5th Apr

2018

May is Disability Insurance Awareness Month

Disability insurance may be the most overlooked type of risk protection in America today. That’s because most people don’t fully appreciate the impact a disabling accident or injury will have on them and their loved ones.  Even a short term event can have long lasting consequences.

Imagine losing your ability to practice for even a short time?  Your bills don’t stop coming in and you have the added responsibility of debt acquired through school and training.  You need a comprehensive plan which includes high quality disability insurance.

What are your chances?

Higher than you probably think. You can ignore the problem, but it’s hard to ignore the facts:

  • Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.
  • Accidents are NOT usually the culprit. Back injuries, cancer, heart disease and other illnesses cause the majority of long-term absences.

Are you prepared if it happens to you?

Probably not. If you’re like most young physicians, you don’t yet have disability insurance.  Or you may not have the correct type of policy with the definitions to protect you in the practice of medicine.  You may be between plans (like when you leave training but haven’t started in practice) or enough emergency savings to last 34.6 months. Yes, that’s the duration of the average long-term disability claim.

If you become disabled, will you be ready? Or will you and your loved ones face serious financial hardship, possibly foreclosure and even bankruptcy?

Why is physician specific coverage important?

Physicians are unique in many respects as their career experiences create an understanding of the risks and consequences that few others have.  For this reason, physicians are avid consumers of disability protection products but they still struggle with fully understanding the products available to them.

You need coverage that not only protects you today but is also structured to grow with you as your practice (and income) grows in the future.  And, you shouldn’t depend solely on what may be available at your first practice, clinic or hospital.  These plans change and may contain limitations that severely impact your ability to adequately protect your income.

Take the time to learn about your options before you leave training!

There are options available to you as a physician in training that can save you time and money.  More importantly, you can build a solid foundation which will allow you to build for your future.  Learn about your options and make an informed decision.  You will be glad you did!

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