Do you really need disability insurance?

Do you really need disability insurance?

In this video, Ben addresses the vital topic of disability insurance. Recognizing that a physician's most valuable asset is their ability to earn an income, Ben explains why protecting this asset is crucial, especially given the long potential career span and substantial earning potential.

Key Highlights:

• Value of Disability Insurance: Ben illustrates that for high-earning individuals, such as physicians, the potential loss of income due to disability could be financially devastating, thus making disability insurance essential.
• True Own Occupation Rider: This rider is crucial as it ensures that if physicians are unable to perform the duties of their specific specialty due to disability, they are considered disabled, regardless of their ability to work in another capacity. This specificity prevents insurance companies from denying a claim based on the possibility of working in a less demanding role.
• Residual Disability Coverage: Ben stresses the importance of residual or partial disability coverage, which provides benefits if a physician can only work in a limited capacity, reflecting reduced earnings due to illness or injury. This type of coverage is vital because most disabilities do not result in total inability to work but rather a decrease in capacity.