The one group of people we talk to more than any others about
disability insurance is physicians.
There are a few reasons why this is so:
1. A physician is involved in highly skilled personal service that can not be delegated. Unlike an owner of many businesses, the service performed must be done by the doctor. If the doctor can't perform the duties of his/her occupation because of illness or accident, cash flow stops.
2. Physicians are acutely aware that the human body can get hurt or be sick and the consequences. We all are aware of this but it isn't in our consciousness on a daily basis as it is for physicians.
Thus, the combination of the fact of inability to delegate duties and a keen awareness of the consequences leads to almost every physician looking into and obtaining disability insurance often during residency.
There are three common ways a physician obtains
disability insurance:
1. From a local agent who he knows, meets or is referred to
2. Via association group plans
3. From one of the large online disability insurance sites like protectyourincome.com
Using 1. is a bit of a gamble based on the competency of the local agent along with his/her access to the leading companies.
2. Can lead to inadequate coverage based on the nature of that particular group plan and its definitions of disability, partial disability and renewal of the policy (price increases?)
3. Can allow study of the subject privately on your own, keeps affairs very private and away from the local area and with the right site, gives access to the leading companies and advice from professionals who speak to hundreds of people on the one subject of disability insurance.
