Written on
October 29, 2011 – 6:37 pm | by Ethan Kinnear
If you look for disability insurance quotes on the Internet, youre likely to find many websites advertising Disability Insurance for Physicians. If you arent a physician, you might wonder why so many insurance brokers, online and offline, target the physician market.
The reason is simple physicians represent the largest occupation segment of disability insurance owners. When I speak with people in other professions, I often find myself having to enlighten my prospective clients about the need for disability insurance in ones insurance portfolio. However, I usually can skip this step with physicians. Why is that?
I believe there are several reasons. First of all, physicians usually have a huge investment in their training, both in time and money. Student loans and practice start-up costs are astronomical in most cases. If a physician were to become disabled, income might disappear, but the loans wouldnt. Disability insurance for physicians is the only protection for risks that could wipe out that investment overnight.
Another reason I believe physicians, as a group, purchase more disability insurance than other professions is that they witness, on a daily basis, illness and injury in their patients that are career-ending for many of them. When I speak to non-physicians, many dont believe that a disabling illness or injury could affect them. Physicians know otherwise.
Group disability insurance for physicians is provided to them during their residencies. I know of no other occupation in which the training institutions provide disability coverage.
If you arent a physician or dentist, you should take note of these practices and purchasing patterns. If you and your family depend on your income and you dont have disability insurance through your employer, I would suggest you take a look at what physicians are doing in regard to disability insurance and look into getting a policy for yourself. Even if you have a group policy at work, supplementing it with an individual policy might be a good idea for you.
Tags: Disability Insurance, Physicians
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