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Your Credit Means Everything

Your Credit Means Everything

Why is credit scoring important?  Many banking institutions around the country have implemented lending programs specially designed to help medical residents  obtain an affordable mortgage.  Physician Mortgage Programs as they are called, have some nice perks like no down payment or requirement for mortgage insurance. Sound too good to be true perhaps but only if your credit score is less than 700.  This is the optimal number lenders want to see.  If your score isn’t quite there you might try to find ways of improving it.  Remember renting or buying is a personal choice but making sure your credit score is desire-able now will only ease your options for making larger purchases later.  How they come up with your score A credit score is a rate that credit bureaus use to evaluate your credit history. The system rates you as a borrower on a scale 300 the worst possible score, to 800 the best score. The calculation is made up of the following elements: Payment History - Late/ [...]
Universal Exclusions For Disability Coverage

Universal Exclusions For Disability Coverage

By now, you know that the reason you as a specialist in Gastroenterology that you need disability insurance is to protect your income because of an injury or sickness that prevents you from earning one as a physician.  The potential loss is upwards of  $10 million. Needless to say that is lot of money, which is why insurance carriers or companies have special protections for themselves to limit the risk.  They do this with exclusions and limitations.  This enables the provider to dismiss a claim under certain circumstances. Each company has its own defined exclusions therefor it is imperative that you as a buyer thoroughly understand your policy. Although there are definite distinctions between companies on exclusions, some are universal within the Insurance Industry. The most common are injuries or disabilities caused by illegal felonious activities, those that are self-inflicted, and acts of war. Just like any exclusion, the purpose of these standard limitations serves to limit or[...]
What Own Occupation Protection Really Means To You

What Own Occupation Protection Really Means To You

  The practice of medicine has come a long way in the last 100 yrs.  Just look at the BBC series “Quacks” and that should give you some point of reference.  The development of specialties and sub-specialties has created entirely new ways of practicing.  Take Anesthesiology for example, a specialty that was limited to primitive drugs at the turn of the 19th century has spawned numerous sub specialties like Pain Management, Surgical Anesthesia and the like.  Each of which take years of training to begin practicing professionally.  Considering all that you have invested in your career, it is crucial that you cover yourself from the financial impact of a disability with a specialty specific, own occupation disability insurance policy.  You need to understand how this disability policy will work for you in your specialty. All policies are unique to their respective owner.  Your personal disability income protection policy will be written to cover your duties for instance of y[...]
When COLA Is Not A Coke

When COLA Is Not A Coke

Disability Income Protection coverage is important to you as a specialist in Emergency Medicine, Anesthesia, Otolaryngology, Neuro Surgery and all of the other medical specialties.  You know that it provides you an income stream if you become disabled, but unless you already have a solid financial foundation and substantial savings it will most likely not cover your expenses if your disability is long term.  This is when we add a rider called the Cost of Living Benefit (COLA). The Cost of Living Benefit or COLA as it is call in the industry is a product that offsets the impact of inflation on the benefits of your policy.  A COLA rider will adjust for inflation annually after 365 days of disability and every year thereafter.  It is customarily calculated by the consumer price index. The Consumer Price Index calculates the increase in cost of goods most commonly purchased by consumers from year to year. In other words, it puts a figure to the inflation you incur for typical purcha[...]
Shopping for Disability Protection

Shopping for Disability Protection

Shopping for disability insurance is important to make certain you get the kind of coverage that is right for you in your specialty as an Anesthesiologist.  It is no different than shopping for a new pair of shoes or a car.  It all starts with something you want or need. Maybe you start by looking online or heading directly to your local store to get an idea of cost.   As a specialist in Anesthesia, you probably know that having an quality disability income protection policy is something you should have. In fact it could be a financially disastrous mistake if the coverage you choose doesn’t suit your specialty. Edward Musleh, the founder of IncomeProtectionSpecialists.com suggests, “When you are shopping for the right disability policy it’s important to search out an independent agent who specializes in Disability Income Protection. Independent agents should provide you with an unbiased spread sheet of all the policy options and carriers appropriate for your specialty.”  Ed goes[...]