Episode 46: Protecting Your Income—Why Disability Insurance Matters for Physicians

In Episode 46 of Doctor’s Wealth and Wellness, host Norm Wright emphasizes the critical importance of disability insurance for physicians, whose specialized skills and high earning potential make their income their greatest asset. He highlights the risks physicians face, noting that 1 in 7 will experience a disability lasting at least 90 days before age 65, which could lead to significant financial loss without proper coverage. Norm outlines key features to seek in a policy, including an “own-occupation” definition to protect specialty-specific roles, non-cancellable and guaranteed renewable terms to secure premiums, and coverage for 60–70% of income to maintain lifestyle. He advises against relying solely on employer-provided plans, which often fall short, and urges listeners to review or obtain an individual policy with a financial planner or insurance specialist, challenging them to take one step toward protecting their income this week.