If you are an attending physician who graduated a year ago, now may be the ideal time for you to review your disability insurance needs.
When you purchased your policy as a medical resident, chances are you chose an arbitrary benefit amount ranging from $1000 to $5000/month benefit. In some circumstances, surgical residents may have purchased $7500/month.
Now that it has been a year, your disability insurance policy may not be up to speed with your needs.
It is important to review the following to determine if you need to adjust your policy:
1) Expenses. How much are your fixed monthly expenses, including student loans?
2) Group disability benefits. Do you have a group disability policy in force? If so, do you know how much benefit it pays? Is it taxable? Does it cover you in your medical specialty or do you need to be totally disabled?
3) Budget. Find out how much it would cost to adjust your policy. If you purchased a discounted policy with Set for Life, chances are your policy adjustment is still at the discounted rate.
4) Current benefit amount. You may not remember how much benefit you purchased when you were graduating since it was such a whirlwind!
Depending on your policy, you ought to be able to increase your policy without any medical questions. You will most likely need to show income verification such as a pay stub.
For more information about adjusting your disability insurance policy as an attending physician, please contact Set for Life Insurance today!