Own-occupation disability insurance

IPSIS: Formerly the Spine Intervention Society
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oneforfighting said:
Metlife. My understanding is that they no longer sell disability insurance.
Bought it intern year so rates were good. Currently upped to about $450/mth for ~16k/mth benefits.
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Same here
 
Members don't see this ad :)
$2k per year (graded premium) for $9800 monthly policy via Guardian. Got it in fellowship. Plan to cancel after 12-15 years when FIRE. Wife is also a doc/radiologist so didn't get a huge policy since we sorta self insure.

Best site is Drdisabilityquotes.com as recommended by white coat investor. They will shop / get you quotes from all the major companies.
 
Baron Samedi said:
You are a case of carpal tunnel syndrome away from losing your livelihood.
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If you think 100-150k a year coming in from some crappy disability policy is a fix for “losing your livelihood” then have at it.
 
lobelsteve said:
Principal. $7800/yr for 15k mo, 90 day out.
My policy states I can work FT and I get paid if I can no longer do interventional care.
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Does it say those words exactly? I was told that was the effect of my policy, but I had some long covid symptoms that I feared would derail my career and looked into my disability policy. It was very unclear that I would be covered and even less clear that I could continue to E&M work, be paid disability and stop doing procedures (as my agents had told me). I still have the insurance, Guardian, Berkshire and Metlife I believe, but it seems much more catastrophic insurance then I believed. I hope to cancel it in 5 years.
 
Members don't see this ad :)
paindoc007 said:
As in, if carpal tunnel has caused you to “lose your livelihood”, what would the messily 150k/year-ish from your policy do to alleviate that?
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Sorry...I shouldn't have said anything. I have no concept of what you're arguing.
 
i hate paying my disability premiums. much more than i hate paying for MOC.

i have an own-occ policy, but i am VERY skeptical that it will pay out what i expect it to. if there is one thing i have learned in life, it is that insurance companies will do whatever they can to f$ck you. and they have an army of lawyers.

i stopped adding the increased coverage as my salary increased several years ago.
 
mid|ine said:
Does it say those words exactly? I was told that was the effect of my policy, but I had some long covid symptoms that I feared would derail my career and looked into my disability policy. It was very unclear that I would be covered and even less clear that I could continue to E&M work, be paid disability and stop doing procedures (as my agents had told me). I still have the insurance, Guardian, Berkshire and Metlife I believe, but it seems much more catastrophic insurance then I believed. I hope to cancel it in 5 years.
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Reviewed it with attorney prior to buying 15 yrs ago. Same or similar. Thats why i am paying more. Will cancel when retirement accounts funded for needs.

180k yr tax free.
 
Baron Samedi said:
Prevent me from being homeless and starving to death?
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What in the world? Either you spend way too much, or you don’t make jack ****.I could quit tomorrow and not sweat maintaining my lifestyle. And I’ve been out of training for only 6 years. You should never be paycheck to paycheck as a pain physician.
 
paindoc007 said:
What in the world? Either you spend way too much, or you don’t make jack ****.I could quit tomorrow and not sweat maintaining my lifestyle. And I’ve been out of training for only 6 years. You should never be paycheck to paycheck as a pain physician.
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Well, I don't make much but that's not really relevant.

For you to go from age 35 to 65 on, let's say 150k/yr, you would need to currently have banked $4.5 million, zero debt, and beat inflation via investing without any risk whatsoever in addition to having the several million required past normal retirement age. If that's you, congrats! You are in the top 1% of physicians for net worth in your age group!
 
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And to just further demonstrate how unlikely that scenario is, net worth of physicians by age group per White Coat Investor.
 

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paindoc007 said:
What in the world? Either you spend way too much, or you don’t make jack ****.I could quit tomorrow and not sweat maintaining my lifestyle. And I’ve been out of training for only 6 years. You should never be paycheck to paycheck as a pain physician.
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Ha.
 
Baron Samedi said:
Well, I don't make much but that's not really relevant.

For you to go from age 35 to 65 on, let's say 150k/yr, you would need to currently have banked $4.5 million, zero debt, and beat inflation via investing without any risk whatsoever in addition to having the several million required past normal retirement age. If that's you, congrats! You are in the top 1% of physicians for net worth in your age group!
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Nope. Need to know what to do with money to not be in THAT situation you just outlined. Most docs aren’t good with money. .
 
lobelsteve said:
Reviewed it with attorney prior to buying 15 yrs ago. Same or similar. Thats why i am paying more. Will cancel when retirement accounts funded for needs.

180k yr tax free.
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Arent the own-occ from principal pretty generic and boilerplate? I signed one but didn't have a contract lawyer review it. Did hiring a lawyer allow you to change anything in the agreement/contract?
 
paindoc007 said:
What in the world? Either you spend way too much, or you don’t make jack ****.I could quit tomorrow and not sweat maintaining my lifestyle. And I’ve been out of training for only 6 years. You should never be paycheck to paycheck as a pain physician.
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I'm assuming here, but not everyone is/was a DINK. I started medical school late, my wife stays at home, I have 500K in student loans, and have several young children to raise. The only dumb financial decisions I've ever made were buying cheap flip houses in 2007 and then going to medical school.
I'm living just fine and Net worth is increasing, but disability insurance 100% makes sense.
 
Ferrismonk said:
I'm assuming here, but not everyone is/was a DINK. I started medical school late, my wife stays at home, I have 500K in student loans, and have several young children to raise. The only dumb financial decisions I've ever made were buying cheap flip houses in 2007 and then going to medical school.
I'm living just fine and Net worth is increasing, but disability insurance 100% makes sense.
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My 3 kids were pretty poor financial decisions, otherwise I’m in agreement with you.
 
If I had no kids I wouldn't be driving a Honda Accord. Actually, I'm cheap it would be impossible to get me to spend money on a depreciating asset like a car.

Mechanical watches would prob be my downfall.
 
swissluxury.com/carl-f.-bucherer-watches-patravi-t-24-stainless-steel.htm

Got one in black...but for a gift for our retiring admin. Lots of docs chipping in. They will never love you back.
 
I follow micro watch brands. It's like craft beer in a way (I don't drink). Small batches. High quality.

So many incredible options these days. I have my father's Rolex from 1966 but don't wear it.

I actually don't wear a watch 99% of the time; interestingly, I just like reading about them.
 
MitchLevi said:
I follow micro watch brands. It's like craft beer in a way (I don't drink). Small batches. High quality.

So many incredible options these days. I have my father's Rolex from 1966 but don't wear it.

I actually don't wear a watch 99% of the time; interestingly, I just like reading about them.
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I follow Micro-Brands as well. But I haven't pulled the trigger on any. Seen Dan Henry (quartz), About Vintage, Zelos, and other ones. Big watch guy.
 
DrSpine said:
I follow Micro-Brands as well. But I haven't pulled the trigger on any. Seen Dan Henry (quartz), About Vintage, Zelos, and other ones. Big watch guy.
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I like Christopher Ward right now.

I have a list on Evernote of about 40 brands I'm following. Zelos and AV are both on it. Haha.
 
MitchLevi said:
If I had no kids I wouldn't be driving a Honda Accord. Actually, I'm cheap it would be impossible to get me to spend money on a depreciating asset like a car.

Mechanical watches would prob be my downfall.
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Not all cars are depreciating assets…..especially now. One of my cars more than doubled in value($400k to $1+mill) and the other ones also increased significantly. ICE cars are not getting any cheaper.
 
The vast majority of cars depreciate; my point remains true. Very few physicians can afford a 400k car.
 
paindoc007 said:
Waste of money. Don’t bother
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I'd listen to recent WCI podcast on disability insurance. Specialty lawyers may need to be hired but the insurance companies will budge. I frequently read posts by docs on facebook forums reporting disabilities and attesting to the utility of DI.
And there are lots of things you can't predict. What if you need need home health/caregiver, outpatient PT/OT, DME, medical equipment after you've lost your job and medical insurance? Traumatic amputation and want to pay for a nice myoelectric prosthesis? How will you support your family if you suffer a stroke and can't feed or wipe yourself? You wouldn't be dead so life insurance wouldn't kick in. The point is, you're going to want every bit of income you can get. And 150k tax free annually is nothing to sniff at.
 
mid|ine said:
Does it say those words exactly? I was told that was the effect of my policy, but I had some long covid symptoms that I feared would derail my career and looked into my disability policy. It was very unclear that I would be covered and even less clear that I could continue to E&M work, be paid disability and stop doing procedures (as my agents had told me). I still have the insurance, Guardian, Berkshire and Metlife I believe, but it seems much more catastrophic insurance then I believed. I hope to cancel it in 5 years.
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No, if you are able to still work part time then, if you have a Residual rider, then you will get partial benefits. If you are unable to work in your specialty and you have their rider HH757 then it would pay full benefits regardless of work outside of your specialty.
 
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