Many physicians rely on a group disability policy that covers 60% of there income up to $10,000 per month. Some of these policies do not cover bonuses which result in an even lower percentage of income being replaced in the event of a long term disability. To make matters worse, these group policies are not portable. Therefore, if a separation from the practice occurs, the policy comes to an end. For the moment, there is a window of opportunity for many physicians to re-evaluate their disability insurance strategy, and look into the possibility of increasing their disability insurance due to flexibility in the market.
You Current Policies
It is very rare that a consideration would be made to replace an existing policy due to the younger age at which it was obtained, and the strong contextual language in older policies. It is a prudent idea, however, to review the policies from time to time, and determine if a supplemental plan would be advantageous.
Stacking Your Benefits
Through a coordinated disability insurance strategy, it is possible to have over 100% of income covered:
- Take advantage of a group disability plan covering up to 60% of income, including bonuses
- Review individual disability policies and determine if more can be added
- Set up a Retirement disability plan covering retirement contributions
- Set up a Catastrophic disability rider or Long term care policy
For a consultative review of current plans, and to implement a disability strategy to take advantage of available policy discounts, contact our sales team today!
Sr. Sales Executive, Life & Disability
Office Direct: 443-449-2327