Lifetime Benefits, Part 1 – Injury v. Sickness Limitation

­­Having a disability policy is an important step in protecting your financial security and ensuring a monthly source of income if you are forced to step away from practicing and file a claim due to a disability.  However, as we’ve discussed before, your monthly benefits typically will not match the monthly income you were earning as a doctor, dollar for dollar.  As a result, you may not have any funds left over, after your monthly expenses, to save for retirement.  This can be problematic since many plans have a benefit period ending at age 65 or 67, but the average American life expectancy is around 79.[1] There are a few options residents or doctors have when buying a policy that can help ensure financial stability past retirement age.  One option is selecting a policy with a lifetime benefit rider.  Older policies, from the 80’s and 90’s, were often drafted in policyholders’ favor and a lifetime benefit…

Read more detail on Recent Insurance Law posts –

This entry was posted in Insurance and tagged , , , , , . Bookmark the permalink.

Leave a Reply