This is a YouTube video titled "How Much Does Disability Insurance Cost?" containing an English discussion about the cost and value of physician disability insurance, highlighting its expense relative to other insurance types and the likelihood of disability during working years. The excerpt includes two speakers, one explaining insurance costs and another providing a disclaimer about the podcast's informational nature. There is no indication that Jim Dahle is one of the speakers.
Unlike cheaper insurance policies like term life and umbrella insurance, physician disability insurance is expensive. Although not quite as expensive as your malpractice insurance, the reason it costs so much is that it actually gets used. The likelihood of you acquiring a long term disability during your working years is approximately seven times as high as your risk of dying in those years. A typical policy bought on a healthy doctor in their 20s or 30s will cost something between 2% and 6% of the benefit. So if your monthly benefit is $10,000, expect to spend $200 to $600 per month for that policy. Perhaps the sticker shock you get upon being quoted prices will motivate you to reach financial independence as soon as possible so you can cancel the policy.
The hosts of the White Coat Investor are not licensed accountants, attorneys or financial advisors. This podcast is for your entertainment and information only. It should not be considered professional or personalized financial advice. You should consult the appropriate professional for specific advice relating to.
