As a doctor, your most valuable asset is your practice that generates income for you.

If you are no longer able to do so, your key source for garnering funds, assets and savings for you and your family is lost.

The only solution to take care of this problem is to buy a disability cover.

A sound strategy is to purchase disability coverage early, for example during residency training or shortly thereafter. The later you do that, higher will be the premium because older insured persons are more likely to get disabled due to illnesses or other reasons.

Once you decide to purchase an insurance product, the first step is to understand the nitty-gritty of disability insurance policies.

The insurance market is replete with numerous kinds of coverages. A good bet is to choose a broker advisor who will explain to you in detail the pros and cons of different types of coverages available for medical professionals.

Moreover, disability insurance planning has evolved radically over the past decade. Purchasing top quality disability insurance has never been easy. Even after reading several disability articles and listening to disability podcasts, you will still need a broker agent advisor to suggest the right type of product tailored to your practice.

One of the key aspects of disability policies is that they can be purchased on an individual or group basis.

Individual plans can be purchased through an agent or through a company website.

On the other hand, group plans are provided by the employer or you can buy them through a sponsoring medical association.

But keep in mind that a disability insurance policy benefit can be tax free or taxable, depending on who is paying the premiums. 

Here are a few good reasons why you must choose a disability insurance broker.

• It does not cost you anything because the insurer pays commissions to the broker advisor.
• An agent will make you understand all aspects of disability cover. Even the best-informed doctors do not understand the terms of coverage. A survey has revealed that a good slice of policyholders do not know the definition of disability and a good number do not know what percentage of salary they would receive in case of a disability. 
• You should not procrastinate purchasing a disability cover. Many doctors do so because they are still undecided on many options. A broker advisor will assist you in selecting a healthcare professionals insurance plan best suited to your practice. 

It is understandable that you pay attention to life insurance needs, but at the same time do not neglect considering the possibility of a debilitating occurrence. Buy an appropriate disability cover at the earliest.