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Advice on disability insurance

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  • Advice on disability insurance

    Hi all,
    Need help with disability insurance. I am in my second year as an attending physician and currently have a DI that I purchased as a fellow from Guardian, for 7500 coverage with 320 monthly premium. Currently, I am eligible to exercise my future increase option and I got a quote of additional premium of 110 per month for a total coverage of 10000( I.e total premium of 430). Currently, both I and my wife are working as physicians. I am debating whether to buy into the additional coverage or to just keep the coverage I have. I am questioning if the additional premium is worth it for the added coverage?

    Any help is greatly appreciated .

  • #2
    If you buy it, and never use it, you made a mistake. If you don't buy it, and end up getting disabled, you made a mistake. Which of those mistakes would you rather make?


    • #3
      Seems expensive, most contracts for you being 2 years as attending should cost about $25 + or so per month per $1k of benefit thus about $250 or so for $10k not $320+$110 per month.
      Scott Nelson-Archer, CLU, ChFC
      303-953-0263 Direct / [email protected]


      • #4
        Did you consider requoting?
        Worth it? Insure what you and spouse need, second income is a safety net, not a standard of living (definitely a downside).


        • #5
          2 physician household, I wouldn't worry about it