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Does a Surgeon Need Disability Insurance?

Absolutely!  If you are a highly skilled, highly paid specialist like neurosurgeon, you may want disability insurance that locks in this exceptional income level.

How much money do you earn in 3 months? What if your injury lasts a couple years? Or worse, a life time? Think of your financial loss!  And keep in mind the grim statistic – your odds of becoming disabled are 1 in 3.

Even beyond lost wages, if you have to take 3 month absence from your business, who is going to run it while you are away? You will want to ensure you have a business to return to if you are away with a disability for a year, or any length of time.  Disability insurance can help you maintain your household bills, and possibly find someone to maintain your business as well (take out a personal policy to cover your household expenses, and a policy owned by your business to cover your business expenses to make sure you have a job to come back to…this is known as Business Overhead Expenses Insurance)

If you are healthy, most types of insurance (critical illness, disability, long term care) would be fairly cheap for you, so why not hedge your bets a little?

You’re best bet for finding a disability insurance policy is to contact a broker in your area and discuss it with them. A broker can determine what you need, and then find you the best options available.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Why Do I Need Disability Insurance?

Disability is often called “the forgotten risk” in the insurance industry. Most of us understand that we need life insurance to protect our families in case we die prematurely, but many do not realize that individual disability insurance is just as important.  By providing a continuing income, Long Term Disability

(LTD) insurance can help preserve and protect your family’s financial security in the event you become disabled. The average family would quickly go through

savings and investments if a breadwinner is without a salary even for a few months.

I’m young and healthy — do I really need this insurance?

Most young families do not have large savings or investments. Since a disability can occur at any age, young families especially cannot afford to have their incomes

interrupted. Many such families resort to bankruptcy, ruining their credit and their future borrowing capability.  Even if you are currently young, healthy, and active,

Unless you have the savings to cover six months or more of expenses if you can’t work, you need long term disability coverage.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Which Professions Should Get Disability Insurance?

Doctors, lawyers, and other professional clients often pay attention to their family’s life insurance needs, but concerns about becoming disabled usually go unaddressed.

Statistically, however, a professional is far more likely to suffer a severe disability that damages the ability to work, rather than die prematurely. While some people have the financial resources to fund a disability on their own, most need disability income insurance to cover the risk.

The major causes of long-term disability can be seen in our society every day: cancer, back injuries, heart disease. While worker’s compensation can help those who become disabled on the job, other than back injuries, the most frequent causes of disability are not due to job related injuries that would be covered by worker’s compensation.

Disability is an important issue if you are
self employed.

Keep in mind, it’s not just doctors and lawyers that should be concerned. No matter your trade, you can still be at risk. Sales, Real Estate Brokers, Mechanics and Hair Dressers should all consider insuring their income.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

I Have a White Collar Job. Do I Still Need to Worry About Disability Insurance?

Yes!  Anyone without a disability policy is a good candidate for coverage.  This includes the self-employed; blue and white collar workers; those with high-risk occupations or hobbies; the highly skilled, high dollar wage earners; and especially those with medical impairments.

Consider the statistics:

  • One-third of all people between the ages of 30 and 64 will become disabled sometime in their lives. (Source: Health Insurance Association of America)
  • At age 32, the chance of being disabled for 90 days in 6.5 times greater than the chance of death. (Source: National Association of Insurance Commissioners)
  • Each year, one person in eight will suffer disability. (Source: National Association of Insurance Commissioners)
  • 75 percent of disabilities are caused by an illness rather than an accident. (Source: Commissioner’s Disability Table)
  • In the first year following paraplegia, living expenses average $259,531 per person. (Source: National SCI Statistical Center, 2005)
  • Only 17 percent of small businesses offer disability coverage. (Source: Life Insurance Market Research Association)
  • 48 percent of VA Mortgage Foreclosures are attributed to disability. (Source: FHA, Disability Income Concepts, 1998)
  • 82 percent of American workers have inadequate or no disability protection. (Source: Consumer Federation of America and American Council of Life Insurers, 2003)

These odds don’t scare you? You may in fact be happy with the disability coverage that your employer provides. About one-third of workers have at least some coverage, according to the Bureau of Labor Statistics. However, it is important to remember, that it may not replace all of your income, it may not last forever, and it’s likely to be taxable income if your employer is paying the premium.

You might not want to count on Social Security, either, because it may take more than a year for your claim to be processed, and even longer if you appeal a rejection. Also, it doesn’t pay out more than a few thousand dollars a month, and the eligibility rules are very strict.  Worker’s compensation, meanwhile, covers you only if you were hurt on the job. Most disability insurance claims don’t result from on-the-job injuries.

Bottom line: People can’t afford to be disabled whether your collar is white, blue,  gray or pink.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Should I Buy Disability Insurance While I’m a Resident Physician?

Absolutely!  Disability insurance for medical residents may be more important than it first appears. Its basic importance is easy to comprehend – your student loans and living expenses will not go away should you become disabled while you’re a medical resident.

And although you’re not yet in the upper income bracket, a monthly income benefit of $2,500 to $3,500 would certainly cover a financial gap should you become disabled while perfecting your abilities.

However, by getting disability insurance for resident physicians while you’re in residency, you may be giving yourself protection for the foreseeable future also. By adding one or more options that may be available, you might guarantee your future insurability and earnings.

Should You Consider an Individual Medical Resident Disability Insurance Policy Even If You Have Group Coverage?

Group coverage, paid for by your employer or medical school, is a nice benefit to have. The pros are obvious: It may cost you little or possibly nothing to get disability income protection while you are working overwhelming hours as a resident physician. However, there are some important reasons to consider purchasing individual disability insurance for medical residents.

  • Future Increase Options (FIO) are generally not available with group insurance. An FIO normally guarantees your future insurability and allows you to increase your monthly income benefit as your income rises.
  • Portability. Once your medical resident’s obligations are completed, you’ll probably move on. Once you do, your current group benefits will cease and you’ll have to consider purchasing an individual disability insurance policy anyway. If you do it now, while you’re a resident physician, it may cost you less and provide more protection than applying for new coverage in the future. This issue can become particularly troublesome if your medical history changes for the worse during your residency period.

These are only a few important reasons to consider getting individual disability income insurance for resident physicians coverage. Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

What is Disability Insurance?

Disability insurance can provide you with income if you become too sick to work, either temporarily or permanent. It helps protect your most valuable asset; your ability to earn a living. When you can’t work, it can help you and your family pay your mortgage, auto loans, school loans, and credit cards.

Disability insurance, sometimes called income protection insurance, is a designed to pay out a percentage of the your current wages if you become unable to work. The two main reasons for claiming benefits are:

  • accidents (whether on the job or off)
  • debilitating illnesses

It’s best to do some comparison shopping before deciding on the best disability insurance policy for your needs. The least expensive policies may also be the most restrictive in terms of eligibility and monthly payouts.

Individual insurance companies set their own terms, so look for specific things like a significant income percentage payout (45% to 60% is typical).

Disability income is paid weekly or monthly when you claim that you can’t work because of sickness or injury. The amount of payment provided from the insurance company may be stated as a percentage of income or as a set dollar amount.

Some plans are available from your employer through group health plans and others are available from private insurers. Injuries or sickness as a result of your employment may be covered by worker’s compensation.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Does disability insurance cover accidents and sickness?

Disability insurance policies are available to cover disability due to an accident only, or due to either an accident or an illness. Assuming that only one of these types of disability insurance products will be purchased, it would be best to purchase coverage for both accidents and illness.

Some insurers are now selling critical illness policies. They pay a lump sum benefit ranging from around $5,000 all the way to $500,000, if you are diagnosed with certain listed illnesses.

Some policies only cover disabilities arising from accidental injuries, providing no coverage for disabilities caused by sickness. A careful reading of the terms of the contract and a knowledgeable agent is recommended. They can help you  determine the amount of coverage provided under terms of the insurance agreement.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

What are the different types of disability insurance policies?

There are essentially two types of disability insurance policies available from insurance agents:

  1. Short Term Disability
    Short-term disability insurance requires a waiting period of 0 to 30 days before you can draw benefits. There’s typically a benefit period of just a month up to two years depending on the policy.
  2. Long Term Disability
    Long-term disability insurance typically has a waiting period of several weeks to several months with a benefit period ranging from a few years to your age 65. This type of policy would give you greater security since it protects your income for many years.

Some options to consider when purchasing a disability policy:

Does your policy contain a residual or partial disability rider? This allows you to return to work part-time and collect part of your salary while receiving a partial disability payment as long as you are still disabled.

What is the maximum benefit period and waiting period that has to be met after a disability occurs?

Other types of disability insurance policies to consider:

Business Overhead Insurance
Business overhead insurance helps to pay for the reimbursement of business expenses if you become disabled. It will help you pay rent, salaries of employees, utilities, and other expenses.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Get a Disability Insurance Quote

Finding the best disability insurance policy for your exact needs requires expertise. We deliver completely customized disability insurance quotes for each and every person depending on their unique circumstances and needs.