Increasing Your Disability Coverage
If you’re like many of the doctors we meet,
you made the important decision to obtain some form of income protection, also known as an individual disability insurance policy (IDI) early on in your career. Your IDI is designed to help protect a portion of your paycheck, allowing you to maintain your lifestyle should you have a disabling event such as an illness or injury that keeps you from being able to work. Solid income protection is the foundation of a strong financial plan. If you never got around to obtaining it, there is no better time than right now to get your income protection.
If you purchased a disability policy when you were a student, resident, or early in your career, your monthly income benefit is likely anywhere from $2,000 to $7,500 a month, or a tax-free annual salary of between $24,000 to $90,000, depending on your occupation and specialty. You might be wondering how on earth could I live off an income that small. Chances are, it would be difficult.
When you purchased your IDI policy, you likely anticipated a significant increase in your future income and wisely purchased an “increase” rider, which allows you to increase your coverage as your income grows, without the need to prove insurability via medical exams or lab tests. Depending on the insurance company, this rider could be called several different things such as “Future Increase Option”, “Future Benefit Option”, “Benefit Update”, etc. Some of these riders are more flexible than others.
Whether you bought your policy early in your career or later, we often find that practitioners frequently neglect taking advantage of their IDI increase options, leaving millions of dollars at risk. Therefore, it is extremely important to review your policy ASAP with a professional who understands the many different disability contracts available and the riders each company offers.
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Doctor Protectors specializes in reviewing existing policies to ensure your current, and future income is protected the way you originally intended it to be. We’ll explain the features of your existing IDI policy and make certain it is built with the strength and flexibility to grow as your career advances. We’ll also point out any policy weaknesses we may discover.
If you’re simply increasing your coverage or obtaining income protection for the first time, Doctor Protectors solely represents the most reputable companies offering strong, true own-occupation, non- cancellable and guaranteed renewable, doctor-specific contracts. We’ll shop these companies for you and typically provide quotes from the best 2 or 3 options. Once we explain their differences, you choose which IDI policy best meets your needs, and then the application process is quick and simple.
Be certain that your current and future income is properly protected.
Request free quotes from Doctor Protectors today!
Get Your Free Quotes
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How Doctor Protectors Can Help?
We understand medical and dental practitioners face unique challenges, with limited spare time. We are experts at understanding the nuances of the many different disability insurance carriers and their policy options, so you don’t have to!
Doctor Protectors streamlines the process of obtaining personal insurances by leveraging multiple top carriers to provide the best rates and solutions available to protect you and/or your practice. If you’ve yet to obtain income protection, or you just aren’t sure your current disability insurance is sufficient, let us help protect your most valuable asset … YOU!
