Disability insurance is one of the key financial securities, however, it is often overlooked by many Physicians. You might be asking yourself if Disability Insurance is really necessary for you or why disability insurance is important?
Think of it this way: you have spent thousands of dollars and hours investing in medical school and your training. After that is all said and done, your career is dependent on you!
Disability Insurance is a type of insurance that provides income in the case that you are unable to work due to an injury or illness. A disability ranging from a long-term illness to a disabling accident could take your career and your financial stability. To protect yourself and those who depend on you, it is important to have disability insurance to cover the loss of income you would face in these unfortunate circumstances.
In this blog post, we are going to be covering the basics of Disability Insurance from why it is important for doctors to have it too if disability insurance is the right financial investment for you!
WHY DO DOCTORS NEED DISABILITY INSURANCE?
As we mentioned earlier, your career and your income is depending on your ability to work and perform your required duties. Becoming a doctor is the ultimate personal investment, your most valuable asset is YOU. If you were suddenly unable to perform these duties, your thousands of dollars and hours spent on your career would be a loss.
Your most valuable asset is YOU
Shockingly, more than 1 in 4 20-year-olds become disabled before reaching retirement And physicians have a 30% chance of missing out on income because of an unexpected sickness or injury in their careers! Disabilities that are covered with Disability Insurance range from pregnancy, broken bones, vision loss, hand injuries, a severe accident and much more.
Unlike other careers, small changes in health or even small accidents can be crucial to your ability to work, which is why it is important for doctors to get disability insurance. The primary purpose of Disability Insurance is to protect you and your finances. Disability Insurance acts as a safety net in the case of an accident that may put you out of practice for months or potentially your entire career. It provides monthly benefit payments to replace your income and ensures that you, your finances and the people dependent on you are taken care of.
WHAT ARE THE BENEFITS OF DISABILITY INSURANCE?
The main and most crucial benefit of disability insurance is the replacement of income in the event that you are not capable to work. Disability insurance provides security not only in your finances but your income as well. If you become disabled your disability insurance will provide monthly paychecks that will replace your income to ensure that you are protected financially.
Typically because physician incomes are higher than most, the loss of a career could force you to have to completely change your lifestyle. While you are unable to work disability insurance will help you prevent the loss of your home or repossession of your car.
While savings for emergencies may cover a few weeks of your bills, it can add up quickly and could require you to take out more loans or dip into your retirement savings, causing an even greater financial burden.
With the loss of income, disability insurance will replace your paychecks and ensure your financial security and coverage to pay your car payment, student loans, mortgage, etc. This could save you from not only the grief of the loss of your career but also the stress of having to change your lifestyle due to the loss of your income.
SHOULD DOCTORS GET DISABILITY INSURANCE?
Now knowing more about disability insurance and the benefits of it, you might be questioning if disability insurance is necessary for you. There are many reasons disability insurance is a smart and safe financial move for doctors.
Due to the nature of the career field, disability insurance is important for doctors because it is very health based. In other careers, back injuries, hand injuries or vision loss can be compensated for. However in the career, your in those injuries or loss’ can be detrimental and cost you your career. In that case, your disability insurance would replace your income, allowing you to be financially stable.
Disability insurance is crucial for doctors due to income. When working as a doctor your income level is higher than most, making it harder to match with savings. In the case of a disabling accident, disability insurance will be sure to match your income level, preventing you from having the burden of downsizing houses, selling your car or being unable to pay your bills.
Keeping not only your career in mind but your financial security as well is important. With disability insurance, you will have a financial safety net. After spending so many hours and dollars on school and training the last thing you want is for a disability coming the way of your career and your income.
If you are interested in getting your disability insurance don’t hesitate to contact us. We are here to help you and we make sure this process is easy and simple. For more information on disability insurance check out our blog post “5 Things Physicians Need to Know About Disability Insurance”
We are excited to be starting a new weekly video series called "Digging into... with Matt & Andrew" and this month's topic is Disability Insurance!
Every Thursday we will be sharing a short video about commonly asked questions with the hope to help provide some information that is useful to you!