A doctor explains why physicians often buy the wrong disability insurance. Common mistakes include using captive agents, prioritizing low premiums over coverage quality, and waiting until health issues make you uninsurable.
Doctors make lots of mistakes when buying disability insurance, but the biggest mistake by far is not getting insurance at all. There are four other common mistakes. Number one Buying a policy through a captive agent. Agents are obligated to sell policies for that insurance company irrespective of the client's best interest. 2 Focusing too much on cost Removing the own occupation rider or the partial residual disability rider is not worth the cheaper premium. Number three Waiting too long to apply don't wait until you graduate residency or fellowship to apply in order to save money. Many individual disability characters offer deep discounts for residents and fellows. Number four Waiting until something happens to buy a plan. Policies are issued based on medical underwriting. Once you're issued a policy, it cannot be taken away or repriced even if your health changes. If you wait to buy a policy until you're symptomatic or have been diagnosed with a medical problem, chances are you'll end up with one or more exclusions and or modifications of benefits.
Physician Takes a Youth Sports Team to the State Championship - MtoM Podcast #236
