Best Disability Insurance for Physicians | Own Occupation Disability Insurance Quote

  Over the past decade, the medical field has undergone significant transformations, leading to a decline in self-employed physicians and a rise in physicians transitioning to employment within institutionalized medicine. Unfortunately, this shift has given rise to a common misconception among physicians regarding disability insurance coverage. Many doctors are either opting out of purchasing individual own specialty disability insurance for physicians or canceling their existing coverage, mistakenly relying on their employer’s long-term disability insurance. It is crucial to understand the limitations of employer-provided disability plans and the immense importance of true own specialty policies. True Own Disability Insurance for Physicians vs. Employer Provided Group Disability   Although employer-provided disability plans may seem appealing due to their seemingly cost-free nature, they pale in comparison to the comprehensive coverage provided by own specialty policie...

  The American Medical Association estimates that medical professionals are more likely to suffer a disability that prevents them from earning an income than to die prematurely.   That’s comforting news if you’re worried about your mortality. Less so if you’re concerned about your ability to enjoy your golden years.   According to a 2023 Annual Report on People with Disabilities conducted by the Disability Compendium, the likelihood of living in poverty is nearly 15% more for adults with a disability than for those without one. Most likely due to the medical costs for treatment and recovery amid loss of their income.   So having some kind of disability coverage is important, especially for those earning high incomes but getting a later start on investing for the future, like physicians.   The question is, what’s the best disability for physicians right now?     Types of Disability Insurance for Physicians   There are t...