Physician Insurance Needs Assessment
Protect your most valuable asset
Protecting Your Earning Power
Your ability to earn income is your most valuable asset - worth $8-15 million over a career. Proper income protection through disability insurance safeguards your family from catastrophic events. This protection works alongside your emergency fund.
Prioritize coverage in order: disability insurance first, then term life insurance if you have dependents, and finally consider critical illness and umbrella liability coverage.
Insurance Coverage Guidelines
| Coverage Type | Recommended Amount | Monthly Cost | Priority |
|---|---|---|---|
| Disability (Own-Occ) | $10,000-$15,000/month | $200-$400 | #1 Critical |
| Term Life (20-30 yr) | $2M-$5M | $50-$150 | #2 If Dependents |
| Critical Illness | $250,000-$500,000 | $100-$200 | #3 Consider |
| Umbrella Liability | $2M-$5M | $30-$75 | #4 Protection |
| Professional Liability | Through CMPA | Varies by specialty | Required |
Essential Coverage Types
Disability Insurance
Own-occupation coverage that pays if you can't perform your specialty - top priority.
Life Insurance
Term coverage to protect dependents from income loss if you die prematurely.
Critical Illness
Lump-sum payment upon diagnosis of covered conditions for recovery expenses.
Liability Coverage
Professional liability and umbrella policies to protect assets from claims.
Common Mistakes
- • Relying only on group disability (often inadequate)
- • Buying whole life insurance instead of term
- • Choosing "any occupation" disability definition
- • Waiting to get coverage until older (higher premiums)
- • Not understanding policy exclusions and riders
- • Underinsuring life coverage with young family
Keys to Success
- • Get own-occupation disability during training (best rates)
- • Use CMA/OMA group programs for competitive rates
- • Ensure 90-day elimination period matches emergency fund
- • Add future increase option rider while young
- • Review coverage as income and family situation changes
- • Work with physician-specialized insurance advisors
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