Physicians' Insurance Decision Making Process

October 07, 2010

“There are things worse in life than death. Have you ever spent a night with an insurance salesman?” - Woody Allen

Your status as a physician brings with it distinct insurance needs to cover you, your family and practice. In the coming months, we’ll look closely at how those needs evolve over the course of your career: beginning as a medical student, then practicing physician, and the transition to being an established physician. For now, let’s look at basic insurance and what makes physicians’ insurance needs unique.

Buying insurance is like any major purchase

Gather the facts. 

  • It’s important to shop around, establish a relationship with potential underwriters, and make an informed decision. 
  • You should discuss your options with colleagues, neighbors, and family members. 
  • It’s an experience most people approach with mistrust.

And unfortunately, a little mistrust is often well placed. Ask for clarification and details as often as possible, and always read the fine print. Quality insurance companies have nothing to hide. Insurance should give you peace of mind as well as critical protection; so don’t get lured into plans you don’t feel comfortable with. At the end of the day, the value of your decision will be based upon whether the benefits are there should you ever need them.

The most important insurance

After Health Insurance, Life and Disability are generally regarded as the most important elective insurance plans. Again though, this depends on your unique situation.

Look at the spread between your income and necessary expenditures. Balance how much insurance you can afford with your budget, keeping a close eye on how much you could afford to lose should the worst occur.

Gauge your priorities. Do you have a family that depends on you? The dream home you’ve worked towards your entire life?

Examine your employer-supplied insurance coverage. What is and is not covered? Are there dangerous gaps that should be filled with supplemental insurance?

What phase of your career are you in? Are you in medical school with student loans piling up, or preparing for retirement with a comfortable nest egg that’s not quite built yet?

Physicians require unique insurance protection

You're not a typical customer.

  • You’ve been trained to be methodical, detail-oriented, and inquisitive.
  • You’ve invested an enormous amount of time, energy, and finance in your advanced medical training and career.
  • You work long hours with limited time to deal with matters like insurance.
  • Your higher-income bracket leaves you vulnerable. You have a lot you could potentially lose.

The more information you have, the better decision you can make to protect yourself and your loved ones. If you have any questions, feel free to contact us. We’ll answer all your queries quickly and professionally.

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