If you are like most physicians, chances are you purchased your individual disability insurance policy when you were a medical resident and have no idea where you put it. After a few moves, boards and job changes, you are now 3 years out and the dust is starting to settle.
Three years after medical residency tends to be the sweet spot to re-evaluate your individual disability insurance needs.
1) First find out if you have the ability to increase your policy without having to go through medical underwriting. This is especially important if you have had an adverse change in health.
2) Assuming you have these disability insurance increases, calculate your current income (adjusted gross income if you are an independent contractor or business owner). How much take home pay do you have?
3) Do you have any group disability benefits available? Are they mandatory or can you opt out? Is the policy own occupation or total disability? Is your employer paying the premiums?
4) Calculate your monthly fixed expenses to determine how much benefit you need.
5) Have you moved to a different state? If so, this may cause a significant increase or decrease in premiums on your additional coverage.
6) Do you like your current employment situation? Are you going to be making partner and/or staying there for the long haul? Or, are you going back to retrain in another specialty?
7) Is your current policy competitive? Were you eligible for discounts when you purchased the policy? Are you now eligible for discounts not previously available?
8) Have you had a change in health?
Feel free to contact Set for Life Insurance to help you analyze your situation to help you determine the best course of action.