Increasing Disability Insurance: Dentists and Surgeons

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Dentist and Surgeon Disability Insurance: Thankful for increase options.

By Jamie K. Fleischner, CLU, ChFC, LUTCF

Today I contacted an existing client of mine to review his disability insurance, Dr. Stern. When I first started working with Dr. Stern, he was finishing his dental residency here in Colorado. He was really healthy and a triathlete. He wanted to purchase his policy to protect his future income and was excited to begin his new position in Pennsylvania.

A few years later, Dr. Stern met his wife, Suzie, a general surgery medical resident working at a large hospital in Philadelphia. She, too, purchased a disability and was able to take advantage of the discounts Set for Life Insurance had in place at her hospital. The policy was unisex and she saved over 55%. Since she had a large earning potential as a surgery resident, she purchased 2 policies to have as much potential benefit as possible.

Over the years, the Sterns updated their policies and purchase life insurance when they had their first child. Dr. Stern purchased a dental practice and purchased a business overhead expense policy to cover the monthly costs as well as a policy to cover his business loan. They purchased a large house and their children attended private schools.

In 2009, Dr. Stern called to tell me that Suzie was diagnosed with rheumatoid arthritis. At the time, she wasn’t missing any work, but was concerned that she was uninsurable. I assured him that she was preapproved for up to $25,000/month benefit and would not need to disclose any medical information when she increased her benefits.

When I spoke to Dr. Stern today, he informed me that he was having numbness in his fingers and was having difficulty working. According to his doctors, he was going to need to have back surgery and may not fully recover. He was distraught at the thought that he would not be able to practice dentistry, but was reassured that he was well insured since he had taken advantage of every chance to increase his disability insurance.

Suzie was still doing well, but decided that she, too, should increase her policy to the maximum amount since Dr. Stern was potentially going to go on claim.

When I first met with Dr. Stern over a decade ago, he felt invincible and never thought he would ever need his insurance let alone be uninsurable. He was very grateful and thankful for his increase options.

For more information about life and disability insurance for dentists, physicians, surgeons and medical residents, contact Set for Life Insurance today!

 

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