I know disability insurance is important and that you can't predict what could happen in your life and to your health. Most attendings have told me to get it (except one radiologist I know who said it's not necessary until later in life when I have a family to feed). But just wondering if there are people out there that didn't get it, and what was your reasoning? I really don't want to get it but I just feel so pressured.
Do I HAVE to get disability insurance?
- Thread starter eyedoc27
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What is your reasoning for not getting disability insurance? You have spent years of training to develop a very specific set of skills that allow you to do your job. If you get sick/injured in a way that affects those abilities, there is no fall back. The reasoning for getting it at a younger age is that it is much cheaper and you can get it with no exclusions. I had to do some physical therapy for my back at the end of residency, and because of that, they stuck all kinds of exclusions in there for my back. If you have any questions I am happy to chat more about it.
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Unless you're indepently wealthy and have no debt, then you have to get disability insurance. The greatest asset you can protect is your earning capability.
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If you become disabled and can't work/earn any money, will you and your family be significantly impacted?
If yes, then you should get it.
If you are independently wealthy or don't depend on your income, then you can probably skip it.
At the end of the day, do what you want.
I will say this, if you get diagnosed with something or have some major life event, you may end up uninsurable.
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the only reason is the cost. even $150-300 per month for me is a lot. my practice is a small group practice so i am paying a lot for health insurance and on top of that and rent it just seems to be yet another thing coming out of the paycheck. that being said i do understand why it's considered almost "essential" so i will think about it some more.
If you develop a medical issue you might then be denied disability insurance.
I have one colleague who was just worked up for a disability “neck pain,” nothing wrong was found on the MRI, the pain went away, and he was then denied disability insurance just because of the history of a workup. So I’d get the insurance now just so I can then feel comfortable going to a doctor for any reason. Once you have insurance you can often increase the rates without another medical exam.
I have one colleague who was just worked up for a disability “neck pain,” nothing wrong was found on the MRI, the pain went away, and he was then denied disability insurance just because of the history of a workup. So I’d get the insurance now just so I can then feel comfortable going to a doctor for any reason. Once you have insurance you can often increase the rates without another medical exam.
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this is sort of a no brainer. no one can predict the future, and this is what you are paying for. to protect against life catastrophe's that can come your way at any time. any insurance works the same way. consider why you purchase any insurance policy (including health) and apply that rationale to disability insurance. I'm not certain I would be willing to put my life work at risk over a few bucks.
I had a heart condition show up in my late 30's. luckily I had disability and life insurance already in place. I kinda freaked out and tried to increase my coverage and was told I was uninsurable. no company would underwrite a policy for me. I am totally fine now thank goodness but had these policies not been in place I would've been hosed. I didn't have any kids when I got the policies, now I have two. I would feel terrible if I would have waited and after having kids tried to get insurance only to find out I was uninsurable. just my experience. think hard about it. try not to be penny wise pound foolish.
I had a heart condition show up in my late 30's. luckily I had disability and life insurance already in place. I kinda freaked out and tried to increase my coverage and was told I was uninsurable. no company would underwrite a policy for me. I am totally fine now thank goodness but had these policies not been in place I would've been hosed. I didn't have any kids when I got the policies, now I have two. I would feel terrible if I would have waited and after having kids tried to get insurance only to find out I was uninsurable. just my experience. think hard about it. try not to be penny wise pound foolish.
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Have you looked at a Guaranteed Renewable only contract or a Graded premium contract? You can always buy a small policy that takes care of your needs today but gives you increase options later. Look at having a 180-day elimination period and strip out some of the bloating riders, you might find it more affordable when you simplify the contracts.
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