By: Gary Fegan, DisabilityQuotes.com
Disability insurance policies are made up of a base policy and various policy riders. A rider is additional coverage that can be added to a policy. Additional riders are used to add supplemental coverage and make it part of a policy. There are some riders that can be essential for your situation and worth adding to the policy. There are other riders that would quite frankly be a waste of your premium dollars.
All disability carriers offer different riders. Some features are included in some policies but are riders on others- so it is important to look closely at the base policy and any and all riders considered. The riders allow you the flexibility to customize the policy to fit your specific situation and needs. Optional riders on an individual disability insurance (IDI) policy can help make sure that the coverage is for your specific occupation and keeps pace with inflation; guard against partial disabilities; and, even allow one the opportunity to purchase additional coverage without any further medical questions in the future.
The following five features are most commonly selected by our clients:
Dougherty & Associates
What does financial wellness mean and why is it important?
We know from experience that people who feel “well” financially are able to make better financial decisions. They feel more confident and optimistic about where they are now and where they are headed. They are therefore less apprehensive, stressed and fearful. They feel empowered to build healthy habits for pursuing and sustaining living life as they envision it. As a consequence, they are less prone to making mistakes that are costly, including procrastination and avoidance, not to mention things like selling out of their investment strategy at the worst possible time (market timing), or incurring significant credit card debt.
By: Gary Fegan
Ask yourself the following questions. If you answered yes to any of them then you mostly likely need the coverage:
1. Do you depend on your income to survive financially? How would you pay the bills if your income stopped? Another way to answer this question honestly for yourself is, am I able to take a 6-12 month unpaid vacation tomorrow. That’s really what experiencing a disability could be like. It is like having an extended period of time with no more income coming in because you are too sick or injured to work. One can only hope that should you become disabled it is only for 6 months, the reality of a long term disability could be much worse.
It's human nature - most of us don't want to think about getting sick or injured, or about struggling financially because we are unable to work. Yet it's a possibility we all must consider. The 1985 Commissioner's Individual Disability Table A provides data on the probability of an individual becoming disabled. These are only probabilities and actual results will vary on each individual's characteristics (Le. age, gender, occupation, health status, etc.).
Doug Mitchell, CLU
Ogletree Financial Services, LLC
Every physician who opens a practice either on their own or with partners has invested significant time, money, and sweat to get there and finally realize their vision and get their doors open. The debts are substantial but manageable and over time, if you grow your patient list, you'll understand that it was all worth every dime and every minute.
This article is for those physicians with a brand new practice. Here, we’ll discuss managing your everyday financial risks and explain the insurance products that will be necessary to mitigate your risk and implement a legitimate business continuation plan. After all, once you’re licensed to practice, getting to this point is all about the money and you are going to need financial protection every step of the way.
Never have there been so many options for physicians seeking a mortgage. Banks have come out of the woodworks to offer doctor or physician mortgages as they are so often called. In a nutshell, these loans make it easier for doctors to qualify for mortgage financing.
How does a physician mortgage make it easier to qualify?
As compared to a conventional mortgage or a jumbo mortgage, the physician mortgage has more malleable underwriting guidelines.
Generally speaking, most doctor mortgages will allow you to:
Gary Fegan, Disability Insurance Specialist, DisabilityQuotes.com
Are you a physician looking for disability insurance? If so, are you confused yet? If you have done any research you probably are.
How do you know which company to work with? How long of a waiting and benefit period should you choose? What riders do and don’t you need? How much is this going to cost me? These are all things to consider, but with all of the companies out there, it can be a little stressful. I will help make the decision as simple for you as possible.
What are the main points to look at when picking a policy?
Two physicians I am working with are leaving their employment with a large group, dissatisfied with the back office operations and billing situation. Years ago they had their own practice and did everything in-house. Now, three years later they want to recreate the practice of their past.
These docs are experienced and operated a successful private practice in another market before coming my way. After a lot of discussion it’s apparent they are not only strong clinicians who know what kind of support they need from their clinical staff, but also have the characteristics of good leaders who know how to motivate a small staff and engender a healthy “family business” type environment for their employees.
We’ve found them a great IPA to work with, one that provides good in-network rates and a slew of value added services and vendor connections to help make their return to private practice successful. In fact, we’ve only got one real issue to deal with.
Billing. What did you expect?
By: Gary Fegan
We are all living longer and must save for retirement on our own. Another possible retirement stream of income is Social Security- but will that really be there for you when you need it in 25-35 years? As we are working and earning money, we can shave off some of our income to go into an account for use during our retirement years. What would happen to that funding if you were to become disabled and your income stopped coming in? How would you continue to fund your retirement account? Chances are you will not have saved enough to retire at that age (you may become disabled at age 35, 40, 47- anytime?), but most everyone will not have saved enough to retire at that young age. Most individuals have an age in mind when they expect to retire. I plan to retire by the age of 60; everything I do is part of a plan for me to retire at age 60. What would happen if I had to retire today due to a disability? My retirement dreams would be shattered! This is not something most people will accept as a possibility, but it happens all too frequently. Without a plan, a disability could financially devastate you, your family, and any hope for a happy and financially stable retirement.