Imagine it’s a hot summer day, you’re at the beach and the sun is blazing. So what do we do for protection? We spread on the sunscreen.
But what if we miss a spot – say, on our back, arm, or leg? Well, you know what happens. If we leave a part of our body exposed, that night we’ll likely be treating ourselves for painful sunburn damage.
For most physicians disability insurance is a “no brainer.” It helps provide an income if you become ill or injured and cannot work for a long period of time. As such it is considered essential insurance protection for any physician actively practicing medicine.
If you ask most independent practice owners, chances are they will tell you that owning a medical practice can be immensely rewarding – but also very challenging.
On the one hand, you have the freedom to practice medicine on your own terms. But you also have an added layer of responsibilities. You are not only responsible for the care of your patients, but you must also look out for the welfare of those who work beside you every day.
So if for some reason you were not able to go to work – if you were ill or unexpectedly injured – that could have significant financial ramifications for you, for your staff and for your practice.
As a physician you’re probably well aware of the importance of disability insurance. It is generally considered essential coverage by most industry experts.
But like most physicians, you’re also likely to be extremely busy. And disability insurance may not be on the top of your mind – especially if you already have a policy.
But what if you could pay 25% less for a quality disability insurance policy? Would it be worth your time to learn more?
Even if you don’t play or watch the game of baseball, you have most certainly heard the expression “cover your bases.”
It essentially means “be prepared” – position your team to be alert for any possibility – whether it’s a line drive hit down the third base line or a runner trying to steal second. The idea is to be ready so no matter what happens you are not caught off guard.
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.
