3 tips for picking disability insurance
Disability insurance is not on most people’s radar, but for physicians, it’s a must. As a young physician, your greatest asset is the ability to go to work and generate an income. Disability insurance protects this asset by providing you an income even if you become sick or injured. It can be hard to know where to start when it comes to shopping for insurance. The Physicians Thrive team of advisors has worked with thousands of physicians for over a decade and has a few tips for purchasing disability insurance:
1. Apply now while you’re healthy and young.
Rates go up 5 to 7% for every birthday you celebrate. In addition, policies require medical underwriting which includes a review of your medical records, labs, and prescription history.
2. Comparison shop.
By working with a free agent who is not employed by any one insurance provider, you can easily compare the differences between policies and prices from an objective perspective.
3. Ask questions.
Though disability insurance is important for physicians, your focus isn’t on knowing the ins and outs of your options. Make sure you get all of your questions answered and are not rushed into making a decision by anyone. The most important thing is to connect with those who provide the best advice and have a deep knowledge of the different parts and riders that can be included in a policy. Talk with an expert and make sure your needs are met.
Request your free disablity insurance quotes: