This is a boring topic. I get it. Also, you are so busy you have no time for this. Well, make time.
Do you need life insurance.
Yes.
Do you need disablity insurance?
Yes.
My friend Julie Gunther, MD has been very open about a time when her medical problems threatened her health, income, and livelihood. She has always been promoting that doctors get both life and disability insurance.
Here is a primer and some definitions from this article:
Life Insurance
Life insurance is a policy that will pay out to your loved ones (beneficiaries) if you pass away.
Disability Insurance
Own-occupation disability insurance for doctors is coverage that you pay into so that if you become disabled and cannot work anymore, the policy will pay you enough money such that you can keep living your life.
How much do you need?
The article says: “To find out, calculate your monthly expenses, minus tax (because the policy payout is generally tax free). Also, try to calculate a budget that is more of a shoestring budget. You need your policy to be able to cover at least this amount of monthly payment.”
I am no expert in this area but scan the article and GET BOTH. Do it now or you will forget!
Thank you for reading today’s public service announcement.