Updated: Sep 16, 2020
Today I spoke with a young dentist who is trying to figure out if he needs physician disability insurance. He asked me, “What are my chances of becoming disabled?”
Even though I have specialized in physician disability insurance for over 30 years, I still had to stop and think. I didn’t have an exact answer. Not even close to exact. I know the odds of becoming disabled before age 65 are much higher than the odds of dying. However, the reported statistics have always varied drastically depending on who reports them. A quick Google search shows odds as high as 80% and as low as 10%. And I must admit, many of the groups claiming super high chances sound to me like insurance agencies trying to scare people into buying insurance.
I know the odds are not nearly 80%. However, I must recognize that I had many clients become disabled over the years. I witnessed how the cash flow these physicians received from their policies saved them from financial disaster.
Then I thought about my own experiences and observations as a long time disability insurance agent – I know the odds are not nearly 80%. However, I must recognize that I had many clients become disabled over the years. I witnessed how the cash flow these physicians received from their policies saved them from financial disaster.
I told this young dentist about another dentist I met with recently – an older dentist who called me to see if he could get disability insurance. When he was younger, he thought the odds of disability were too low to merit buying insurance. Then, several years ago he was hit by an elderly driver who had minimal liability insurance. The accident left the dentist with serious back injuries and unable to work. He had a family to support and the bills kept coming in. Eventually, he had no choice but to declare bankruptcy. Now he is in his mid-50’s, trying to start over again with a bad back. This is really very sad considering how easy it would have been to insure his income.
So while the odds of disability are not 80%, they are certainly well above zero and much too high to risk a financial disaster like this one. Contact us today and let us help you with a physician disability insurance policy unique for you.