Today's Practice: Changing the Business of Medicine TP2018Q2DigitalEditionWeb | Page 73

Long-term disability insurance coverage is important
for many occupations, but for physicians, it’s particu-
larly critical. Even a relatively minor accident or illness
can interfere with your ability to practice medicine or
perform surgeries. Many doctors are finding a serious
gap between the traditional disability insurance benefit
offerings and the income replacement needs of their
true income.
Most people do not insure what
is probably their most valuable
asset - their ability to work and
earn income.
Is There A Gap In Your Income Protection
Coverage?
A physicians earning potential creates the need to plan
for wealth accumulation, protect a lifestyle dependent
upon a certain level of income and possibly make
considerations of ownership within a practice. All are
financial obligations that make the protection of
income a crucial consideration.
Financial experts recommend monthly DI benefits of
at least 65% of income as being the minimum amount
for adequate financial protection. But as incomes
increase, traditional Group and Individual DI carriers
lower the percentage available. With incomes growing
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