Radiologists often wonder if they could continue to pay their monthly expenses if their income ended due to an accident or injury. We’ve compiled this short FAQ guide to disability insurance for radiologists to help answer your questions.
What are typical maximum monthly benefits?
Insurance companies will allow you to buy a maximum monthly benefit up to 60 to 70 percent of your income. The maximum disability coverage you can buy will depend on whether you have any other long term disability insurance coverage in force.
Do disability insurance rates rise with my age?
You are probably healthier today than you will be in 10 years, at least in the eyes of disability insurance companies. As a result your rates today will be lower than if you wait around to buy a policy. It’s often best to lock in your rates for lower premiums by buying a disability insurance policy now rather than waiting.
I have disability insurance through my employer. Do I have enough coverage?
Employer provided disability insurance is often inadequate for your needs as a radiologist. Most employer provided plans pay a specified percentage of covered earnings but they often have a low monthly cap. Since some radiologists earn in excess of $400,000 per year the policies they have through their workplace are often not adequate for their true monthly income needs.
How can I ensure that my income is covered as I earn more from year to year?
A future increase of benefit option is a consideration for high income earners. Chances are that your income will increase substantially over the years and it’s best to lock in lower rates while you’re young.
What should I know about disability insurance riders?
Disability insurance is often sold with “riders” that are additions to the main policy. Here’s a rundown of the various types of riders found on many policies:
A Residual Disability Rider covers a partial disability and also provides a partial benefit as you recover from your disability.
A Future Purchase Option Rider allows you to buy a larger disability benefit at a later date without any questions about your hobbies or health.
A Catastrophic Disability Rider pays out an even larger benefit if you are catastrophically disabled
Who should I buy a disability insurance policy from?
Your policy should be purchased from an independent agent.
If you work with an agent that is not independent they may not be able to view all of the alternatives as they often sell policies from a single insurance company. An independent agent can show you the strengths and weaknesses of each disability insurance policy and help you make an informed decision.
Jeff Pennington specializes in disability insurance and can show you disability insurance quotes from all of the leading companies, and help you find the best rates for your situation. Contact Jeff today using this contact form or by calling: 877-221-6198.
Written 06/20/2017
