Doctors dedicate years of their lives mastering the skills they need to serve their patients, but a recent survey revealed many doctors lack knowledge in an area that serves themselves- financial literacy.
The 2023 survey found that 70% of respondents - residents, fellows, and attendings of all specialties - felt their graduate education had not provided them with the tools they needed for personal financial success. When rating their financ
This gap is not just a personal inconvenience – it has broader implications for career satisfaction, lifestyle choices, and overall well-being.
Doctors face unique financial challenges, including staggering education debt and deferred earning potential due to prolonged training periods. These factors can exacerbate feelings of financial insecurity and impede the pursuit of financial independence. Moreover, the study highlights a concerning trend: the majority of physicians do not engage with financial advisors or accountants.
These findings underscore the importance of providing doctors with accessible, efficient solutions to manage their financial security, especially when it comes to obtaining the right disability insurance.
The foundation of any doctor’s financial strategy is securing their income with disability insurance, specifically true own-occupation disability insurance.
True own-occupation disability insurance is tailored for the unique needs of doctors, offering coverage if they are unable to perform the specific duties of your medical specialty, even if they can work in another field.
For example: If you are a surgeon and developed a hand tremor and could no longer perform surgeries, but you could pursue a career in teaching, you would still receive benefits.
Don’t let limited financial knowledge deter you from protecting your income from injury and illness. Pattern prioritizes educating doctors about the ins and outs of their coverage so they can make informed decisions about their coverage.
Get started with a free quote request, compare quotes from five major carriers with an expert, and secure your policy with confidence.