WCI #6: Disability Insurance for High Income Earners
whatshot 8 snips
Feb 9, 2017
Discover the vital steps for securing disability insurance tailored for high-income professionals. The discussion delves into the complexities of different policy types and the importance of choosing the right insurance agent. Learn why timing is crucial when acquiring coverage and the value of various insurance riders. There's also practical advice on navigating these needs during residency, including managing finances while ensuring adequate protection. Empower yourself to make informed choices to safeguard your future earnings!
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insights INSIGHT
Disability Insurance Protects Earnings
Disability insurance protects your most valuable financial asset: your future earning ability.
Since personal disability can cause severe financial catastrophe, it is crucial to have coverage early in your career.
insights INSIGHT
Disability Insurance Is Income-Based
Unlike life insurance, disability insurance benefits are paid based on the portion of your income lost.
High-income professionals have a roughly one in seven chance to use their disability insurance.
volunteer_activism ADVICE
Buy Early and Replace Expenses
Buy disability insurance as a resident and increase coverage when you become an attending physician.
Replace your expenses, not income, when deciding how much disability insurance to buy.
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Disability Insurance for High Income Earners: Understand these critical steps to purchasing disability insurance. A medical resident’s most valuable financial asset is his future earnings ability, which is at serious risk of loss due to a personal disability. Dr Dahle outlines critical steps to purchasing disability insurance correctly in this podcast. Disability insurance is FAR more complicated than term life insurance, and while it may not require a ton of time to understand and purchase a policy, it will require more self-education and a lot more decisions to be made. This episode will further your education and walk you through some of those decisions. Dr. Dahle also answers questions from readers about when is the cheapest time to buy disability insurance and whether or not you should borrow money to buy disability and life insurance during residency.
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