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May is Disability Awareness Month

May is Disability Awareness Month

April 22nd, 2014

The month of May is Disability Insurance Awareness Month, who knew?  Well now you do.  As with other types of awareness projects this one is specifically geared to the subject of disability coverage and the importance of having this crucial financial protection.  As stated by the council for disability awareness, “The typical American worker dramatically underestimates, or even ignores the risk of income loss that can be caused by illness or injury.”  Having the proper guidance from a qualified trusted professional is critical in making certain you are protected in the event of a disability. The council for Disability Awareness has a web-site that you can connect with to find all kinds of information the link is http://disabilitycanhappen.org.  You might take a moment to look through it.  They have valuable information that can answer questions and provide statistics about why you really do need to add this type of protection to your insurance portfolio. Stacia Musleh V.P. Inc[...]

Paying Your Student Loans If You Are Disabled

Paying Your Student Loans If You Are Disabled

April 2nd, 2014

In the event of a disability your income stops but your bills don’t.  This is also true of your student loans which in the medical field can amount to hundreds of thousands of dollars. There are special disability protection programs available to cover those expenses.   Guardian Life Insurance offers one such program which is available to physicians, dentists, medical and dental residents, veterinarians, attorneys, and pharmacists.  It covers up to 100% of your monthly student loan payment in the event of a total disability to a maximum of $2000. You will need to purchase or already own a disability policy in order to get this coverage.  Berkshire/Guardian requires that you have their ProVider Plus coverage.  This is a premier product offering true own-occupation definition.  True own-occupation states that “the insured is totally disabled if, solely due to injury or sickness he/she is not able to perform the material and substantial duties of his/her occupation.” There are many [...]

Are You Prepared For Life after Residency?

Are You Prepared For Life after Residency?

February 24th, 2014

For many Residents and Fellows this summer will mark the end of training. Congratulations, you have endured one of the roughest, toughest, and most time consuming regimens in the world to becoming a Medical Professional. However, have you taken the time to protect yourself from harm? In other words have you made sure that your ability to earn an income in your specialty is properly protected? Believe it or not your ability to earn an income in your specialty can be valued anywhere from $5 to $15 million, making your skill set your number one asset. If you haven't considered how much is at stake, its not too late. Purchasing disability Insurance during residency or fellowship even in its waning days has significant advantages to waiting in private practice. A few of the reasons why this is so important are as follows: Rates are usually significantly Cheaper during residency than in the private sector. Uni-sex rates for women are still available through most residency programs If[...]

Goal Planning!

Goal Planning!

January 28th, 2014

All this talk about New Years resolutions this past month have us at Income Protection Specialist thinking about a critical part to planning that is often overlooked: the development of a personal plan to compliment your professional plan. This is especially important when determining what specifics of a disability protection policy are right for you. Many of us have grandiose visions about what we can be: Wealthier, Healthier, Happier, Wiser, etc... This is absolutely fine and perfectly human however, sadly this is where most dreams stay because they are just that dreams.   The fact is that many of our dreams change daily, because they lack the support or the drive to fully make them a reality.  Let me state that I truly feel that you can get whatever you want out of life, with the proper dedication, commitment and persistence. Nothing in my opinion is impossible, however with this said we must be realistic in our pursuits and the amount of time  and energy we are truly willing to [...]

If Disabled, How Will you survive after age 65?

If Disabled, How Will you survive after age 65?

January 28th, 2014

There is nothing more damning to a financial plan than the 3 D's: Death, Divorce and of course Disability. This is why insurance was invited, to protect you from two of these. Specifically in the disability insurance world, plans were originally designed to take care of your immediate needs such as mortgage payments and  monthly expense usually up to your 65th birthday. However, this poses a perplexing question; When totally disabled how will you fund your retirement account so that you can survive after age 65? The unfortunate truth is that contributions to these plans typically cease when you stop working, ie when you become totally disabled.  Recognizing this problem and the need for an immediate solution,  many of the top disability insurance carriers went to the drawing board in order to develop a solution. The final products are called by many names but essentially make retirement contributions in addition to your total disability payment when totally disabled. These riders or s[...]