In 2019, the average amount disabled workers received from the Social Security Administration (SSA) was around $1,234, with no benefit adjustments based on previous income. If you became disabled tomorrow, could you afford your home, student loans, or other monthly expenses? Deciding to enroll in a disability insurance policy to protect your income isn’t difficult. What it comes down to is making the best choice. That’s where the debate over individual vs. group disability insurance comes into play. Group insurance plans cover a group of people and are generally offered through an employer ..read more

Disability insurance and pre-existing conditions are common talking points among those looking for policies. Although health insurers cannot deny you coverage based on your health, the same protections don’t always apply to disability insurance. As a result, applicants applying for individual disability insurance will need to undergo medical underwriting in order to obtain an offer, sometimes resulting in modifications or denial for coverage. After all, an insurance provider likely won’t want to pay for future complications arising from your pre-existing condition. But does that mean you wo ..read more

Long Term Disability Insurance is a product you hope to never use, and hope to never replace in the future. Many older attending physicians’ shop to replace their coverage with better benefits but do not qualify due to pre-existing conditions and health status. Shopping for disability insurance is not simple and should be purchased correctly the first time. This article should provide you with knowledge on what to look for within a disability insurance quote when shopping and what to expect when applying.   Searching for the Right Disability Insurance Policy To get started, you woul ..read more

Why Do Residents and Fellows Need Disability Insurance? Long Term Disability Insurance is essential to any physician’s financial safety and security because your career income is by far your greatest asset. The process of becoming a doctor is rewarding in time but is an ultimate investment. You will train for years on a limited salary and many will struggle under the weight of student loans. The financial rewards of putting in this time outweigh the few years of medical school, residency and even fellowship. This is only assuming you’re capable of working. If you develop an unexpected ..read more

Most physicians are offered long-term disability insurance through their group as a benefit that is employer-paid. This looks like a great offer considering you do not pay for it but that is not the case. What you may not realize is that group disability insurance is hard to collect on. Have you ever wondered why applying for private individual plans requires an analysis of your medical history? The simple reasoning for this is to offer you an individual plan that is much easier to collect on. These individual policies are fully underwritten at time of application so that they do not reasses ..read more

You most likely know that your health is a factor in determining whether or not you will be approved for disability insurance. Pre-existing health history could lead to modifications of your policy’s benefits including medical exclusions, removal of riders or a rating surcharge. What you may not realize is that your driving record may affect the underwriting process of a disability insurance application. The insurance carrier will look at your motor vehicle report, or MVR, to assess your risk profile. Case - Client's Driving Record A physician, in a noninvasive specialty, reached out t ..read more

Physicians often fail to consider the possibility of an unexpected life event deeming you unable to work. The process of becoming a doctor is rewarding in time but is an ultimate investment. You will train away for years on a limited salary and some may struggle under the weight of student loans. The financial rewards of putting in the time to become a specialized physician outweigh the few years of medical school, residency and even fellowship. This is only assuming you’re capable of working. If you become injured or develop an unexpected medical condition that prevents you from phys ..read more

This article was posted by TMA Insurance Trust. “If you get hurt or become too sick to work, what happens to your income?” It’s one of the first questions that Scott Dial, a disability-income expert who works with TMA Insurance Trust, asks medical residents and new physicians. For some people — 40 percent, to be exact — that answer is usually “I don’t know” followed by “I think my employer has something,” or “my spouse will have to work.” The average healthy person is rarely counseled on handling a disability. Although most of us don’t expect to get sick or injured, the Social Security Adminis ..read more

This article was posted by Today’s Physician. An expert points out financial pitfalls for new doctors. DO YOU DREAM about how much money you’ll make once you’re finished training and about all the things you’ll finally be able to afford? If you’re like many new physicians, a nice car and a big house probably top the list. But before you start making plans to spend your newfound wealth, get your financial house in order. If you start spending freely without a plan, you may join the growing ranks of physicians who are in debt and struggling financially. That’s the advice that Cory S. Fawcet ..read more

Here is an article written by my friend and Northeast Regional Sales Manager for Guardian, Thomas Wong. In the Spring of 1988, I received a call from a dear friend, Dave.  He called to let me know that the results of his blood test taken during a routine physical exam were not good, and that he needed further testing. I asked myself: What did he want to know from me, his friend and trusted insurance advisor?  The answer was simple: He wanted assurance that everything will be OK.  But it was not, and I did not see this coming.  I failed Dave miserably because I never gave hi ..read more