With a mean income of over $300,000, urologists are among the highest paid medical specialists. While that would put them in the top 1% of all income earners, most urologists don’t feel “rich.” In a 2012 compensation survey conducted by MedScape, 51% of urologists said that, while they may be categorized as rich, the burden of heavy debt, taxes and expenses erases much of the advantage of their high incomes. Still, urologists can expect to generate more than $20,000,000 in earnings over a long career which can create substantial wealth. But, if their careers were cut short due to a long term disability, not only would they not feel rich, they might have to be concerned with having enough assets to last a lifetime. This risk is what makes disability insurance for urologists so important.
The problem isn’t that urologists, or any physician for that matter, don’t understand the risk of a disability. In a survey conducted by McGill Advisory, almost 100 percent of urologists reported having disability income coverage, but most aren’t covered to the extent they need to be. About half aren’t confident their disability coverage will provide the protection they need and a large portion of the other half couldn’t tell you what exactly their coverage will provide under most circumstances. Ironically, we are likely to find that urologists purchase the maximum coverage available on the cars and houses, but their greatest asset – their ability to create real wealth by performing their specialty – is under insured.
Urologists Need Disability Insurance to Protect Their Specialty
Today’s disability insurance marketplace has become somewhat convoluted and overly complex, especially as it relates to medical specialists who need to protect their specialty or sub-specialty. At the core of an effective disability income plan is the disability insurance policy’s definition of total definition. While urologists are fully aware that an “own occupation” definition is essential, most may not realize that each insurance carrier has their own “nuanced” version of the definition.
In some instances, an insurer might not consider you to be totally disabled if you are unable to perform a vasectomy, but are able to do clinical work. Some policies might only cover your specialty or sub-specialty for a certain number of years, after which it will only cover any occupation for which you are reasonably qualified. Urologists need “own occupation” coverage with “specialty language” that protects their specific duties so that, if they are unable to perform any of them, they are considered to be totally disabled.
You Deserve Specialized Guidance to Protect Your Most Valuable Asset
With so much at stake, urologists need to make their disability income planning their business. You can’t afford to settle for generic approaches to such a complex issue. Of course, the body of knowledge required to understand and dissect all of the contract provisions from a variety of insurers is too overwhelming for anyone, let alone a medical specialist who is immersed in his or her own field of study. That’s why it is essential to partner with a disability specialist who understands the unique needs of your specialty and has the capacity to navigate the complex world of disability insurance.
Doctor Disability has the experts, the resources and the access to the best specialty carriers to simplify the process and get you the optimum disability coverage you need.