You may have been told that you need to get disability insurance from your employer or financial advisors but you may not understand why you need it, or what makes it so important!
In this blog post, we are going to go through the importance of disability insurance and why you should have this type of insurance.
Disability insurance is one of the key financial securities, yet it is often overlooked by physicians. So why is disability insurance important to you?
Think of it this way: You have spent thousands of dollars and hours investing in medical school and your training. After all is said and done, your career and income are 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.
After you’ve invested an enormous amount of time, education costs, and postponed income, your time and education are your most valuable assets, in order 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.
WHY DO DOCTORS NEED DISABILITY INSURANCE?
Your career and your income are 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.
Anything from a back injury, vision loss, or a hand injury will threaten those assets that you built through years of difficult work in training.
Physicians have a 30% chance of missing out on income because of unexpected sickness or injury in their careers!
You may also have student loan debt, which can’t be discharged if you are injured and can’t work—even if you declare bankruptcy. Disability insurance protects you against financial hardship if injury or illness prevents you from working.
If you were suddenly unable to perform these duties and you didn't have disability insurance, your thousands of dollars and hours spent on your career would be a loss.
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 able to work.
If you become disabled, your disability insurance will provide monthly paychecks that will replace your income to ensure that you are protected financially.
Disability insurance will replace your paychecks and allow you 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.
There is a lot more that goes into a disability insurance policy that makes it more personal to you and your financial plan if you are interested in learning more about disability insurance and your personalized options, check out our comprehensive disability insurance guide here!
Although it can be confusing, disability insurance is a vital part of your financial security and your long term financial plan.
If you would like to look into your personalized quote options you can fill out our quote request here to get your most accurate quote amounts!
In order to have peace of mind that you got the right policy and the right amount of coverage to protect your loved ones, get started with your disability insurance policy here.