Why Resident Physicians Should Consider Disability Insurance
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Why Resident Physicians Should Consider Disability Insurance

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"What's cool about working with resident doctors is that they know they need disability insurance. Their largest asset, despite what other people might think, is their ability to earn an income. If they can't hold a scalpel just so or diagnose a patient, they're out 5, 10, 15, 20 million dollars (over their careers.)" - Christine Cox-West

On today's episode of The Insurance Experts, I interview Christine Cox-West who is a disability insurance specialist. Christine and I discuss why disability insurance is important to resident doctors and some of the planning strategies that she uses.

Watch this video as Christine shares a cautionary tale about a resident who had received an offer for disability insurance in a group setting, but lost the great offer when the resident was no longer a part of the group even though her health hadn't changed.

There are a lot of similarities between disability and long term care including the importance of locking in the plan when you have that opportunity. It's important to work with a specialist to find the plan that's the best fit for your situation.

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SARTHAK GARG??CFA,CAIA,FRM,CFP, CCRA,CIIB,AIM

Chief Executive Officer| Director| Angel Investor| LSE

5 年

Hello Everyone I'm launching startup of global financial planning or fintech (investing to advising to financing to protecting) for further you can look "ABOUT" Section in my profile I'm looking for team members interested members can connect with me through linkedin or mobile number mentioned in my profile!!?????

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Robert E. Patterson

Owner/Consultant at Affordable Insurance Solutions, LLC

5 年

Owning your own policy vs. Association or Group Coverage offers you the highest after-tax benefit.? What requirements do you have to satisfy to initiate a benefit?? How much will you require, over time, to guarantee you Standard Of Living?? Will your attempt to return to work and earn an income interrupt your ability to receive a benefit?? Will any benefit payable increase over time to compensate for inflation?? Should you continue to pay a premium if you are receiving a benefit?? Can you afford to be without a Guaranteed Source of Income if an accident or sickness interrupts and/or reduces your income???

John Sklencar, CPFA, RFC

Award Winning Fiduciary Wealth Advisor Helping Employers and Employees Optimize Retirement.

5 年

Physicians, Dentists and Medical Professionals greatest asset is their ability to generate income through their medical practice.? Many?professionals insure their other assets such as cars, home, businesses, etc. but may fail to realize their greatest risk exposure and?most valuable asset.? Fortunately their are many great starter programs for residents, interns and ?fellows.

Raymond Lavine

Principal @ Lavine LTC Benefits

5 年

Disability replaces income. It is essential to own for your occupation and not any occupation. The difference is that if you cannot earn an income for your occupation, you receive specialty. If you have any occupation plan, you lose disability income if there is a job available, even if it is not your occupation. Owning long-term care benefits doesn't replace income; it provides caregiving benefits. You may still receive benefits even if you need care, but you may still work.? Consider Ironsides. He needed caregiving, but he still worked as a policeman.?

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