Story at-a-glance
- Your income likely grew. If your benefit didn’t, you’re underinsured.
- Disability coverage should grow with your career. Check it annually.
- Use your Future Increase Rider. Boost benefits without a new exam.
- Review every January. Raises, kids, or loans change your needs.
- Protect your future paychecks. Increase coverage while you’re healthy.
A new year is the perfect time to check in on your financial protection.
You review your goals.
You update your benefits.
But here’s one question most doctors forget to ask:
“Is my disability insurance still enough?”
Because as your income grows, your protection should grow with it.
Why This Matters
When you first bought your policy, it probably covered most of your income. But over the years, things change.
You may be earning more. You may have a mortgage, kids, or a practice loan. And your lifestyle has likely grown too.
If your disability benefit hasn’t increased, there’s a good chance you’re now underinsured — meaning a disability could cut your income in half overnight.
A Quick Example
Let’s say you’re earning $300,000 a year and your policy pays a $10,000 monthly benefit.
That was perfect when you made $180,000 as a resident or early attending.
But now, $10,000 a month covers only about 40% of your income — and that’s before taxes on your group plan benefits.
If something happens to your health or your hands, could your family live on that amount?
How to Check If You Need More Coverage
Here’s a simple checklist:
✅ Has your income increased since you bought your policy?
✅ Do you have more expenses (new home, kids, or business)?
✅ Do you have a Future Increase Option or Benefit Purchase Rider on your policy?
✅ Has your employer-provided coverage changed or ended?
If you answered “yes” to any of those, it’s time for a quick policy review.
What Is a Benefit Increase Rider?
Most high-quality disability policies for doctors include a Benefit Purchase Rider (MassMutual) or Future Increase Option Rider (Guardian, Principal, Ameritas, etc.).
These riders allow you to increase your monthly benefit each year — usually without any new medical questions or exams.
It’s one of the most valuable features you can have.
Even if your health changes, you can still raise your coverage as your income grows.
But here’s the catch:
If you decline 50% or more of the offer, the company can permanently remove that option.
That’s why it’s smart to at least review your increase window each year before deciding.
When to Make the Change
The best time to review your coverage is at the start of each year — especially if:
- You finished fellowship or started a new attending job last year.
- You received a raise, promotion, or partnership buy-in.
- You took on new financial responsibilities.
Updating your benefit in January means you’re covered for the entire year ahead — before any new medical issues can appear.
What If You’re Already Fully Insured?
If you already have the maximum allowable coverage, great job — you’re ahead of most doctors.
Still, review your riders and policy terms annually.
Consider adding a cost-of-living adjustment (COLA) or residual/partial disability rider if you don’t have them already. These upgrades can make a huge difference in how your policy pays when you need it most.
Don’t Wait for a Wake-Up Call
Every year, I talk to doctors who wish they had increased their coverage sooner.
One surgeon told me,
“I always thought I’d do it next year. Then I developed back problems and couldn’t increase it anymore.”
That’s why you review it while you’re healthy — not when you need it.
The Bottom Line
As your career grows, your financial protection should grow too.
Your disability insurance isn’t a one-time purchase — it’s something to review every year to make sure it still matches your life.
If you’ve had a raise, started a family, or bought a home, take ten minutes to look at your coverage.
It might be the smartest financial move you make this year.
Next Step: See If You Can Increase Your Coverage
Our team can help you review your current policy and show you exactly how much additional coverage you qualify for — usually without another medical exam.
Ready to protect your future?
Get a personalized side-by-side policy comparison of the leading disability insurance companies from an independent insurance broker.
