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Disability Insurance necessity for 2 physician household?

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  • Disability Insurance necessity for 2 physician household?

     

    Was hoping for some opinions.

    Double physician income (I'm EM and wife is nephro).  Disability insurance cost running at about 5k for me and 3.5k for her.  Thoughts on us dropping her disability insurance to free up that yearly cash?

  • #2
    You might look at extending the waiting period, push to a GR only contract, reduce benefit amount, reduce the quality of the definition, any one or a combo of those on both contracts can dramatically reduce the cost vs. just one of you having a policy and the other without.
    Scott Nelson-Archer, CLU, ChFC
    303-953-0263 Direct / [email protected]

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    • #3
      Why stop at dropping hers?   

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      • #4
        Are you financially independent?

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        • #5
          You should either both have insurance or neither IMO.

          We both have it for now.

          https://www.whitecoatinvestor.com/forums/topic/dual-physician-disability-insurance/

           

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          • #6
            both have it

             

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            • #7
              Unless you have a crystal ball, I would not drop your disability insurance.  It's a cost of doing business.  Your odds of being disabled- one of you- during your working career are pretty high.  Why take a chance?

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              • #8
                I would say if you're younger physicians, I'd keep yours and hers until you achieved financial independence, then you could probably drop both.

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                • #9
                  We both have it  and will until we are FI (or maybe close to FI.... we haven't decided yet exactly when we will drop it). We are in our early 30s, Anes/ Cards, I finished residency 3 years ago, husband just finished fellowship. We have 3 kids and are pregnant again. DI would give us the ability to continue to fund taxable account, pay student loans, and kids' college educations. One of our salaries can pay all the normal expenses but things would be tight.

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                  • #10




                    We both have it  and will until we are FI (or maybe close to FI…. we haven’t decided yet exactly when we will drop it). We are in our early 30s, Anes/ Cards, I finished residency 3 years ago, husband just finished fellowship. We have 3 kids and are pregnant again. DI would give us the ability to continue to fund taxable account, pay student loans, and kids’ college educations. One of our salaries can pay all the normal expenses but things would be tight.
                    Click to expand...


                    you guys are busy!  congrats on finishing training to your spouse.  congrats on pregnancy.  going to be busier!

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                    • #11
                      If your household expenses depend on both incomes then yes. If not, they you can likely drop it. However I wouldn't. I would keep a lower overall benefit amount (like 5k a month) so if you were disabled it wouldn't be so much of a burden. And it would be a real bummer to have to ask your spouse for an allowance to go out even if they are the ones paying the mortgage.

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                      • #12
                        Both need it. Divorce happens. And like others said, not until you reach FI.

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