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I Don't Qualify for Coverage

I Don't Qualify for Coverage

December 07, 2021

If you’re a physician—or any specialized professional, for that matter—you know how valuable your ability to do your job is. When you train for years to fill a specific position, career changes aren’t usually part of your long-term plan. Consequently, you know how detrimental it would be to lose your ability to work—a serious injury or illness could change the course of your future and in some cases, have serious financial consequences for your family.

That’s why disability insurance is so important for physicians and most other working professionals. Your ability to work is typically your greatest asset, so you want to protect it at all costs. Disability insurance gives you confidence that if you can no longer work, you and your family can be financially taken care of.

Denied Coverage: A Case Study

A few years ago, I met with a medical resident named Jane who was getting ready to finish her program and start her career as a physician. Around that time, she wisely started organizing her finances and looking for ways she could protect her future. Not surprisingly, one of her priorities was purchasing disability insurance. Unfortunately, though, Jane had some past medical issues, so when she applied for income protection, she was denied coverage. She knew her medical history wasn’t optimal for most insurance policies, so she assumed that was the end of the road—she’d just have to hope she never lost her ability to work.

Even so, Jane wanted to make sure she did everything she could to maximize her financial situation, so she scheduled a meeting with my firm.

How We Helped

When Jane and I met, we discussed her situation in detail. She was disappointed about her coverage denial, but I was hopeful. After she left, my firm did everything we could to see how we could help Jane. We researched extensively and eventually, we found a program that would provide her coverage despite her medical history. When I called her, she was incredibly grateful and relieved because she thought she’d never qualify for anything.

As it turns out, she just needed someone to understand her situation, ask the right questions, and find something that would work for her.

Finding a Way

Financial planning can be complicated, but that’s because there are so many options out there—and that’s a good thing. It also means that unless someone is spending multiple hours a day managing finances, they generally won’t see or understand all the strategies available to leverage.

As a financial planning firm with experienced financial advisors, we have access to resources, knowledge, and time that many individuals don’t have when planning for their own future. We talk to people every day who want to create better lives for themselves and their families, and that means we spend a lot of time researching and thinking about the best ways to do just that.

When a situation seems hopeless, there’s often another way—you just have to find it. Jane saw the truth of this when we helped her find income protection she thought was unavailable to her. If you’re working toward a financial goal and you hit a roadblock, ask for help. You never know when there could be a better path right around the corner, and at Parkes Financial, we want to help you find it.

Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. 2021-129974 Exp. 11/23

Dave Parkes, CFP®, RICP®


Dave works with hundreds of Bay Area dentists, physicians and their families. He has a deep understanding of the financial needs of the medical/dental practitioner. He makes planning simple and clear by coordinating both business and personal finances for his clients.

He also works with Silicon Valley executives, professionals, and their families.

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All scenarios and names mentioned herein are purely fictional and have been created solely for training purposes. Any resemblance to existing situations, persons or fictional characters is coincidental. The information presented should not be used as the basis for any specific investment advice. Individual situations and results will vary. 2021-129895 Exp 11/23