As you are about to go into practice and you've spent years training, you're about to begin your years of higher earnings. Physicians are the single largest buyers of
disability insurance. The reasons are fairly simple. Your entire future income is based on your ability to perform the duties as a physician and in your specialty. Secondly, most physicians are acutely aware that people do get sick and do have accidents which could stop their ability.
The What
There are numerous areas to focus on in a choice of disability insurance but here are three to remember assuming that the policy is non-cancelable and guaranteed renewable to age 65:
1. Make sure the insurance company is financially strong. Check the ratings from Standard & Poor's, Moody's and A.M. Best. This is where your future income may come from. Know who's holding that income.
2. Get a true own occupation definition of disability. Watch out for "modified own occupation"
3. Get a policy with recovery benefits that are not limited to a few years or months. When you come back to work after disability income may not recover even if you have.
There's one insurance company that has a
disability insurance policy with all three of these attributes for physicians. The experts at Protectyourincome.com can help review these company choices.
The How
There are special programs for resident physicians. In your last year of residency there are choices you have. There is a special program where you can obtain $3,500 a month of coverage as a special offer no matter your current income as a resident. Also, if you have an employment agreement indicating your income when you leave residency, the insurance company can base the amount of insurance that you will qualify for on that contract.
Based on either being in residency or with a contract in hand, you won't need to show any other income verification to obtain these special limits for disability but do need to show evidence of good health.
---
Author, Neil Willner, owner of ProtectYourIncome.com, Disability Insurance Online, provider of disability insurance quotes and information, writes articles on disability insurance for ProtectYourIncome.com. For more information, visit http://www.ProtectYourIncome.com.
