What would you do if you suffered an injury or illness that left you unable to work for years, decades, or the rest of your life? The financial impact would be catastrophic.
But you can protect your income now by investing in disability insurance for attending physicians.
While 64 percent of workers across all industries see their odds of becoming disabled as about one to two percent, the reality is one in four of today’s 20-year-olds will likely become disabled before reaching retirement age.
Unfortunately, many workers wait too long to invest in insurance or opt for inadequate plans that don’t provide the coverage they actually need.
Why Do Attending Physicians Need Disability Insurance?
Your ability to earn an income is your most valuable asset and the foundation of any financial strategy. We know physicians work hard to support their lifestyle. Your income pays your expenses of daily living, student debt, and enables you to build wealth for the future you desire.
Questions to ask if illness or injury made it impossible for you to work
- How long would your savings last?
- Would your spouse’s or partner’s income be sufficient to make up for the shortfall?
- What lifestyle changes would you or your family need to make?
- What about your dreams for the future – college for your children, travel, a comfortable retirement?
- What would happen to your credit rating?
Group vs Individual Disability Insurance Plans For Attending Physicians
This is a common topic among physicians looking to invest in disability insurance, and for a good reason. After all, you’re securing your financial future. No two insurance policies are alike, and there are key differences between group and individual policies.
Employer-Provided Group Disability Insurance For Attending Physicians
Your employer provides group disability insurance benefits for attending physicians. Like all forms of employer-provided insurance, you can generally enroll during an open enrollment period or after a qualifying event, such as getting married or starting a new job, if this is a voluntary group disability policy. Most group insurance will be mandatory for all employees and attending physicians.
However, group disability insurance is riddled with shortcomings potentially detrimental to your financial security, including:
- You can’t keep your insurance benefits if you leave your job; Not portable.
- Weaker definitions of total disability.
- Your disability claims are taxable if the employer pays for this benefit.
- Benefits you receive from Workers' Compensation or Social Security may be deductible from your group insurance benefits.
- Your benefits and rates are not guaranteed and may be subject to change.
Individual True Own Occupation Disability Insurance for Attending Physicians
Individual true own-occupation disability insurance for attending physicians provides the coverage you need without the drawbacks of group insurance plans.
True own-occupation policies benefit if you cannot perform the substantial and material duties in your own specialty. This definition of total disability will also allow you to work in another occupation or specialty while collecting your claims, without the claims being affected. Additionally, individual disability insurance for attending physicians carry the following benefits:
- Insurance carriers provide individual policies that are portable even if you move out of state or change Employers.
- Individual disability insurance policies are guaranteed renewable and non-cancellable, so your insurer cannot eliminate or modify your policy.
- Benefits from individual true own-occupation policies are tax-free.
- Customization in your coverage such as partial disability riders, student loan protection riders, retirement protection, and cost-of-living adjustments.
Why You Need Individual Disability Insurance for Attending Physicians Now
Investing in disability insurance for attending physicians early is the best way to safeguard your income. The sooner you protect your long-term financial interests, the better. Particularly because:
- Insurance rates are age-based.
- Your health will change as you age, which can impact your insurance rates or your ability to obtain an offer for coverage.
- Student loan debt is typically highest at the start of your career.
- Insurance carriers provide permanent discounts.
Find the individual insurance policy that best suits your needs by getting your free quote today.