goose’s power to lay those gold eggs. If you’re similar to most of our high income customers, the single biggest advantage your family has is your income earning ability.
The likelihood of at least one long term handicap (90 days of longer) occurring before age 65 is 50% for someone age 25, 45% for someone age 35, 38% for someone age 45 and 26% for someone age 55.
Insufficient doctors disability coverage may be more expensive than death, divorce or a suit.
Give yourself an income protection checkup:
- How long does your coverage last?
- What is my monthly benefit?
- Can I live on that sum per month?
In case you walked into your workplace tomorrow and your income was cut by 76%, could you survive?
- Is my policy forte special for the complete benefit period? Most group policies will be for just a 2 to 5 year interval.
You generally need to pay premiums personally. This manner in which the advantage is received tax free. Additionally, there are other issues as to the reason why you do not want your own corporation paying and deducting premiums. Some physicians are told to write off premiums before you run into a potential scenario where you may get disabled and after that pay your next premium post-tax. The theory being that your last premium was not deducted; thus, the benefit will be tax free. Do not believe it and don’t take that advise.
- Do I have adequate overhead coverage? Many doctors who contact us have inadequate coverage.
- Do I have a contractual provision in my buy-sell agreement providing for disability buy-out if I or one of my partners become disabled? How is it funded?
- Is my insurance company financially stable?
- Can I cancel my policy at any given moment? Group policies or associate coverage may be cancelled, premiums could be raised. Using a non-can product you will pay a fixed premium throughout the contract term.
- Does my policy include a cost of living adjustment?
- Does it pay if I am partly disabled?
- Are my future pension contributions covered?
Hopefully this advice has been of use to you. Our desire would be to assist as many doctors as we are able to make educated, informed choices when protecting their income with doctors disability insurance.