Disability Insurance Awareness Month is the perfect time for physicians to review one of the most critical (yet often overlooked) components of their financial safety net. As a high-earning professional, your ability to practice medicine is your greatest asset. If an injury or illness left you unable to work, how would you protect your income, lifestyle, and financial future?
The right disability insurance policy can make all the difference, but not all policies are created equal. Here are five key questions to ask your financial advisor to ensure your coverage meets your needs.
1. “Does My Policy Have True Own-Occupation Coverage?”
For physicians, the definition of "disability" matters. A true own-occupation policy ensures you’re covered if you can’t perform the specific duties of your medical specialty, even if you’re able to work in another capacity. Some policies only pay benefits if you can’t work any job, which could leave you underprotected.
Ask your advisor: Is my policy truly own-occupation, and does it cover my medical specialty?
2. “Is My Benefit Amount Sufficient to Maintain My Lifestyle?”
Disability insurance typically replaces 50–70% of your pre-disability income, but high-earning physicians may need additional coverage. Consider:
Monthly living expenses
Student loan obligations
Practice overhead (if self-employed)
Future savings goals (retirement, education, etc.)
Ask your advisor: Does my current benefit amount align with my financial obligations?
3. “What’s the Elimination Period, and Does It Fit My Emergency Fund?”
The elimination period (waiting period before benefits begin) often ranges from 30 days to 180+ days. A shorter elimination period means quicker payouts but higher premiums. Physicians with strong emergency savings may opt for a longer waiting period to reduce costs.
Ask your advisor: Does my elimination period match my cash reserves, or should I adjust it?
4. “Are There Any Exclusions or Limitations I Should Know About?”
Some policies exclude pre-existing conditions or impose restrictions on mental health claims. Others may reduce benefits after a certain period (e.g., 2 years for "partial disability"). If you were dealing with a health condition when you got your policy, you may have an extra limitation on your policy. Sometimes these limitations can be removed after an amount of time has passed.
Ask your advisor: Are there any exclusions or limitations in my policy that could affect my coverage?
5. “Can My Policy Grow with My Career?”
Early-career physicians, residents, or fellows may not qualify for maximum coverage but can benefit from a future increase rider, allowing them to boost benefits later without additional medical underwriting.
Ask your advisor: Does my policy include a future increase option, and how can I adjust coverage as my income grows?
Final Thoughts
Disability insurance isn’t just a policy - it’s income protection for your most valuable asset: your ability to practice medicine. This Disability Insurance Awareness Month, take time to review your coverage and ensure it aligns with your financial plan.
Need a policy review? Reach out today to discuss your coverage and make sure you’re fully protected.