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Disability Insurance: Are You Properly Covered?

Orthopedic Surgeon Disability Insurance – A Case Study

All professionals should have disability insurance.  Unless you’re financially independent (you choose to work rather than you need to work), then long term disability insurance is one of the most important types of coverage that you have protecting you. Especially in highly specialized occupations, coverage such as orthopedic surgeon disability insurance is critical.

Disability Insurance Is Far Undervalued In Today’s Market.

orthopedic surgeon disability insurance(Contributed by Peterson International, cover holder, for Lloyd’s of London)

Those of us who work every day recognize the absolute necessity of a regular paycheck, but many fail to see the potential for economic disaster if even a short term disability were to arise.

Most Americans, across all income levels, tend to lack any substantial form of savings, and therefore a steady and proportionately significant income stream is the only logical saving grace from financial collapse or bankruptcy.

Any astute analyst will agree that modest group policies are not sufficient in terms of benefit levels for most American employees. Additional layers of personal and excess disability income insurance should be recommended to all of your clients who are not insured to at least 65% of their income.

Disability insurance, especially for professions like orthopedic surgeons as we highlight below, is imperative because it keeps income earners from losing everything for which they have worked when they are physically unable to make a living. Disability insurance will protect families from financial disaster.

Orthopedic Surgeon Disability Insurance

If you don’t already have disability insurance, you should purchase some immediately.  For most Americans, losing their income for even 6-12 months can be financially devastating. This can be especially true of the high-income professions.

Attorneys, physicians, and executives all need basic disability insurance and the most successful of the group likely needs supplemental disability insurance.  This is why when we discuss specialized occupation needs, such as orthopedic surgeon disability insurance, purchasing the right policy and coverage amount is so crucial.

Please take the case of a very prominent and successful orthopedic surgeon.

orthopedic surgeon disability insuranceDr. L., like most physicians, was well informed and accepting of his insurance agent’s prescription of additional disability insurance in excess of his employer-paid group Long Term Disability coverage.

He acquired an additional policy with a traditional U.S. carrier, but with an annual income well over $1,000,000, the good doctor was completely underinsured.

My underwriter was willing to participate to 70% of his income and we were able to secure an excess disability policy, providing the doctor with an additional monthly benefit of $49,000.

In July of 2013, Dr. L. slipped and fell in an elevator, lacerating nerves, an artery, and a tendon in his dominant hand.

Although he is healing, the nerves have yet to regenerate, he is experiencing numbness in that hand, and is unable to perform surgery due to the loss of dexterity.

He is currently on claim and receiving $49,000 per month from underwriters. The supplemental disability policy is providing a steady and significant income for Dr. L. and his family while he is on the mend. Dr. L. intends to get back to work as soon as his condition allows, but in the meantime, he can be comforted that although his injury was physically and perhaps emotionally draining, it was not economically devastating.

Contact High Income Protection today for a confidential consultation about your disability insurance needs. Our toll-free number is 888-636-2310.  You can also fill out the contact form on the left.

We look forward to hearing from you.

About Raymer Malone, CFP®
About Raymer Malone, CFP®

Raymer Malone, CFP® is principal and owner of www.highincomeprotection.com, an online insurance agency that specializes in disability insurance.  Ray has been in financial services since 1998 and has been life and health licensed since 2004. He started his company to help consumers get access to disability insurance products online and to provide them with the proper direction in selecting a policy. Ray resides in Lake Tahoe, NV with his wife and two children.

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