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Disability insurance
When do people drop their disability insurance? I am tired of writing this check every year. Does anyone know anyone who as a radiologist has become disabled, not able practice as a radiologist any longer, and collected from the payout until age 65.
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8 Replies
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a couple of years before I decide to retire. If at 70 then stop at around 64-65
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Ive never met a disabled Rad. You could probably do telerad from home with one eye, one arm and half a brain.
Prolonged illness would be an issue but thats what savings are for. Overall, disability insurance is expensive with limited payouts.
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I will say Telerad is a game changer in a way as you dont have to go into the hospital and dont have to do procedures or anything physical.
Actually I do know one Rad who took disability but he has a stroke leading to issues with cognitive functioning.
Again if such a rare and catastrophic event occurred most likely you would have to count on savings and spousal income.
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If you are financial independent with 5mill in assets or have a high earning spouse it isnt worth buying a separate policy as long as you have some basic employment provided policy of like 10k a month.
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Agree with above.
Just wasting money at that point.
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Keep in mind, if you get officially disabled, you can access your retirement accounts early without penalty.
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A partner in my prior group retired with disability. Some kind of early onset dementia. He was 55yo and healthy otherwise. Still alive to this day after 10 years. He had disability insurance and received it after multiple tests to confirm the disease.
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I know someone who got hit by a drunk driver and lost her leg, and is not considered diasabled. I think she can get a handicap sign to hang from her mirror but she had to reapply for it every 5 years-like her leg is going to to grow back or something.
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