By Mark Maurer, PhysicianInsure.com

 

You have just completed your medical training and are relocating to a new community to accept your first practice opportunity.  Or, you are an established physician that has accepted a new practice opportunity in a distant city.  You have found someone to manage your relocation.  You are working with a Realtor who is helping you sell your current home and you have several new properties under consideration.  It’s time to consider protecting yourself and your family with comprehensive insurance. It may not sound exciting, but appropriate insurance coverage is part of any comprehensive financial plan. You probably have already purchased home owners/renters insurance, auto insurance and liability insurance.  You are covered, right?

 

Wrong!  

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Take a moment and ask yourself, “What’s the worst thing that can happen to me?” Here are the fear factors of most physicians: 

 

  • I’m afraid I’ll be hurt in an accident or become ill and won’t be able to work. Disability insurance protects against loss of income.  It can provide funding to pay practice overhead expenses and to continue contributions to your 401(k). Between the ages of 35 and 65, you have a 30% chance of becoming disabled due to illness or injury, unable to work for 90 days or longer. And once you’ve been disabled for 90 days, the average length of disability is 2.5 years.

 

  • I’m afraid that I might die unexpectedly and leave my family with inadequate income. Consider term insurance that would cover your working years. Premiums can be guaranteed for 10, 15, 20, 25, or 30 years.

 

  • I just bought into a practice and I’m afraid I won’t be able to buy out the older partner if he/she should die prematurely. Consider funding your buyout agreement with life insurance. Most young physicians don’t have the cash on hand to buy out a practice from the established partner’s estate. By purchasing a life insurance policy on the older partner, you can provide for immediate cash and liquidity at his/her death, and keep the practice going without a financial crisis.

 

  • I’m afraid that Uncle Sam will get all that I’ve worked for and saved. Consider a survivorship or second-to-die policy that will pay estate taxes.

 

  • I’m afraid I’ll spend my assets and will need to rely on my family or the government for my care. Consider long term care insurance to cover the nursing home or in-home care that one out of two people will need at some point in their lives. LTCI can be considered extra insurance that picks up where health insurance leaves off.

 

The best time to purchase most insurance products is when you are young … and healthy.  A new job in a new city is a perfect time to review your insurance program with a local, full service agent that has experience in working with the special needs of physicians and medical professionals.

 

PhysicianInsure.com is a national provider of insurance designed exclusively for physicians. For more information or for a confidential quote, please contact us at info@physicianinsure.com  or 877-962-8737.