With so many different types of insurance, you may be wondering why you should take out another policy. You have auto, homeowners, business, and life insurance to cover many of the risks that could crush you financially. However, many people don’t think about needing disability insurance to protect their business and home in the event of their inability to work after a serious illness or injury. Physician disability insurance is available to cover your loss of income.

Most physicians understand the need for disability insurance, but many are seriously underinsured, relying only on their benefits through an employer. A group policy may cover you if you work for a hospital or employer, but it may be capped at a very low limit. Your benefits from a group plan may be reduced if you receive income from other sources like Social Security or workers compensation. These benefits may also be taxed as income and do not take into account any bonuses you would receive at the end of the year.

Consider taking out private individual physician disability insurance which covers your investment into your training and income level. You should discuss this type of insurance with a specialty insurance company that has the expertise to understand all of the elements that need to be factored into your insurance needs. Your business and personal assets need to be protected in the event of your inability to work. Don’t settle for less.


photo credit: Joint Base Lewis McChord cc