Disability insurance isn’t like major medical insurance post-Obamacare. While major medical carriers have to take all comers, regardless of their medical history (provided they apply during an open enrollment or special enrollment period), disability insurance is still medically underwritten. That
Definitions Matter – Especially the Definition of Own Occ Disability Insurance
Nearly every insurance expert will advise doctors it’s important to own a disability insurance policy with an “own occ” (own occupation) definition of disability written into the contract. That’s in contrast to the less desirable “any occupation” definition included in many contracts.For physicians,
Details Matter: Doctors Should Own Their Own “Own Occupation” Disability Insurance
Importance of Own Occupation Disability InsuranceWhen it comes to protecting your income against the risk of injury or disability, having the right policy matters. As a physician, chances are good that your ability to earn an income hinges on your physical ability to do things like these:Remain on
Doctors: Don’t Count on Uncle Sam if You’re Disabled
If you’re ever disabled, don’t be relying on the federal government for help. Federal disability benefits were never intended to cover more than very basic needs. The average Social Security Disability benefit is just $1,173 per month. And now it’s taking even longer to get approved.In prior years,
Association Sponsored Disability Insurance
I talk to a lot of physicians who are comparing individual disability insurance to a plan offered by their medical association (AMA, ADA, etc.).At first glance, Association Disability Insurance seems to offer physician-friendly, own-occupation coverage at a fraction of the cost of some other types
The Most Dangerous Myths About Insurance Coverage
Myths About Insurance CoverageWhen it comes to insurance coverage, what you don’t know may not kill you – but it can cost an awful lot of money.Unfortunately, there are a number of myths and misconceptions that even very highly educated people have about insurance and what it covers and doesn’t
Why Doctors Should Consider Residual Disability Insurance Benefits
Not all disabilities completely knock people out of the work force. In fact, many disabled individuals are able to eventually return to work, or continue to work in a limited setting. But their disabilities still result in a substantial hit to their earnings, compared to what they were earning
Is Your Disability Protection Up to the Job?
Disability insurance is a critical component of a financial plan for most people – but especially for physicians. This is because doctors, dentists and other similarly-situated professionals generally have huge sums of money invested in education, need to be in reasonably good health in order to