Doctors should buy individual portable own-occupation disability insurance that covers their specialty, not rely on employer plans. The video covers what residents and attending physicians need to know about coverage options and future purchase guarantees.
The best disability insurance policy is an individual portable own occupation specialty specific policy. Purchase disability insurance from an independent agent who can show you policies from all of the major companies. As a resident, buy as much disability insurance as they are willing to sell you. Include a future purchase option, sometimes called a benefit purchase rider or future increase option and a cost of living rider. As an attending, increase your coverage to cover both your living expenses and retirement savings. If you were to work until age 65, you may get sticker shot, but the reason disability insurance is expensive is that it actually gets used. One out of seven doctors actually use the disability insurance they purchase. Do not take the risk of not having disability insurance. Insure your future income today.
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 your situation.
Physician Takes a Youth Sports Team to the State Championship - MtoM Podcast #236
