Is insuring your income enough?

Insuring your income in the event of a disabling event is an important first step in protecting your ability to maintain your way of life and the people who depend on you. But your protection needs don’t stop there.

For practicing professionals there’s also the need to consider replacing the retirement plan contributions you would expect to make every year and making sure you have funds in place to cover your student loan obligations.

And for physicians who own a practice, there’s the need to make sure you can pay your staff, and other ongoing expenses that keep your doors open until you recover (or choose to sell your practice) and have the funding to buy out a disabled partner.

To learn more about these often-overlooked needs that can threaten your financial well-being and to discuss your personal needs please complete the form found below or go to the individual page or practice page.

Fill out the form below and an InsMed representative will be in touch.

Name(Required)

First Last

Email(Required)

Phone(Required)

Position(Required)

Specialty(Required)

Employment Status(Required)

Employee

Owner

Number of partners?

Please enter a number greater than or equal to 1.

Employer name(Required)

Location(Required)

City State

Products you are interested in? (check all that apply)(Required)

Retirement Plan Contribution

Student Loan Reimbursement Coverage

Business Overhead Expense Insurance

Funding for Buy-Sell Obligations

Group Long Term Disability Coverage

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Is insuring your income enough?

Did you know?

Rates and provisions of individual policies are guaranteed not to change until the age of 65. The same isn’t true for group or association coverage.

The premiums paid by a practice owner for a policy that insures their ongoing business expenses is 100% tax deductible

If your employer provides you with long term disability coverage for free, any benefit amount provided during a claim will be taxed.

Some policies that insure student loan obligations require the insured to be out completely and not be expected to return to work ………ever.

Business overhead expense policies can cover hiring a locum tenens

Group long term disability policies can be obtained by practices with fewer than 10 full time employees

Medical underwriting can be waived when a practice purchases individual policies as part of its benefit package

Graduating physician who are entering practice can obtain coverage that’s greater than their actual earnings

Individual policies can be used to raise the income placement percentage and maximum monthly benefit for employed physicians and executives

Contributions cannot be made into a qualified retirement account in the event of a disability

Residents and fellows can forfeit their right to a teaching hospital’s “guaranteed issue” coverage if they apply elsewhere and are denied due to medical conditions

Most employer provided long term disability coverage will require you to be out for as long as six consecutive months in order to qualify for benefits

The “guaranteed right” to increase the benefit amount of an individual policy will be reduced as you age.

Group insurance policies usually only protect base salary

Voluntary offerings to large healthcare populations can be offered without medical underwriting and permanently discounted rates.

Residents and fellows can insure 100% or more of their incomes during training

Taking medication or seeking counseling to manage stress can affect your ability to secure coverage

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