Don H Kim M.D, Specialized in radiology, Long Beach, CA
My name is Don Kim, I am a physician in radiology, and have a private practice in Long Beach. I met Sunny about two years ago at a KAMA event which is an association for Korean American doctors, here in LA, California.
She came to give us a talk about planning for retirement, and during the conversation, she brought up an important point to us which was if we doctors had any plans laid out in case if anyone of us become incapacitated and wasn't able to work. And that discussion led to the discussion about disability insurance. It was the first time to have an opportunity to hear about what this insurance would mean and what it covers and why it is so important to people of our profession. I got back in contact with Sunny about a year later after I finished fellowship and started practicing and more and more I thought about it, I began to realize how important having disability insurance was for people in our profession, because if anything should happen, and unable to work, this insurance will be there to act as a security blanket.
From the beginning the whole process was a little bit daunting. There was a lot of money involved and obviously insurance is not cheap, and it depends on how much you want to cover yourself for.
That being said, Sunny and her team were very good at guiding me through the entire process, starting from the beginning to the end, and laid out all the options, and with really no pressure tactics, gave me the opportunity to study the different types of options out there in the market, and choose the provider I felt the most comfortable with.
Once I had chosen the provider, she guided me through the whole application process and was there even for the actual medical interview for the medical examination, and then even followed up with me afterwards even after the payment started to answer additional questions I had about the policy, questions about what would happen if I did end up needing to draw on policy in the future.
There is definitely a big peace of mind knowing that I have this insurance now. I think without it, you are sort of flying blind hoping that it won't happen to you. There are things that could happen that you don't even think about. Most people immediately turn to medical conditions like cancer, getting sick but there are also accidents that can happen. Going on a recent ski trip, I realized if I should fall and injure my back, and if I am unable to sit at my desk, then it will be something catastrophic for my carrier and make me unable to draw income. So it's a huge peace of mind knowing that this policy is there for me in case something like that should happen. Hopefully it doesn’t' happen, but just in case it does, it is there to protect me.
I wish I had known about this when i was younger. Premium is based on your age, so the younger you are the better rate you can lock in. That is something I didn't know about so Sunny had informed me about that at that point. I think a lot people who are younger think that bad things like things that could potentially ruin your carrier can't happen but you know the problem is that all that takes is that one bad incident like a strike of a bad luck.
So this is something I think very important for even the younger doctors to worry about, especially you, younger doctors because the entire carrier is in front of you and you want to be able to protect what is your most valuable asset. Planning for retirement, 401(k) and IRAs, they are all important as well, but if you are not able to make money because you are unable to work, those are all meaningless.
I would suggest that maybe even if you are still in training, if it is something that you've been considering, I think you should sit down and have a talk with an advisor and see what options are out there for you because I think especially early on in your career, it's not going to be as much money and it's a huge piece of mind knowing that it's there for you just in case.
I would say in terms of our profession, in general, we are students for a very long period of time. We don't get out until young thirties or mid-thirties so we spend a lot of time learning about medicine, but not really learning what life is like after school.
And part of becoming a doctor is not just taking care of patients but also taking care of yourself. Unfortunately medical schools at least when I was training didn't really train you to understand how to manage money, how to take care of your finances, how to save for retirement, those are the things that are very important when you come out of training because suddenly you are going to be exposed to a lot more funds, and you have to start taking that money and putting it somewhere where it is going to grow and be there for you when you retire and it may seem like so far out but it's actually not.
I would recommend Sunny and her team for your retirement planning and risk management planning. She will take good care of you!