I've heard it said time and again, on TV, radio and in person that your number one asset is your house. I couldn't disagree more. While it is valuable, your ability to generate an income as a medical practitioner or to run a medical practice is much more valuable.

As a medical professional, you've invested hundreds of thousands of dollars on your education to develop the skills and wisdom necessary to help heal people. Through these efforts you have created an asset -- YOU -- from which an income is derived. This is your number one asset. If you're not convinced, just take your annual income and multiply that number by the number of working years ahead. It's a pretty impressive number and you didn't even get a raise. It's almost like having the proverbial money tree in the backyard. I can still hear my parent chide, "What? Do you think money grows on trees?"

PROTECTING THE PROVERBIAL MONEY TREE
Let's say your house is worth $500,000. How much does your homeowner's policy cover if it's destroyed? Most people insure their assets for their replacement value.

O.K., now you have a money tree in your backyard (putting it in the front yard would be too pretentious and risky). Assuming the tree remains free of disease and is not damaged in a windstorm or struck by lightening, this amazing tree produces a $1000 bill every day. That's $365,000 per year. How much would you insure this tree for? Remember, this tree allows you to pay your mortgage, buy new cars and boats, take vacations to exotic lands and much more. Would you insure it for its full value?

YOU ARE THE TREE
It's interesting that many will fully insure the money tree but when it comes to insuring their own income from years of medical school and practice, the answer is much different. You see most healthy, well-adjusted people deny their own mortality and morbidity. Think about it. If we woke up every morning with the attitude of, "Wow, today I'm going to come down with a debilitating disease," it would be a pretty miserable life. Conversely, most will say, "I won't get sick." or "It won't happen to me." Whichever your stance, should you or should you not protect your number one asset?

Disability income insurance is designed to help provide financial security in the unfortunate event that a long-term illness or injury from an accident prevents you from working and consequently prevents you from generating your income. While you recover, a steady stream of income is paid to you to help cover your everyday expenses and financial strain associated with a loss of income coupled with unexpected medical expenses. Let's take a look at what's available:

INCOME PROTECTION FOR PHYSICIANS WITH ESTABLISHED INCOMES
As a practicing physician anddepending on the type of medical services you provide you may be able to obtain as much as $20,000 per month of disability coverage. The total amount you may be eligible for will depend on existing coverage, income, health and which company you use.

INCOME PROTECTION FOR NEW PHYSICIANS
If you are a physician who is just getting started in your practice or in the first two years of private practice, you may be eligible to obtain around $6500 per month of disability coverage. These polices can be obtained without proving your income but you will have to show you are healthy.

INCOME PROTECTION FOR STUDENTS, INTERNS, RESIDENTS AND FELLOWS
Many of the disability insurance carriers will offer some base amount of coverage while you complete your medical education and training. Here are some rough numbers of what an insurance company might offer:

Career Status	Benefit
Fellows	$5000
Resident in 3rd or 4th year	$5000
Resident in 1st or 2nd year	$3500
Medical Student in 3rd, 4th year	$2000

PROTECTING THE 'SOIL & ROOTS'
So you've taken care of protecting your own personal income, the proverbial money tree. What about your practice? You've invested a lot of heart, sweat and tears into building your practice. Your business is generating revenue and ultimately profits. It has value and can be sold when you're prepared and ready. But what if you are sick or injured and can't work, what happens to your practice? How long will you be out and what impact does your absence have on production? How long will your patients wait, where do the referrals from other doctors go, how can you afford to hire another doctor who can produce like you and run the business part of your practice? Now the torrential rains have come. Your practice is at risk.

To cover this risk you can obtain what's referred to as business overhead protection. In the event you are totally disabled, this type of policy covers overhead expenses like salaries, fees, wages, benefit payments and employment taxes for employees, rent and lease payments for furniture equipment and premises, utility costs, etc.

These policies are not designed to keep the practice going indefinitely. Benefits are usually paid out over a 12, 18 or 24- month period which can help sustain the practice until a buyer is found or until some other exit strategy can be worked out.

Here's the bottom line. You are the money tree and your number one asset. Protect the money tree…YOU!