Disability Insurance for Physicians | When Advice Conflicts

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Today I had a client contact me concerned about advice she recently received. She had purchased an own occupation policy with Set for Life Insurance, was approved and placed the policy in force. Shortly thereafter, she was approached by a local agent who picked apart the policy she purchased and told her she was mistaken. His policy was SO much better, even though it cost twice as much!

What do you do when you receive conflicting sets of advice? Here is a primer:

1) Consider the source. In this case, the agent was trying to scare the client into thinking she made a mistake. He worked for one company and had a strong vested interest in selling her is only product.

2) Read the fine print. This other agent misread the policy and was grossly mistaken. In his defense, he was only familiar with his own policy and therefore did not know the terms of the policy purchased from my client.

3) Consider that there only a handful of companies that write true own occupation for physicians. If you purchase a policy with any of these companies, there will not be significant difference among the policies.

4) If someone is pushing you to purchase a policy that is twice as expensive, it is most likely not twice as good. There are not any policies in the marketplace for physicians that are twice as good as any others. If someone is pushing you to spend twice as much, think twice as hard.  In the case of my client, she would have spent $250/month more with this other agent. Over the next 30 years, she would spend close to $100k more on that policy. When looking at the large picture, that is pretty significant.

5) Find out about the agent/broker. Are they experienced? Sometimes bad advice is given from lack of education or experience.

For more information about discerning the differences between policies, brokers or agents, contact Set for Life Insurance today!

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