Is a Physician’s Disability Tied to Foreclosure?
Updated: Sep 16, 2020
What do foreclosures and disabilities have in common? A lot! It turns out that almost 50% of foreclosures involve disability of the family breadwinner. But surprisingly, only about 3% of foreclosures are a result of death. So if you want to protect your family financially, which type of insurance is more important? Obviously, the physician disability insurance is much more important.
Nevertheless, I am surprised by how often I speak with people who are very careful to have life insurance, but haven’t given physician disability insurance much thought.
They have carefully calculated how much money their families will need to pay off the mortgage, send their kids to college, and maintain a good lifestyle if they die. But if they live and can’t work, they figure things will just work out somehow.
Over many years of specializing in disability insurance, I have seen some of my clients become disabled. Doctors who had previously earned $20k to $80k+ per month suddenly found their income cut off at the same time their expenses increased due to increased medical expenses and the need to hire other people to do the things they used to be able to do.
I have been shocked by how quickly their savings and investments ran out and how soon they desperately needed the cash flow their disability policies provided.
I’m always concerned when I see my clients who were well and happy and excited for life and whose business has been going well suddently unable to do what needs to be done.
I’m always relieved to know that in spite of their disability, they will not have to worry about providing for their families because of the disability insurance.
Are you covered in case of a disability? Are you covered adequately? Contact us and we can help review your policy.