While being a doctor has a ton of great benefits, it also has a downside that many physicians fail to plan for until it is too late. Disability is something that most doctors never really consider because it doesn’t seem like a real enough threat in their line of work. It is said that hindsight is 20/20 and like most threats, it is easy to ignore them until they become real. Do not wait until you are unable to practice investing in long term disability insurance for physicians.
Cover the Gaps
If you currently have a disability policy, now is the perfect time for you to look it over to ensure that it offers you the maximum amount of coverage possible. Depending on your employer or insurer, your current policy may have certain exclusions that create significant gaps in your financial plan.
Portability is Crucial
Check your policy and make sure that it is portable. Even if you have no plans of leaving your current employer or changing your area of expertise, remember you cannot predict the future. It is better for you to be protected now if you ever need to change employers or specialties versus changing employers or specialties later on and losing any coverage you currently have.
Your financial needs are going to change periodically all throughout your life. That is why you need to have a long term disability insurance for physicians policy that allows you to adjust your level of coverage accordingly whenever you need to.