We pay for disability insurance for a good reason. We trust it will be there to provide a benefit payment if we get sick or injured and cannot work.
But if you did become ill or injured and couldn’t work, do you know how long it would take to receive your benefit payment? It may be longer than you think.
Time passes fast. Especially for physicians, who invest heavily in their education and training. Days turn into weeks, and months into years. Along the way you may get married, buy a home, have children. Perhaps you start your own practice or pursue a specialty. With each change that comes along, life has undoubtedly gotten more complex. Income, assets, investments, and savings likely have grown through the years.
Because life insurance offers financial protection for loved ones, most physicians see the value in securing this financial protection for their families.
What if you could supplement your life insurance protection, simply and affordably? Some physicians choose to help protect their families financially with an Accidental Death and Dismemberment plan. Let’s talk about how practical and affordable this insurance is, and why you may want to obtain it.
When you chose to become a physician, you accepted tremendous responsibility. In many ways, you allowed yourself to become accountable for others’ lives, while at times putting your own health and safety at risk. Though there is an inherent risk in your profession - particularly now due to the Coronavirus - serious illness or injury could happen to any person in their day-to-day life.
As you near the conclusion of your medical residency, you can rightly be proud of your accomplishments, and have reason to look forward to a successful career. But the world has changed, and the face of medicine looks strikingly different than when you began this journey. No one can say with certainty what the future holds. Because the unexpected does happen, proper insurance coverage is vital for helping you successfully meet the unknown.
What type of insurance should you carry as a resident or fellow? For those who aren’t sure where to start, we have created a package of the most essential insurance products for physicians who are starting out in their careers.
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.
As a physician, you have worked hard to achieve much in your life. As you plan for your future, you think of investment strategies and savings plans. If something should happen to you, financial protection for your loved ones is of paramount importance.
One of the best ways to offer immediate financial protection is to obtain a term life insurance policy, whereas many savings plans and investment strategies require time to build value. Once you are approved for a term life insurance policy, your amount of coverage is in place, and immediately helps to provide protection. Term life insurance provides financial protection for your family when they need it the most.
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.
