As a resident, you may wonder why should you secure coverage now, especially when cash flow and income are not at peak potential. Watch this quick video below for an explanation of the importance of securing coverage during your residency.
Securing a comprehensive disability income insurance policy is one of the most important steps you can take towards financial independence as it protects the future earnings potential you have as a specialist. While most physicians we work with know this, we find many are not, however, aware of the risks and costs associated with waiting until after your training is complete to secure a disability income protection policy.
As a physician, I am sure you are aware that securing a robust disability income insurance policy is imperative for protecting both the incredible effort put forth to be where you are today, as well as the future earnings potential you have as a specialist. What you may not know, is that as a female you may pay nearly 40% more than your male counterparts for the same policy.Continue reading →
Every individual disability insurance policy can be different so it can feel like comparing apples to oranges. The good news is if you know what to look for it can help simplify the process.
Comparing Disability Insurance Policies; The Basics of Every Plan
When comparing disabilities policies, we talk a lot about “following the money” to determine how you will be paid benefits in the unfortunate event of a claim.
We partnered with the Chief Claims Officer at one of the largest disability insurance providers to discuss the most common causes of claims for physicians and breakdown scenarios to better help you understand the risks and claims process.
Perception of a Disability vs. Reality
Many of the physicians with whom I speak have a pre-conceived view of disability insurance as someone who has been injured in an accident. However, due to decades of data we know that illnesses account for 90% of all disabilities according to the Council of Disability Awareness.
Over the course of helping thousands of physicians evaluate their options for disability insurance, these are the the seven questions we get the most often.
When do the payments start and how long do they last in the event of a claim?
The elimination period is the length of time you must be continuously disabled before your policy benefits begin to pay. Elimination periods for short term disability policies are typically under 14 days after injury, whereas long term disability can range from 30 days to 1 year. The most common is 90 days for long term disability.