Disability Insurance

After college, medical school, and residency, earning a physician’s salary is a welcome reward for the amount of education and training you’ve put in.

But would you be able to live the lifestyle you want if you weren’t able to earn your physician’s income anymore?

Disability insurance is one of the best ways to protect your financial interests. With a comprehensive disability insurance policy, you can collect a portion of your income even if you are ill or injured and cannot work.

Physicians should know the importance and value of having disability insurance. But having it isn’t enough — you need to have a policy with the right provider.

As part of our ongoing series of disability insurance provider reviews, today we’re taking an in-depth look into AMA disability insurance.
If you’re shopping around for disability insurance, read this review before you decide to buy disability insurance through AMA.

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At Physicians Thrive, our main goal is to provide physicians with the advice and guidance they need to have financial strength and security throughout their lives.

One of the ways we help physicians enjoy lifelong financial security is by helping them find the right disability insurance policy.

Disability insurance is essential protection for a physician’s future income. But with so many insurance providers and policies to choose from, it can be difficult to decide which one to select.

Over the past few weeks, we’ve compiled a series of disability insurance provider reviews to help physicians decide which policies are the best (and which ones are the worst). Today we’re continuing that series with our provider review of Ohio National disability insurance.

Here’s everything you need to know about Ohio National disability insurance and why it’s a great option for physicians.

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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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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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