Updated: Sep 15, 2020
Upper income physicians who are interested in getting a high $35,000 monthly income benefit from their disability insurance need to act soon. The disability provider with the highest limits announced last week that they will no longer be offering their products directly to physicians after September 1.
Though this company will remain in the disability insurance business, they plan to sell only in special multi life situations. Therefore, most physicians will no longer be able to participate in their very high total benefit offerings after the deadline.
Most companies will issue a maximum monthly benefit around $15,000 to $17,000. But they will also allow physicians to get additional coverage in participation with other companies if the other companies are willing. In other words, a high income physician might get $15,000 from one company, $15,000 from another, and $5,000 from yet another for a total of $35,000. The company willing to participate to $35,000 – which is the highest available – will be exiting September 1. Therefore, this high benefit strategy will no longer be available.
In most situations we would just add this coverage on top of your current disability insurance plan, so you would not need to make any changes to your existing insurance. Contact us to see if this strategy will work for you.