Physicians, regardless of their specializations, are quite familiar with some of the harshest realities in life. From the start of their residencies, these medical professionals are exposed to situations where they see first-hand how disabling injuries and illnesses can totally change a person’s life. Even though doctors are the ones on the front lines providing care and relief to patients who are struggling with disabling injuries and sicknesses, they don’t get a free pass from disabling accidents or illnesses either— especially when they reach their 50’s or 60’s. As Jeffrey D. Brunken highlights in his article posted on PhysiciansPractice.com:
“Ironically, with disability, the danger is more present than clear. We know that statistically, more than 40 percent of physicians who are now 40 years old will suffer an injury or illness that will impair their ability to work for at least three months by the time they turn 65. It’s one of those, “this could happen to you” scenarios with high statistical probability.
In our business, we regularly see situations where physicians become disabled, think they are covered, but don’t have the right specialized benefits. I’ve noted in past posts that many physicians purchase disability insurance soon after medical school and forget about it.”
Because they do not have the time or the knowledge to review and understand their disability plans, many physicians may not have sufficient disability coverage, or their current physician disability insurance plans do not protect them adequately in their specialty. That’s why it’s imperative for financial advisors and insurance brokers to review their physician clients’ disability plans frequently to ensure they maintain adequate disability income protection. Partnering with Source Brokerage, Inc., opens the doors to the best disability income carriers for physicians in the industry, making it easy to provide quality disability income plans to your physician clients.
In addition, Source Brokerage’s disability insurance specialists can tailor disability income plans to meet the specific needs of physicians. For example, physician disability plans should contain policy features such as “own occupation protection,” considered essential in disability insurance for physicians. This definition of disability provides full disability income payments to the insured until he or she reaches age 65, or as long as he or she cannot perform the duties of his or her medical specialty. This means that if the insured can no longer continue to work in his or her medical specialty, and chooses to do something else, he or she will still collect full disability benefits. Not all disability insurance carriers provide “own occupation protection” in their contracts; however, Source Brokerage can connect you with the carriers who provide the strongest contracts for physicians.
Before you meet with your new or existing physician clients, make it a habit to consult with Source Brokerage’s disability income specialists. We can advise you on your physician client’s current plan, provide disability income quotes and prepare you for your meeting. Your physician clients are relying on your expertise to protect their income and way of life. And, in turn, you can count on Source Brokerage to make sure you have the best physician disability income products available in the industry to do your job.
(Source: “Many Physicians May Have Inadequate Disability Coverage,” PhysiciansPractice.com, March 15, 2014)
