Disability Income Protection for Medical Professionals
May 5th, 2008
Unexpected hurdles while selling your medical practice must be considered before the process can begin. Imagine falling ill: how can you keep the value of your business on the market as a ‘running concept’ instead of an ‘emergency sale’? As the owner of your practice, you can decide to sell your operations, but finding buyers takes time. While ill, can you sustain overhead and operational expenses without any revenue between the time your business goes for sale, and the time it takes to complete the sale? How long can you keep your operations afloat? Three months, six months? Some illnesses are very severe, can you last a whole year?
Have you considered Disability Income Protection for Medical Professionals? Insurance policies differ according to the provider and plan, but under Disability Income Protection, the insurance provider will pay you benefits while you recover. Again, the amount of benefits paid varies, but you are looking for a policy that can offer you remittance for years, not months. Such policies are typically renewable and non-cancelable. In fact, the insurance provider will continue sending the benefits checks even if you try your hand at another line of work that won’t complicate your medical recovery. Case studies show individuals employed as guest lecturers at colleges or part-time teachers at local high schools while receiving allowances of 90k annually after an original income of 200k. In most cases, this disability income is non-taxable and the policy will be continued without a premium payment.
Falling ill does not mean falling behind on your business operations. With Disability Income Protection, you and your family have options while you create a fund to sell your business, or if you have a partner, create a fund to buy-out his or her interest in the medical business.
