Is Life Insurance or Disability Insurance More Important for a Physician?
Updated: Sep 16, 2020
Although life insurance provides vital protection to a physician’s family, disability insurance gives crucial protection to both the physician’s family and the physician.
We all know that if the income earner should pass away, life insurance provides much needed financial support for his/her loved ones.
If a physician were to become disabled, the family’s financial requirements are even greater than if he had passed away.
However, if a physician were to become disabled, the family’s financial requirements are even greater than if he had passed away. In the case of disability, not only does the doctor’s family continue to require support, but the doctor himself also needs financial resources. Treatment and services for the disability will exacerbate this situation – particularly in the cases of a long lasting or catastrophic disability.
In addition, statistics show there is a far greater likelihood of a person experiencing a disability during their working years, than there is of him/her passing away.
Yes, the protection life insurance offers your family if you are no longer around is very important, but physician disability insurance provides protection in the far more likely case that you might need financial support along with your family.
Contact us if you have questions or to talk about how we can help uniquely protect you and your family based on your specialty.