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Physician’s Edition: How does a Residual Rider and What Type is Best for You?

In this episode, we discuss what the Residual Rider is, as many don’t know this is the Partial Disability Rider on the Own Occupation (Physician Specific) Disability Insurance contracts. 

Now which Residual Rider is best for you? There are two kinds and some offer longer recovery coverage while some don’t offer any at all. 

Some specialties don’t have a hard time transitioning back to practice after suffering a disability, as their typical base compensation will be restored upon return which is typical of an employment contract. 

But some specialties and subspecialties often have a timeframe that their income needs time to ramp back up and get back on track; especially if that specialty/subspecialty is production-based and/or in a private practice/group setting.  

The “Basic” residual rider sometimes doesn’t include help for income loss after transitioning back to work. Some carrier’s basic rider does. You may want to inquire about the “Enhanced” version, which allows for recovery of income; after recovering from a disability; all depending on the carrier you are working with.

Today we discuss:

  •  What is a residual rider?
  • What % of your income must be lost before you trigger the benefits?
  • How residual riders are not all built the same
  • If you have a recovery rider built into the residual rider

How to calculate the residual rider payout after triggering your benefits

Please let us know if you have specific questions on these elements and/or would like a review of your current plan. 

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Physician’s Edition: How does a Residual Rider and What Type is Best for You?



Transcript unvailable at this time.