Disability Insurance

Imagine how drastically your life and financial situation would change if you became ill or disabled and could no longer work as a physician. All your schooling, all of those educational expenses, all those years of training … all down the drain.

Unless you have disability insurance.

Disability insurance is one of the best ways a physician can protect their current and future income. If you haven’t already taken out a policy, the time to do so is now.

But before you sign on the dotted line and start paying your monthly premiums, you’ll need to decide if you want to add any riders. And knowing which ones to take can be tricky, especially because some of them are pretty similar.

Overview

Today we’re discussing three riders that just about every insurance company offers:

The COLA rider, the AIB rider, and the FIO.

Interested in learning what these are all about?

Let’s look at the differences and similarities in these three important disability insurance riders and how each rider works.

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Almost everyone that has disability insurance bought their policy with the hopes of never having to use it. But the fact is that 25% of people who are currently twenty years old will be out of work for at least a year due to a disabling condition before retirement.

When those injuries, illnesses, and disabilities occur, not only will you need disability insurance, but you’ll need to know how to file a claim.

The cost of disability insurance varies from policy to policy, with the average plan paying benefits of about 60% of your gross salary. That 60% of your income can be the difference between being able to pay your mortgage and daily living expenses or depleting your savings.

Today we’re discussing how to file a disability insurance claim for physicians.

We’ll cover how to file, when to file, and what you can do to protect yourself so that you collect the disability income you deserve.

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As a physician, having disability insurance is the best way to protect your income and your future finances. In the event that you become ill or disabled and cannot work, disability insurance will pay you a portion of your pre-disability earnings.

It could be the difference between draining your life savings and being able to maintain your financial obligations without going into debt.

But with so many insurance providers to choose from, deciding which policy to select can be a difficult decision. As part of our ongoing series of disability insurance provider reviews, today we’re taking a look at The Standard.

We’ll cover what The Standard disability insurance can offer you, how it works, and how you can customize a disability plan that suits your individual needs as a physician.

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Remember to keep group long-term disability insurance that is provided by an employer and/or association as your secondary plan, not primary.

It happens all of the time. Physicians get lost in the Disability Insurance Maze. This is because of misunderstandings about what they wrote in the fine print of disability insurance contracts. Whether they are group or individual insurance plans. They are not experts in legal contracts. They often place too much faith in the employer to adequately select a disability plan that provides the coverage physicians need. Most employers often select group disability plans based on cost rather than the strength of the policy.

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Disability insurance is one of the best ways to protect your income, your assets, and your financial future.

Can you even imagine if you were injured or disabled in a way that prevented you from working as a physician? How would you pay your mortgage? How would you pay your bills?

Would you be able to survive if you had zero income coming in?

For most physicians, the answer to that last question is a resounding no.

Disability insurance offers you a way to still earn income, even if you are unable to perform your medical duties. And there are dozens of insurance companies that provide it.

One of those insurance providers is Ameritas. Today we’re exploring all aspects of Ameritas disability insurance, what it offers, and how it can benefit you.
Here is our complete provider review on Ameritas long-term disability insurance.

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