If you’re browsing this site, it’s likely that you already know why you need disability insurance – to protect your income – but few people really understand the magnitude of that statement.
According to the Bureau of Labor Statistics, the median pay for a physician in 2017 was $208,000. If you’re 35 years old and never earn more than the median income, that’s $6,240,000 in income that you’ll earn between now and age 65. It’s more than just the money, however.
Some specialties require four years of undergraduate study, four years of medical school leading to a Doctor of Medicine (M.D.) degree, and three to eight years of surgical residency at a hospital. That’s up to 16 years of training before you’re even able to earn that $200,000+ income.
What other asset that demands over a dozen years of commitment to training and will provide you with over $6,000,000 would you consider not insuring? Because of the high incomes and highly specialized training required, physicians require quality disability insurance more than any other occupation.
These are the most popular features we see when designing coverage for physicians:
Having worked with thousands of physician clients, we understand that many like to have similar features and benefits in their policies. Over the past 18 years, we’ve compiled a database of all our physician clients’ coverage. This allows us to show you what the average physician in your age and income bracket has purchased, thus allowing you to make sure you’re getting the best options on your policy.