Im looking into getting more disability insurance coverage that is specialty specific. Im currently paying ?$179 a month for 5K oer month of coverage with full rider benefits. Asking around, this seems a little high. Im looking to increase it to at least 10K per month since I am recently out of training with young kids. Just wondering what others are paying and what insurance company?
Disability Insurance
- Thread starter Deucedano
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huh, I pay like 6-7K+ a year...and its worth every PENNY.
179 a mo is nothing. 5K month max benefit is also garbage.
What is the waiting period? Should be max 1-2 mos. is it own occ or reg occ?
Your residency program should have an entire day devoted to this.
This is basic 101 level stuff, Im assuming you new guys know how to put on a condom or do we need to hit those points as well? Dont want out of wedlock child support messing up the financial plan as well as being under-insured.
179 a mo is nothing. 5K month max benefit is also garbage.
What is the waiting period? Should be max 1-2 mos. is it own occ or reg occ?
Your residency program should have an entire day devoted to this.
This is basic 101 level stuff, Im assuming you new guys know how to put on a condom or do we need to hit those points as well? Dont want out of wedlock child support messing up the financial plan as well as being under-insured.
Rates are highly specific per individual and company. FWIW, I pay $215/mo. for $10K monthly benefit through Principal (Own Occupation/specialty-specific, 90 day waiting period, residual disability/recovery benefit, 3% COLA rider, and future benefit increase/benefit update riders.
While in residency, I had a policy with Ameritas for $5k benefit (similar definitions/riders) and that was $150/mo. I switched after fellowship because buying a new policy with Principal was nearly 20% cheaper than utilizing the increase option with my old policy. Part of the price difference was I qualified for a slightly larger discount by being associated with my fellowship institution vs my residency.
You should definitely dig through your current policy and understand it well. I would find an independent insurance agent who can help review your current policy and give quotes from the major companies who offer true own occupation definitions (such as Principal, Standard, Ameritas, MassMutual, Guardian). A recommended list of insurance agents who won't try to sell you garbage you don't need (i.e. whole/universal life insurance) can be found over at White Coat Investor blog > Recommended > Insurance agents.
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same; pay about $500/mos...adds up with life, malpractice, and health ins but sort of a necessity in this line of work [medicine].
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thats a solid plan aside from the benefit cap, I would try to get that ramped up to 15+. Other than that, I approve.
Thanks for your input. I also received a "discount" with Standard as a fellow before I completed training. My premiums may be higher since I opted to forgo underwriting since I have medical issues. Ill check out the White Coat Investor website as well.
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Pretty much exactly what I pay for the same benefit. It is pretty outrageous, but it pays not just disability, but if you cannot practice you specific field of medicine. So if you go blind for some reason, or can't pick up a slide anymore, you could still get a job doing something else, and this would continue to pay out.
Your approval has me tingling.
$10K is the base--I'll increase it annually as my pay goes up.
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That is high, typically age 30-35 for males run about $17-$25 per month per $1,000 of monthly benefit with us. Now the variables in that $17-25 are of course age, gender, medical specialty and your state of residency.
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Currently in most states, Ameritas, Principal and Ohio have a tendency to be the best price for males, if you want an annually increasing policy Guardian is great and less expensive for the first 3-7 years depending on the person but Mass can have a Unisex for females while in training and then as an attending we can get unisex from Principal. It is always a review, research and apply process to keep clients in the best position possible.
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That policy probably has an annual increase option (not the benefit update provision) that automatically looks at the CPI-U and increases your benefit by 4-10% to match inflation so you should be in good shape for that annual increase process!
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Scott thanks for coming to this thread! You maybe the single most important financial mentor new trainees ever have.
The number of physicians in my experience who get cancer, deliberating injury preventing work and massively over represented mental health problems due to our line of work makes disability insurance one of the single most important decisions in your career. I would actually scrutinize disability insurance advisers more carefully than sex partners.
God-->your kids--->your parents-->your financial team including insurance-->spouse-->the masses in that order
The number of physicians in my experience who get cancer, deliberating injury preventing work and massively over represented mental health problems due to our line of work makes disability insurance one of the single most important decisions in your career. I would actually scrutinize disability insurance advisers more carefully than sex partners.
God-->your kids--->your parents-->your financial team including insurance-->spouse-->the masses in that order
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LOL,
I started my business 25 years ago so I have certainly seen some of the things you allude to, not hard to find a bad rep in our business for sure, many a day I look at what a rep has done or is doing with a client and I just shake my head. Heck I was just helping a new client this am clean up his stuff, saved him $1100 per year and better language. It happens, if I can help just let me know you. You can find me here and at WCI often.
Noah Littell
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The most helpful answer I can think of to help is that since disability is one of 3 threats that can derail your career, the objective is to get the best defined by the actual language in the policy and the insurer that write the most policies so they know how to handle claims. Price is irrelevant. Should start vetting a physician specific advisor via signed testimonials from their Dr clients
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Agree with comments above. You are a bit underinsured for disability. 5K per month is 60K a year (w/ or w/o taxes). Could you live on 60K a year? That's below a resident salary, major down in your QoL.... Make sure you have iron-clad own profession and I think it is helpful to have a inflation/cost-of-living rider.
Your rates are a tiny bit high, but not out-of-line by any means. If this is only a part of your disability (i.e. your own and on top of that you have empoloyer provider disability), you may be OK but may want to bump that up by at least 2K per month, and then another 1K per child you have.
Your rates are a tiny bit high, but not out-of-line by any means. If this is only a part of your disability (i.e. your own and on top of that you have empoloyer provider disability), you may be OK but may want to bump that up by at least 2K per month, and then another 1K per child you have.
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I guess Thrombus should come back to this forum selling insurance. Apparently that is ok on the SDN network.
