Justin Nabity

Disability Insurance Discount

What is with all this talk about discounts on disability insurance? Why are you hearing so much about it at this time of year? Does it really matter to get a discount on the insurance? What would happen if you waited to get it a later date?

The disability insurance companies have created an incentive for doctors to sign up at key times in order to maximize enrollment and at the same time offer significant savings for those who get their policy going earlier. We are talking about individual disability insurance here, not employer, group or association insurance. We are going to focus our attention on individual plans since more than 80% of doctors get their individually owned policies are obtained by doctors at the start of their careers according to the American Medical Association’s Physician Financial Preparedness Survey.

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“Do I need disability insurance?” The question has probably crossed your mind a few times. The answer is…YES.
Life happens. We cannot predict the future, but we can be prepared for it. That is the purpose of insurance – to protect and provide for yourself and your loved ones if the unfortunate happens. Your life and disability insurance choices may make the difference in your family’s lifestyle after a tragedy strikes by paying the bills, financing children’s educations, and protecting your spouse’s retirement.

The specialized nature of a physician’s occupation requires a specialized plan for protecting their most important asset – their “intellectual capital and ability to work.” Therefore, selecting the right disability insurance is a strategic choice in a physician’s overall risk management plan.

The Case for Adequate Coverage

In most cases, a physician’s career spans 20-30 years depending on when they finish their training. Over those years, a physician can earn $10 – $20 million, which is the return on their investment in their medical education and commitment to their patients through the years.

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