This is individually specific and customizable.
Factors to consider include:
Dr. Skin, makes 500,000$ a year, but has no debt and is very comfortable living off of about 6,000$ a month for living expenses. That being said, he doesn't have much in savings, yet. Technically, even though he would qualify for a larger monthly benefit, he may not really need it. Purchasing a policy with a smaller payout may save him significant money.
Dr. Savings makes 200,000$ a year, has no student loan debt, her house is paid off, and she anticipates she will have enough in retirement savings to comfortably retire in 15 years. Therefore, she doesn’t really need a policy that extends beyond that point in time. She also would not need to consider a student loan rider (that offers optional additional income for student loan payments). She is able to lower her policy premium as a result of this.
Dr. Lavish makes 600,000$ a year, spends lavishly, has 450,000$ in student loan debt, a 1,500,000$ mortgage, and no retirement savings or emergency fund. He is self-employed and has no short-term disability insurance. As such, assuming he continues these habits, he would likely benefit from maxing out his payout potential, and from getting a policy with the longest benefit period (e.g. coverage until age 70) and the shortest elimination period (time from being disabled until first benefit pay-out). This would result in a costlier policy than the previous two physicians.
__________________________________________________________________________________________________________________________________
The perfect policy for you is dependent on multiple factors including the desired benefit amount (i.e. monthly pay out), the length of coverage, the riders (options) you feel that you need, and your personal / financial situation.
Also, generally speaking, the maximum amount of coverage allowed is approximately 60% of your current income. Practicing physicians can potentially maximize their monthly pay out at 35,000$ depending on the insurance company.
Typically trainees (residents and fellows) are only able to obtain a policy with a monthly pay out of 5,000$ - 7,500$ while in training. In this situation, a future increase option rider is a great option. This allows you to increase your coverage later as an attending but locks in rates based on your current age and health.
