Disability Insurance
Your greatest asset is you and your ability to earn an income practicing. Protect it with a strong disability income policy.
Not all policies are alike. One word “and/or” in the wrong place could mean you get paid millions of dollars less. Curious if you are covered correctly?
Costs of self insuring are simply too high
A 35-year-old orthodontist got seriously injured on a ski trip and could not practice for 2.5 years. He had to spend $500,000 of his retirement savings to pay for his living expenses as he had no disability income insurance. What was the effect that spending $500,000 had on his future retirement? It cut the amount in half!
The costs of self-insuring are simply too high to not be protected by a disability income policy.
A Recently Graduated Resident's Story
A 35-year-old dental specialist diligently saved $1,000,000 and paid off his student loans but never got around to getting a disability income policy. A weekend out on the slopes turned to disaster when he ran into a tree. Golden retrievers in jackets and the ski patrol safely brought him to the base of the mountain, and onto the ski resort’s hospital. Thankfully he had no head injuries, although he had multiple other severe injuries. It would take close to two years of surgeries and rehab to recover. Without any disability income insurance, he had to spend down $500,000 of retirement investments just to cover his living and medical expenses. Just months prior to his ski accident, he had purchased a new home in an upscale area.
Not having a disability policy was true lost opportunity. If, instead, the orthodontist had a disability policy that covered his living and medical expenses, his $1,000,000 of retirement assets would have been left undisturbed and would have been able to grow over 30 years. Assuming an 8 percent return, he would have close to $11M at age 65. and nearly $15M at age 70! At age 37, he recovered and was able to start practicing orthodontics again. What was the impact on his retirement from spending down that $500,000 too early? At age 65, assuming the same 8 percent rate of return, he would have $5M and age 70, $7M. His retirement was cut in half! Now, obviously, a disability policy has a cost, but it will be a fraction compared to the millions you will find missing. In this example, he recovered, but many do not. Consider that one in every ten of the classmates you graduated with will deal with a disability, and if that happens to be you, make sure you have disability income insurance to be there to help you. Peace of mind is priceless.
Loyall, Jennifer. The New Dentist’s Playbook: The Path to a Purpose-Filled Career, Without Burnout (pp. 47-48). Whitefox Publishing.
Purchase the full-length book on both Amazon & Audible now!
Avoid the pitfalls and shortcomings of group insurance
Whether from an association or from a corporate practice, group disability income insurance has a number of weaknesses in comparison to the strengths that come with individually owned coverage.
For peace of mind, get an individual-owned disability income policy.
With over 15 years of tried and true underwriting experience, representing all the top carriers, we know a thing or two about how to find the best insurance for you.
Disability Income Insurance that is simple and easy.
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