What is Disability Insurance (DI)?
Disability Insurance, in simple terms; protects your paycheck. DI provides you with monthly payments in the event you cannot work due to injury or illness. Disability insurance can help you cover expenses such as your mortgage/rent, student debt, household expenses, groceries, college tuition, & medical expenses without depleting your assets. That’s why Specialized DIS is here to guide you.
Why Doctors Need Disability Insurance
It is true that doctors are compensated well for their services; however, it is also important to note that this degree only comes after four years of undergraduate education and four years of medical school. It is not unusual for doctors to owe more than $250,000 per year and many doctors do not reach higher levels of compensation until after they are 30 years of age. This makes it hard for doctors to pay off their debt in a reasonable amount of time.
If doctors, particularly surgeons, are injured, they might not be able to work. This could make it nearly impossible for them to pay off their debt, placing them and their families under a tremendous amount of financial stress. That is why they need to purchase the best Disability Insurance for Doctors while they are still healthy. This keeps their premiums low, protects their future income, and allows them to pay off their debts. All financial advisers have plenty of stories about doctors who became disabled before realizing their full earning power. Doctors must protect this with disability insurance.
If you are looking for the best Disability Insurance especially in New York City, contact Specialized Disability Insurance Services today!
How Much Disability Insurance Do I Need?
The amount of coverage, policy, and features & benefits needed will vary based on your situation. Our Disability Insurance experts can help you identify the right policy and features and benefits to include.
How Do I Get Coverage?
Identifying the right policy for your situation can be daunting. By speaking with you for a few minutes and getting to understand your situation, we can start guiding you in the right direction. Our unbiased approach and our educational process will help you make a confident decision.
Short-Term vs. Long-Term Insurance
One of the most common questions doctors have is whether they should get short-term or long-term disability insurance. Some of the key pros and cons to note include:
Long-term insurance is cheaper in the long run but is more expensive early on
Short-term insurance is cheaper at the beginning but will get more expensive to renew
Not all employers provide long-term disability insurance
It can be expensive to covert an employer’s long-term plan to a private one
The ability to lock in a long-term plan at a low cost now is important; however, for those who feel like they will be switching to an employer-sponsored plan soon, short-term plans might make more financial sense.
Different Types of Disability Insurance
There are multiple types of disability insurance. Most fall into one of two categories, coverage for individual finances & coverage for business expenses.
- Disability Income Insurance: It allows you to continue your lifestyle by protecting your income in the event you become sick or injured and unable to work. If you have a group disability provided by your employer, disability income insurance can be integrated for additional and better protection.
- Retirement Savings Protection: Protects your financial future and goals by building a nest egg for retirement when you’re unable to work due to injury or illness.
- Disability Overhead: Provides capital infusion to help cover your operating expenses (rent, payroll, equipment, etc.) and keep your business running if you, the owner, cannot work.
- Key Person Protection: It helps to reduce the financial impact if a key employee cannot work due to injury or illness.
- Business Loan Protection: Helps cover loans taken out for business-related expenses such as, equipment, buying or expanding a practice/business.
- Disability Buy-Out: Insurance that provides the funding for a buy-sell agreement to buy out the disabled owner/partner.
Factors that Impact Cost
One of the most important factors that impacts the cost of any disability insurance plan is the doctor’s specialty. Those with a physically demanding job have a higher chance of becoming disabled. Therefore, their plans will cost more. Some of the specialties with the highest cost in terms of disability insurance include:
- ER doctors
- Surgeons (orthopedic, cardiac, general, Gyn-Onc, neurosurgery)
General medicine physicians and pediatricians usually have cheaper disability insurance plans.
Contact Specialized Disability Insurance Services Today
If you are a physician, then you need doctor disability insurance. At Specialized Disability Insurance Services, we are led by Blaine Lipkin. Blaine is a professional broker who has built excellent carrier relationships with many disability insurance companies. This provides doctors with fast turn-around times that include personalized solutions for short term Disability Insurance, Multi-Life Physician Disability Insurance, Term Life Insurance, and even Group Health disability insurance for doctors. If you would like to learn more about how we can help you, please call us today at (646)-757-9043. Let us help you by using our disability insurance expertise to guide you through the process of getting the best disability insurance coverage possible for your unique needs. Schedule a one on one meeting with one of our specialists to get the best disability insurance for physicians today!