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Physician's Edition: Do You Really Need Own Occupation Disability Insurance?
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In this episode, I share the common reasons why a medical professional would need to purchase an Own-Occupation, Specialty Specific Disability Insurance Plan. I discuss why you should protect your income with one of the 'Big 6' Disability Insurance Carriers. This episode covers most of the common questions physicians ask of my team while visiting The White Coat Investor's website and/or conferences. This should supplement any information that is gathered from visiting that site or forum.
Whether you are a physician, dentist, or another medical professional, this type of insurance will protect against the inability to work due to an illness or injury; while allowing you to collect an income from another source.
This allows to you double-dip and collect both an insurance check after a disabling event PLUS allows you to keep any other income sources that may be available to you. This is typically the opposite of what is found inside your employment benefit disability insurance. Those are often limited to 5-years of coverage and offsets, reduces or eliminates your benefits if you are disabled and able to work in any other job.
Own-Occupation plans can layer over the group plans you have through your jobs and are portable. We dive into why these are so important for you to have on your own.
Typically we recommend you purchase your ‘Own Occupation’ plan while you are young and healthy. By doing so, you can rate lock your plan, be able to buy more coverage as an attending regardless of your risk factors, and have no exclusions on your policies.
Today we discuss:
- When should you buy your own specialty coverage?
- Who should you buy your income protection from?
- What type of contract definition makes sense for your specialty?
- How to collect income while disabled
- How to obtain a portable plan as you move through the practice
- How to get your rates to renew each year as you age
- How to protect yourself against future underwriting
- How to guarantee no offsets if you have other income sources
Disability Insurance Vocabulary:
PURE OWN OCCUPATION: The inability to perform the material and substantial duties of your occupation, even if gainfully employed in ANY other job; due to a disabling event. *This is what we discuss today.*
TRANSITIONAL OCCUPA
📻 Thank you for tuning in to The Amber Stitt Show!
🔗 Connect with Amber on Social Media:
- AMBER’S INSTAGRAM
- AMBER’S LINKEDIN
- AMBER’S FACEBOOK
📲 Be sure to visit Amber's website:
www.AmberStitt.com
🎬 And remember, let's take action today!!!
====================
💻 Content Creators, Here Are Some Must Have Apps:
🔥 Opus Clips AI Creates Short Videos From Your Full Length Videos: https://www.opus.pro?via=909178
🔥 Find Hosts & Guests for Your Podcast: https://www.joinpodmatch.com/pathways
🔥 For Blogs, Descriptions, or Any Type of AI Generated Text Needed for Your Project: https://www.castmagic.io/?via=amber
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By Amber StittSend us Fan Mail
In this episode, I share the common reasons why a medical professional would need to purchase an Own-Occupation, Specialty Specific Disability Insurance Plan. I discuss why you should protect your income with one of the 'Big 6' Disability Insurance Carriers. This episode covers most of the common questions physicians ask of my team while visiting The White Coat Investor's website and/or conferences. This should supplement any information that is gathered from visiting that site or forum.
Whether you are a physician, dentist, or another medical professional, this type of insurance will protect against the inability to work due to an illness or injury; while allowing you to collect an income from another source.
This allows to you double-dip and collect both an insurance check after a disabling event PLUS allows you to keep any other income sources that may be available to you. This is typically the opposite of what is found inside your employment benefit disability insurance. Those are often limited to 5-years of coverage and offsets, reduces or eliminates your benefits if you are disabled and able to work in any other job.
Own-Occupation plans can layer over the group plans you have through your jobs and are portable. We dive into why these are so important for you to have on your own.
Typically we recommend you purchase your ‘Own Occupation’ plan while you are young and healthy. By doing so, you can rate lock your plan, be able to buy more coverage as an attending regardless of your risk factors, and have no exclusions on your policies.
Today we discuss:
- When should you buy your own specialty coverage?
- Who should you buy your income protection from?
- What type of contract definition makes sense for your specialty?
- How to collect income while disabled
- How to obtain a portable plan as you move through the practice
- How to get your rates to renew each year as you age
- How to protect yourself against future underwriting
- How to guarantee no offsets if you have other income sources
Disability Insurance Vocabulary:
PURE OWN OCCUPATION: The inability to perform the material and substantial duties of your occupation, even if gainfully employed in ANY other job; due to a disabling event. *This is what we discuss today.*
TRANSITIONAL OCCUPA
📻 Thank you for tuning in to The Amber Stitt Show!
🔗 Connect with Amber on Social Media:
- AMBER’S INSTAGRAM
- AMBER’S LINKEDIN
- AMBER’S FACEBOOK
📲 Be sure to visit Amber's website:
www.AmberStitt.com
🎬 And remember, let's take action today!!!
====================
💻 Content Creators, Here Are Some Must Have Apps:
🔥 Opus Clips AI Creates Short Videos From Your Full Length Videos: https://www.opus.pro?via=909178
🔥 Find Hosts & Guests for Your Podcast: https://www.joinpodmatch.com/pathways
🔥 For Blogs, Descriptions, or Any Type of AI Generated Text Needed for Your Project: https://www.castmagic.io/?via=amber