1/3 of all people between the ages of 30 and 64 will become disabled sometime in their lives (Source: Health Insurance Association of America) 
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At age 32, the chance of being disabled for 90 days is 6.5 times greater than the chance of death (Source: National Association of Insurance Commissioners) READ MORE
Doctor IQ: Why You Need Disability Insurance
Why is it essential for doctors to protect their incomes with disability insurance? Disability insurance is crucial to protect the dreams, lifestyle and income of doctors and surgeons.
Doctors are highly skilled and command top wages. When a doctor becomes disabled, it’s difficult to find new work that pays a comparable salary. Most employer-provided short-term and long-term disability insurance group plans don’t offer the benefit levels nor specialty specific definitions that doctors need. The example below illustrates why supplemental disability insurance is crucial.
Dr. Mike Brown:
Dr. Mike Brown was a cardiac surgeon who earned $300,000 annually. He was young and healthy—an avid runner and skier. A disabling injury was the last thing that he expected. After all, his job wasn’t that physically demanding. But Mike didn’t realize that illness (not injury) is the leading cause of disability.
When Mike was diagnosed with stomach cancer, his treatments zapped his energy. He could no longer trust his once steady hands to perform with strength and precision. The disabling condition that once seemed impossible was suddenly all too real.
Mike had no choice but to leave his position as a cardiac surgeon. While he was able to work part time as a general practitioner, his earnings dropped to $100,000 each year. Since he was still gainfully employed, his employer-provided long-term disability insurance did not provide coverage. He and his family had to quickly adapt to a frugal lifestyle on $200,000 less each year. If he would have had a supplemental own occupation disability policy, things would have been much different.
Don’t make the same mistake as disabled Dr. Mike!
Get the "Triple-R" foundation of income protection you and your family deserve.
Want to learn more? Visit the education section of our site for articles, a disability insurance glossary of terms and an online disability IQ quiz. Or, get your instant disability insurance quote now!
Do any of these points describe you? If so, learn more about disability insurance today!
You have less than two years of income saved for emergency purposes (excluding retirement or college savings).
You are a primary or secondary breadwinner in your family.
Loved ones (children, parents, or others) rely on you for financial support.
Other non-earned income (such as interest or dividends) will not adequately cover your living expenses.
You have no one to rely on to support you in the event that you lose your earning power (for example, you’re divorced, single or do not have affluent and generous family members).
It would be difficult to achieve your long-term savings goals such as retirement if your paycheck stopped.
You would prefer not to downsize and change your lifestyle in the event of disability.
You can’t afford to live on 43% of your current gross pay (the amount provided by most long-term group disability plans after taxes)
*While Dr. Mike Brown is fictional, his scenario reflects the very real disability dilemmas faced by many doctors every year.