Reasons Physicians Should NOT Buy Disability Insurance
Oct 22, 2013
Jamie Fleischner

Jamie Fleischner

22 Oct, 2013

As a working physician, chances are you already have an individual disability insurance policy or are considering purchasing one in the future.

When does it make sense for physicians NOT to buy an individual disability policy?

1)      You are independently wealthy. If you have enough money in your savings account and are not dependent on your income, you probably do not need a disability policy. Disability insurance is intended to cover your income that you need to pay bills. However, you may want to consider a long term care policy as a catastrophic illness could blow through your wealth pretty quickly.

2)      You have a significant medical condition. If you are uninsurable, you are not able to purchase an individual disability insurance policy. If you have Parkinson’s, AIDS, Lupus or another debilitating illness, chances are you cannot buy your own coverage.

3)      You do not rely on your own income. Perhaps your spouse other makes significantly more than you and your income does not factor into the equation. But make sure this high earning spouse is well insured.

4)      You can rely on others. If you have generous family members or are still living at home, you may not need to purchase a policy as these people can take care of you if you become sick or injured and no longer able to work.

5)      You are invincible. Some people are 100% sure that nothing bad will ever happen to them. If this applies to you, why bother purchasing an individual disability policy?

If none of the above apply to you, it is important to protect your current and future income properly with an individual disability insurance policy. For more information or to request a quote comparison, contact Set for Life Insurance today!

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!