This article is sponsored by Model.
Model consultant Shelby Heiser explains that disability insurance is more than a box doctors need to check: it's a tool for financial security and peace of mind.
Every doctor is unique.
They come from different backgrounds, work in different specialties, and serve an immeasurable number of patients, each with their own needs.
But every doctor has one thing in common: the need for: protect their income.
A mission to empower doctors
Doctors spend years of their lives mastering their specialty, caring for their patients, and building a life outside of work. As rewarding as all of this can be, it doesn't leave much time to think about our finances.
A recent investigation found that 70 percent of physicians – including residents, fellows and attending physicians – lack the tools necessary for financial success. Physicians face unique financial challenges, including considerable educational debt and delayed earning potential due to our long training periods. These factors can understandably compound feelings of financial insecurity and hinder a physician's quest for financial independence.
This highlights the need for doctors to have a guide when making decisions about their financial future.
Since our founding in 2013, Pattern has helped more than 20,000 doctors obtain disability insurance. Along the way, we have developed a deep understanding of the time demands faced by physicians, particularly medical residents.
“At Pattern, we definitely take a more personalized approach,” Shelby explained, noting the personalized support offered to physicians.
Before Pattern, doctors had to spend days or weeks gathering quotes from different carriers and then comparing policies themselves. What sets us apart in the industry today is our commitment to educating doctors first so they can purchase their insurance policies with confidence.
With Pattern, you can complete a free quote request in about five minutes. Next, an advisor will compare quotes from five major carriers so you can make an informed decision about your coverage.
Choosing the right coverage
Choosing the right disability insurance can seem like a difficult task. Shelby's role is to demystify this process for physicians, providing personalized advice that meets each physician's unique needs.
Pattern specializes in a particular type of disability insurance – it's called professional disability insurance.
Think of it like this: if you are a surgeon and you develop a hand tremor and can no longer perform surgeries, but can pursue a career in teaching, you will benefit.
“We are physician-focused…This is the type of disability insurance we are experts in,” Shelby said, reflecting on Pattern's deep understanding of the medical profession and the specific challenges physicians face.
Disability insurance, regardless of occupation, is often offered by employers or professional associations, but generally offers less tailored coverage and benefits. This type of insurance generally requires that you cannot work in any occupation to receive benefits, a definition that can significantly limit access to your benefits.
“I have reviewed many employer policies and private policies that do not contain this (own profession) language. And a lot of times, they’re actually not that much cheaper,” Shelby said. “What I really like about Pattern is that not only do we take this personalized approach — being a broker, having these meetings, asking the important questions up front — but also that we're physician-centered.
Timing is everything
Health risks threaten doctors everywhere, even those at the start of their careerNow is the most critical time to obtain disability insurance.
“The best time to purchase disability insurance is as early as possible in your career,” Shelby emphasized.
Concretely, after Match day During your fourth year of medical school is the ideal time to purchase your insurance policy.
The justification is simple: obtain lower rates thanks to training discounts and ensure coverage before potential health problems arise, protecting your financial future.
In fact, doctors who have purchased their insurance policy as an owner pay 18 percent more in terms of annual premium versus benefits compared to physicians who purchased as residents.
A culture of kindness
Throughout the conversation, Shelby reiterated the essential role of disability insurance in a physician's life, providing not only financial security, but also peace of mind.
As she so eloquently put it: “It's really rewarding to know that I helped them achieve some financial well-being. »
This reflects the refreshing level of transparency that the Pattern team provides physicians. When you speak with an advisor, we will help you research everything red flags you may have received from other brokers, please explain how policy costs are calculatedand even tell you if it's not the right time to take out a policy.
Watch or listen to the full podcast for a wide-ranging conversation that includes topics like:
- How many doctors have to use long-term disability insurance
- The right time to take out disability insurance
- The pitfalls of working with an instant quote website
- Group fonts vs. private fonts
- True self-occupancy versus any occupancy policy
- Common Mistakes Doctors Make When Looking for Disability Insurance
- Model Process
- How Physicians Can Prepare for a Meeting with a Consultant
Final Thoughts
The call to action for doctors is clear: don't delay in purchasing your disability insurance. Although seemingly complex, the process is considerably simpler with the right advice.
Shelby's parting advice rings true. “Don’t wait until it’s too late,” she said.
As doctors of all stripes navigate their careers and dedicate themselves to the care of others, it is imperative that we also take steps to protect our own financial well-being.
We invite you to consider your own situation. Did you get the disability insurance coverage you need? Are you ready for the unexpected? If not, we encourage you to take the first step today. Contact the Pattern team todayand we will guide you through this crucial process, ensuring that you too can achieve peace of mind and financial security.
Shelby Heiser is an insurance sales consultant at Pattern.
Model simplifies disability and life insurance for busy doctors so they can rest assured they have the right policy and their income is protected. Request your quotes today.
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