Disability Income Protection Fact Versus Fiction

Whether you are specializing in Anesthesia or Neurosurgery you know that at some point you will need to purchase person disability income insurance.  Hopefully you have already begun the process of protecting your income.  Lets explore some facts versus the fiction that may help you jump that hurdle if its holding you back.

Two of the most common fictions are that it is too expensive and it will never happen to me.  The time is now, it will never be less expensive than it is now while you are young and healthy. Secondly, you are not invincible. According to the January 2017 SSA fact sheet, 1 in 4 people will be disabled before they reach retirement age.  A disability can occur for any number of reasons but in a doctors case it could be something as simple as a needle stick or a slip of the scalpel. Can you afford to loose your income even temporarily?

Most IDI plans have strong core benefits that can assist in protecting your income.   You can add additional riders so that your coverage tailored to match your specialty and budget.  Another common misconception is that your employer provided protection is all you need.  Group coverage is a terrific start to protecting income; however, unless supplemented, it will probably not be enough should you become disabled. A private disability insurance policy can help ensure that your income and ability to live comfortably and continue to pay your bills comfortable are adequately protected.

Some other reasons to consider supplementing group coverage include:

  • Benefit caps for the entire group often leave higher-earning employees with the least amount of disability income protection.
  • It is basic coverage and not individually owned which also means it is not portable should you decide to leave.

This is just the tip of the iceberg when it comes to comparing fact versus fiction regarding Individual Disability Insurance Protection.  The bottom line is you have worked too long and too hard to become a specialist in your field of medicine.  Don’t let something like a slip and fall cost you your financial security.