Protect Your Money

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.

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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.

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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.

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