This is a YouTube video titled "Which Disability Insurance Riders Should Doctors Buy" created in June 2024. The content is an informative talk explaining various disability insurance riders, their benefits, and recommendations for doctors or physicians regarding financial planning and insurance choices. The speaker provides detailed advice on riders such as residual disability, inflation protection, future purchase option, catastrophic disability, and retirement benefit riders.
Disability insurance is typically sold with a handful of riders. The residual disability rider should be purchased by everyone. It covers not only a partial disability, but also provides a partial benefit as you recover from your disability. The inflation protection rider indexes your benefit to inflation, usually starting one year after you become disabled. This is a particularly important rider if you are disabled at a young age and recommended for anyone buying a policy in their 20s to their 40s. A future purchase option rider allows you to buy a larger benefit at a later date without any pesky questions about your health or hobbies. If you're in a position where you cannot afford as much as you need, such as when you're a resident, purchase this rider. The catastrophic disability rider pays out an even larger benefit. If you are really disabled, you're probably better off just buying a larger primary benefit instead of this rider. The retirement benefit rider in the event of disability causes the insurance company to put some money into a type of retirement vehicle for you. You're better off purchasing a larger primary benefit with the money that would have gone toward this rider.
