What is it? – I think of this as the income replacement product. The most valuable asset you have is your earning potential. So if you walk out the door and get hit by the bus, and can’t work again – where is the money coming from to pay off your debt and cover your life expenses. This is where disability insurance comes in!
Do I need it ? I think everyone should have it! The statistics of probability are not as high as critical illness, but still pretty intense. Unless you are independently wealthy it should be at the top of your list!
How much to get? This one is income tested – the company typically does not want to give you more than you would get at work – then you might not go back! However, the insurance companies really like working with doctors so they will give you more coverage than you qualify for based on your occupation!
How do I get it? While you are in your residency, you have some basic coverage through your association, but this will go away when you are done! So I recommend getting some in place right away for when you go into practice. We put a high future insurability amount on and put that in place when you are in practice or fellowship!
How do I get it?