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…
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