This simplified 5-step process provides physicians a complete review of individual disability insurance.
Protecting your income is important because your income is important. The larger your income, the greater is its impact on your lifestyle and your ability to achieve financial success. An injury or illness that prevents a person from working has the potential to cause tremendous financial distress. Combine this fact with the high student loan debt and commonly low income of most young physicians, and the financial impact could be disastrous, even irreversible. Individual disability insurance provides physicians with a simple solution to exorbitant risk.
Simply put, disability insurance is an insurance coverage that pays you a monthly benefit if an injury or illness prevents you from working in your selected occupation.
Disability is a reality, and for the highly compensated, it can cost millions of dollars in lost income. The table below illustrates the cumulative income potential over a physician’s career beginning at age 30.
| Physician’s Income Projections Beginning At Age 30 | |||
|---|---|---|---|
| Age | Earning $150,000 | Earning $250,000 | Earning $350,000 |
| 35 | $750,000 | $1,250,000 | $1,750,000 |
| 40 | $1,500,000 | $2,500,000 | $3,500,000 |
| 45 | $2,250,000 | $3,750,000 | $5,250,000 |
| 50 | $3,000,000 | $5,000,000 | $7,000,000 |
| 55 | $3,750,000 | $6,250,000 | $8,750,000 |
| 60 | $4,500,000 | $7,500,000 | $10,500,000 |
| 65 | $5,250,000 | $8,750,000 | $12,250,000 |
Hypothetical example for illustrative purposes only.
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