One of the worst things for WisMed Assure advisors to hear is, “I should have listened to you years ago about purchasing personal disability insurance. I realize that it will now be very expensive, but I also realize that I need it. Can you please get some quotes for me?”
The WisMed Assure team makes great effort to educate Wisconsin medical residents on the importance of having personal disability insurance in place before finishing residency. At no other time will coverage be more affordable and easier to obtain. Our resident physicians are automatically entitled to a base benefit amount, and substantial discounts are offered by each of the five main personal disability insurers for physicians. Once coverage is in place, the cost for these base benefits is set for the life of the policy.
Premiums are based on age and medical health history, so get this coverage while young and healthy. WisMed Assure encourages physicians to add options like the Future Increase Option, which allows them to increase their coverage to keep up with their rising income, without any additional medical underwriting. They also advise implementing the Cost of Living Adjustment rider, which ensures that benefits received keep pace with inflation.
Career changes often result in loss of employer group disability benefits. Additionally, most employer group benefits coverage have limits, which is often much lower than a physician’s income.
Physicians work extremely hard to earn their incomes and most people don’t think twice about protecting their other valuable assets. Additionally, if student loans were incurred for this achievement, WisMed Assure can design coverage to make these payments in the event of a disability.
Please contact Tom Strangstalien, Insurance Advisor, to learn more about the best disability insurance options for physicians.
Originally posted July 9, 2021 in FYI: For Your Insurance
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