How Do You Know If You Need Physician Disability Insurance?

2 minute read

2 minute read

We’re all human and tend to think that we’re indestructible. Unfortunately, life is unpredictable and anything can happen at any time. As a resident, fellow or attending physician, you are more likely to know this than others as you may deal with it on a more regular basis. This is why physician disability insurance exists - to protect your income flow in the event of an injury or becoming disabled.

Lock In Savings By Acting Now

If you’re a resident or fellow then you might be thinking that physician disability insurance is something you can take care of after finishing your schooling. Don’t miss what many residents or fellows unfortunately often do - that while you’re in residency or fellowship training, you have a unique opportunity to take advantage of training program discounts. The old adage that time is money applies here as the longer you wait, the more you’ll likely pay. Acting on possible training program discounts now will allow you to focus on other things once you start in your practice.

Make Sure Your Physician Disability Insurance Provides True Own-Occupation Coverage

Unfortunately not all physician disability insurance is equal and thus researching the ins and outs is key. Part of this research should focus on the own-occupation definition of the physician disability insurance. The purpose of the own-occupation coverage should be to provide income if you’re totally disabled and unable to perform the major duties related to your specialty even while you are able to work in another occupation. The wording in the contract can be complex and easily misunderstood, so you want to make sure that you know what you’re buying before you sign the dotted line. Otherwise, the peace of mind you think you’re securing will be non-existent.

Get Help From Professionals Who Have Examined These Contracts

Purchasing physician disability insurance is not like going to the store to buy a few necessities, as there are many things to keep in mind and review. If you’re a resident or fellow this can seem even more daunting as your time is limited. This is where we can help you. By having a physician-only financial professional research your true own-occupation physician disability options, you can have greater peace of mind that you’ll be putting your best foot forward as you set to move on into practice. Not only will you be able to possibly take advantage of training program discounts, but you’ll also have someone by your side making sure the fine print includes what you need.

Fill out a quote request today to lock in discounts on physicians disability insurance.