Still Thinking You Don’t Need Disability Insurance?

November 4, 2022January 20, 2016 by Justin Nabity

Disability insurance continues to be an item most people don’t want to think about. Some people convince themselves they don’t need it just so they don’t have to think about it. We get it; it’s not fun to think about what would happen to your family if something happened to you. But it is your parachute if you become sick or have an accident.

Disability insurance provides financial protection if you become unable to work due to an injury or illness. If you’re unable to work, disability insurance will pay a portion of your income to insulate you from financial hardship.

Essentially, disability insurance is income insurance that provides a safety net in the instance you can no longer generate income.

When you purchase a disability policy, you transfer the risk of losing your ability to earn income to an insurance company. That way, if you ever become disabled, the insurance company will be responsible for covering part of your income.

Protecting your income should be an obvious decision for any physician. It is the best way to continue to earn money regardless of your health.

Anyone in any career can benefit from having disability insurance, but it’s especially crucial for physicians. Take for instance this video from Guardian about Dr. Kardani, who was diagnosed with MS and could no longer work. His disability insurance policy saved his family and sent his daughters through college.

See how it can work for you.

How Can Physicians Thrive Help?

Physicians Thrive only works with the top own-occupation disability insurance providers.

It’s important to note that we don’t work for these companies. We recommend the best value option that meets our clients’ needs. It really depends on our client’s goal. Sometimes price is more important, but for others having the best contract is the priority.

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Still Don’t Think You Need Disability Insurance? Bill Reid’s story

June 27, 2024October 20, 2015 by Justin Nabity

Bill was 32 when a horrific car accident nearly claimed his life. Short-term memory loss has made it impossible for him to return to work. Fortunately, he had disability insurance, which has enabled him to maintain the same lifestyle he had before the accident.

New Year’s Eve for the Reids is a family affair. So in 2004, when Bill Reid of Casselberry, Fla., didn’t show up at his sister Michelle’s home, everyone was worried. Around 9 p.m., a call to an area hospital confirmed the family’s fears. Bill had been in a horrific car accident. Another motorist hit Bill’s car head on, driving it through a brick wall and trapping him in his car for 90 minutes.

Bill, then 32, sustained multiple bone fractures, lacerations to his liver and colon, and a brain injury that put him in a coma for five weeks. He underwent 13 surgeries and spent seven months in the hospital and rehab center. It took almost two years for him to walk unassisted.

The brain trauma, however, left Bill with chronic, short-term memory loss, which made it impossible for him to return to work.

Fortunately, he had planned ahead with the help of his brother-in-law, James Hasley, CFP, CLU, ChFC, an insurance agent. James had sold Bill an individual disability insurance policy when Bill was just 26, and later helped him add more coverage as his earnings increased. When Bill changed to a job that offered an employer-paid disability insurance benefit, he kept his individual coverage for the added protection.

Because of Bill’s wise decision, his income is roughly the same as it was before the accident and will continue until age 65, allowing him to stay in his home and lead an active life.

Before the accident, Bill had also purchased two life insurance policies. Because they included disability waiver of premium riders, the insurance company now pays all of Bill’s premiums. The whole life policies are accumulating cash values that will provide Bill with financial security later in life.

“Despite everything he has been through, Bill is fine financially,” James says. “In that sense, it was the perfect plan.”

Courtesy of LifeHappens.org

Get Your Free Disability Insurance Quote! It’s easy!

So What Exactly Is Disability Insurance?

May 20, 2021October 16, 2015 by Justin Nabity

How to Tell if You’re Getting Good Disability Income Planning Advice

June 27, 2024April 20, 2015 by Justin Nabity

Because they recognize the need to protect their most valuable asset – their earning power – physicians are a ready and willing market for disability insurance sales people. Most physicians, by the time they enter residency, are bombarded with solicitations which continue throughout their working lives.
For most young physicians, the initial advice they receive for addressing their disability income needs is typically provided by insurance sales people, incentivized by their company to sell its products. This leaves to question just how good is the advice and whether it’s offered in the best interest of the physician or the sales person.

You’re Covered for Any Injury, Disease, or Disorder Except for…

June 27, 2024April 20, 2015 by Justin Nabity

Medical Exclusion Riders – What are They and How to Avoid Them

Often when we present policy offers that contain medical exclusions to physicians, they are frustrated and consider looking elsewhere for coverage. However, it is likely, if a reason for an exclusion is found by one carrier, others will find it in your medical history as well. Medical exclusions don’t have to be showstoppers, though. Learn how disability insurance can still work for you, even with exclusions.

What’s in Your Disability Insurance Policy?

June 27, 2024April 20, 2015 by Justin Nabity

What’s in your disability insurance policy? That question might remind you of a certain credit card commercial in which the announcer asks, “What’s in your wallet?” We won’t subject you to a Viking assault in this blog, as one version of the commercial did onscreen, but we will share our opinion that ignorance of what’s in your disability policy could be as painful as an arrow in your back when it comes time to make a claim.

Disability insurance plans can be complex, and each plan is different. Employer-based disability plans are often free or very inexpensive, but the benefits are likely to be inadequate to cover all contingencies. Are you sure your disability insurance policy contains what’s best for your long-term financial plan? Maybe it’s time to look into it.

Widening the Disability Insurance Gender Gap

October 25, 2021April 20, 2015 by Justin Nabity

Females present higher risk of disability and will soon pay for it with higher premiums.

The odds of a female filing a claim is higher than a male and insurance companies are about to adjust their rates to reflect the higher risk.

Female Disability: 40% higher risk and 60% higher insurance costs

Avoid Making the 5 Physician Disability Insurance Blunders

October 25, 2021April 19, 2015 by Justin Nabity

The Most Common Mistakes Physicians Make When Buying a Policy

The biggest mistake a physician can make at any point in their career is to leave their most valuable asset, their earning potential, inadequately protected. In fact, until their financial security has been achieved, the physician’s disability income protection plan should be his or her highest priority. Yet, through a lack of knowledge, time, or proper guidance too many physicians continue to make costly mistakes in developing their disability income protection plan. We’ve identified five of the biggest mistakes physicians make in their disability insurance planning, any of which could prove financially devastating.

A Tale of Two Doctors – and a Million Dollar Mistake

June 27, 2024April 19, 2015 by Justin Nabity

Why should you buy disability insurance before you start practice? To lock in potential income benefits you will never be eligible for again.

Yes, you can get a discounted rate for disability insurance as a resident, but the reason to buy now is much more than that.

Buying as much disability insurance as you can afford before starting practice is a strategic move many fail to see.

Making this move now as a resident or fellow accesses disability benefits you may never be eligible for again as a practicing physician.

This story of two residents’ choices shows you how and could save you $1 million.

The Importance of Life and Disability Insurance

June 27, 2024April 19, 2015 by Justin Nabity

It may seem like just another added expense to pay each month, but Life and Disability Insurance is a necessity for physicians. We all have a bit of “It will never happen to me” syndrome, but this is a case where it’s definitely better to be safe than sorry.

As a physician, you probably carry a hefty student loan balance (unless you’ve paid it off, in that case, congratulations). You also probably make more money than your spouse. If an accident happens and you’re disabled, any debt you have won’t just disappear – even though your income may.

How Can Physicians Thrive Help?

Medical Exclusion Riders – What are They and How to Avoid Them

Females present higher risk of disability and will soon pay for it with higher premiums.

Female Disability: 40% higher risk and 60% higher insurance costs

The Most Common Mistakes Physicians Make When Buying a Policy

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