Question: Would you purchase insurance that protects just half of your house? What about half your car? Or your family?

Most likely you would not. So why would you settle for insurance coverage that might only protect half of your finances?

As a resident, you may believe that you don’t need to think about long-term disability insurance, since it is part of your employer-provided benefits package. It is reasonable to feel confident in the benefits provided by your employer. But to be sure that your disability insurance will help protect your finances properly in the event of a serious accident or illness, you should look closely at your insurance protection to make sure it fits your situation; and as a resident, you may have specific needs that your employer-provided coverage simply cannot meet.

Rock climbers have confidence that their safety equipment will catch them if they fall; otherwise they would never take the risk of climbing. But they don’t secure their anchors, knots and carabiners once, then ignore them for the duration of their climb. To be safe, they check their safety equipment periodically; both as their position changes, and as time passes.

As a highly-compensated specialist, you have invested heavily in your future. We know you have worked diligently for years at your education, residency and fellowship; and made a significant investment of your personal finances to get where you are today. We applaud you for your sacrifices, determination and dedication! You have achieved your goals, and now earn a higher income than many of your colleagues.

If you are a young physician these can be hectic yet exhilarating times. You are in the early stages of the career you have always wanted to pursue. And you are establishing a foundation for a future which holds great promise and reward.

So right now the last thing you may want to think about is what might put that future at risk. But maybe it should actually be the first.

Consider the following scenario that could possibly happen to you:

You’ve been hurt in an accident and you’re told it could be months before you can get back to work. Once the physical and emotional pain has subsided, you begin to think about practical matters – like your finances and how your family will get by without your steady paycheck.

You’re not worried because you obtained disability insurance long ago.

Most likely, however, your life has changed since then. Your income as well as your family have probably grown. And it’s possible that the coverage you have may not be enough to cover your current living expenses – like your mortgage, your monthly bills, or even your student loan payments. And suddenly you realize that your finances – and the savings you’ve worked so hard for – could quickly be devastated.

“It was an accident!” Those words, often spoken mournfully, demonstrate that as common as accidents are, we are often unhappily surprised by them. And indeed, accidents are very common. In the United States, every 7 seconds a disabling injury is caused by a motor vehicle crash,* and 1 in 5 Americans visit the emergency room at least once a year.**

When you or a family member is injured, you know that your medical insurance will take care of a good portion of your medical bills, but there are additional expenses (medical and non-medical in nature) that can accumulate quickly. How can you financially prepare for this unhappy situation?

Most people – including physicians – appreciate the value of life insurance. It is generally considered an essential way to help provide for your family’s financial security when you are no longer here.

But recent research has uncovered a significant finding: Overall there are 102 million uninsured and underinsured Americans who know they need (or need more) life insurance coverage.*

So what is the stumbling block to getting more coverage? Many seem to believe that the process of trying to obtain more coverage would be a time-consuming hassle. As a result, physicians with demanding workloads may feel they just don’t have time to get the life insurance protection they need.