Here's my situation and I'm interested to hear some of the agents' opinion on deferring disability insurance considering it fails to support a large advertising source for WCI:
36 years old male in 3rd year of 5 year residency with wife who stays at home with four kids who are healthy and 3 of 4 attend local public school.
Monthly income is around $8000
Paycheck: $4500
Rental Income: $500
VA Disability: $1000 (All for conditions I consider minor as a physician, but VA has its own definitions)
VA GI Bill: $2,000
Expenses are around $4,000
Home (Mortgage, Utilities, Taxes, Interest, Home Insurance, Furnishings and Yard Maintenance): $1500
Food: $1000
Transportation: $200
Student Loans: $300 (total balance of around $8k)
Gifts and Donations: $400
Shopping: $300
Misc: $300
Savings/Equity equals about $500K and growing.
My BMI is in the low 20s, am a non-smoker, and I exercise daily. I don't have any adverse family medical history. In essence, I find disability insurance (and anything more than 500K-1M life insurance) a poor bet against myself for the price of hundred(s) of dollars per month, especially since I would have to sustain some sort of permanent and total disability in order to not want to retrain in some sort of worthy endeavor, if I were to sustain a medical career ending injury.
Is this a reasonable scenario not to give in to the frequent urging of this website to purchase a fancy insurance product like own occupation disability?
Thanks for your respectful responses,
Dr. JB
36 years old male in 3rd year of 5 year residency with wife who stays at home with four kids who are healthy and 3 of 4 attend local public school.
Monthly income is around $8000
Paycheck: $4500
Rental Income: $500
VA Disability: $1000 (All for conditions I consider minor as a physician, but VA has its own definitions)
VA GI Bill: $2,000
Expenses are around $4,000
Home (Mortgage, Utilities, Taxes, Interest, Home Insurance, Furnishings and Yard Maintenance): $1500
Food: $1000
Transportation: $200
Student Loans: $300 (total balance of around $8k)
Gifts and Donations: $400
Shopping: $300
Misc: $300
Savings/Equity equals about $500K and growing.
My BMI is in the low 20s, am a non-smoker, and I exercise daily. I don't have any adverse family medical history. In essence, I find disability insurance (and anything more than 500K-1M life insurance) a poor bet against myself for the price of hundred(s) of dollars per month, especially since I would have to sustain some sort of permanent and total disability in order to not want to retrain in some sort of worthy endeavor, if I were to sustain a medical career ending injury.
Is this a reasonable scenario not to give in to the frequent urging of this website to purchase a fancy insurance product like own occupation disability?
Thanks for your respectful responses,
Dr. JB
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