This is a guest article by Donald Brown D.O.Things you need to know about disability insurance
Your need for disability insurance is greater than your need for life insurance. Most people have no problem purchasing life insurance yet they hesitate to purchase disability insurance. Physicians like anyone else are not invincible. 43% of all people age 40 will experience a long-term disability event before age 65 (JHA Disability Fact Book, 2006)
Without a disability plan in place, will you be able to maintain your standard of living if you are not working? Can your family survive on one income when most families struggle with two people employed? How long before your savings are decimated?
Student loans are a concern for physicians who are just starting out. These loans are not discharged in the event of bankruptcy. Paying them off or expiring are two ways to eliminate them. You are responsible for them even if you are disabled. SallieMae.com states on their web site that loans may be "discharged" if you are disabled. They continue to state that even if you qualify for social security disability (extremely difficult to qualify for) you may not qualify for "discharge", and it will take a minimum of three years due to Federal Regulations, during which time you are still responsible for the debt.
