Physicians, do you have disability insurance?

[HardDrive]

My wife is a physician. Many of her colleagues have disability insurance, and she would like to get it. She's 41.

Any suggestions?

She talked to New York Life today. I was a bit shocked at the proposed premiums.

[Nathans_Dad]

Yes I have it. I would suggest getting the type of policy that covers her if she is unable to practice her specific specialty, some of them just cover you if you cannot work at all.

If she is an anesthesiologist, big difference in $$ between that and if she went back to residency and became a pediatrician.

[Shadetree930]

This is a slam dunk. Anybody making serious money needs very well written Disability Insurance. Most employer provided disability insurance is simply inadequate.

Specifically to Nathan's point, the policy must cover the actual current earnings of the policyholder performing their current duties. Are the premiums expensive? You betcha buddy .... but think of the alternative if a high net worth wage earner were to become incapable of earning their current wage.

[LWJ]

Are you kidding? It is MANDATORY! (No, I am not a Doc.)

I have a family that I support. No work = no money = much pain for the family.

Disability is expensive because it pays out a considerable benefit. I have LTD. I personally can bankroll a few months if the wheels should fall off the bus. LTD is much less $ for the benefit.

Here is the kicker. Individual disability is expensive. Group is something like 25% the cost of individual. There are rules of course about who can make a group. It will vary by state.

PM me if you want some specifics. I work in insurance and have co-workers that are far more educated on this topic.

Larry