How Much Disability Insurance Do Doctors Need? #doctor #physicianfinance #financialplanning

As a resident, you typically cannot afford to buy as much disability insurance as you need, but you should be able to as a brand new attendant. Basically, you need to buy enough to cover both your living expenses and your retirement savings. If you were to work to age 65. It is important to note that how much you need has little to do with your income and everything to do with what you spend. The less you spend, the less insurance you need to buy. Insurance agents would love to sell you the largest possible policy, which usually works out to be about two thirds of your gross income. But it is possible to combine policies from two companies to get even more. So ultimately, you need to decide how much you require on your own. Resident physicians typically buy a $5,000 per month benefit, and attending physicians typically buy a benefit in the 10 to 15, maybe $20,000 per month range.