For Physicians

Disability Insurance

Physicians are accustomed to helping people who are temporarily or permanently derailed from the work force by injury or illness. But many physicians don’t like to admit that they themselves could face disabilities like their patients – disabilities that threaten to circumvent years of financial plans, hopes, dreams and aspirations.

You’ve invested a lot of time, energy and money into building your practice and your ability to work and earn an income is your most valuable asset. If an accident happens and you’re disabled, any debt you have won’t just disappear – even though your income may. According to the American Medical Association, 1 worker in 3 can expect to be out of work for a total of 3 months or more, 1 in 5 will be out of work for a year, and 1 in 7 will be out of work for 5 years or more.

Most Americans would have a hard time keeping up their current lifestyle for even six months without a paycheck. The right disability policy will not only replace lost income, it will also help pay for disability-related costs that aren’t covered by health insurance, such as medical equipment or home-based care. Without disability coverage, an injury or illness that prevents you from working for a couple weeks or a month could easily snowball into serious financial problems. Protect what you’ve worked so hard to achieve.

Who Benefits From Disability Insurance?

A worker age 30 is 230 percent more likely to face an onset of disability than he or she is to die. Put another way, that workers’ family is 230 percent more likely to need benefits from a disability insurance policy than from a life insurance policy.1 Disability is the leading cause of personal bankruptcy and foreclosure. You don’t think twice about insuring your home, car and other possessions. So why wouldn’t you protect the one thing that pays for all those things – your paycheck? That’s what disability insurance is all about – it’s insurance for your paycheck.

Musculoskeletal system and connective tissue injuries are the #1 cause of disabilities. Examples include; arthritis, back pain, spine/joint disorders, fibromytis, etc. Furthermore, most disabilities are not work-related, and therefore not covered by workers' compensations.

If you’re working and earning a paycheck, chances are, you need to protect your income. Without the right protection a lot is at stake if you become too sick or hurt to work. Disability insurance can help preserve an existing nest egg and also provide the flexibility to keep contributing to retirement savings, reducing the need to play catch up later. At Pinnacle Strategies, we focus on helping our clients protect their future income.

12014 CDA Long Term Disability Claims Review

GROUP BENEFITS VS. AN INDIVIDUAL POLICY

Group Disability Plans - If you have employees, you can select group short-term and long-term disability policies that benefit some or all of your employees. You may choose to pay 100 percent of the premiums or you may require employees to contribute to the cost.

Individual Disability Plans - If you are self-employed or a sole proprietor, you can purchase a disability policy with options that meet your personal needs. You can choose the disability policy benefit amount, waiting period, and benefit periods, based on the premiums you can afford.

At Pinnacle Strategies establishing a disability insurance program for your business is an easy process and a simple way to provide the financial security and peace of mind that you and your employees deserve.

HOW MUCH IS ENOUGH?

Do you know how much money would be coming in each month—and from where—if you were to become disabled? Consider the amount of your income you rely on each month to meet your expenses. If an accident or illness sidelines you from your practice for an extended period of time, how will you pay the bills? The main question is how does it cost you to maintain your lifestyle every month? Group disability insurance would provide some income, but not all workers have it. And even if you do, would it go far enough?

You also need to consider the income you can count on from other sources (i.e. social security, personal savings, group disability coverage). If your total income from all sources will not be enough to support you and your family, you should consider buying additional disability insurance—either through work or on your own—to make up the difference and avoid depleting your savings, education, or retirement funds.

SPECIALIZING IN DISABILITY INSURANCE FOR PROFESSIONALS

At Pinnacle Strategies we offer disability insurance policies to a wide range of professionals including physicians, attorneys, consultants, business owners and executives. Our knowledge and expertise will help you get the best disability insurance policy to protect your income and your financial future, giving you peace of mind. Even if you are disabled and cannot work, we will help you insure your lifestyle by protecting what matters most so you can focus on your health and your future.

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