5 minute read
Picture this, suddenly an illness or injury makes you unable to work.
At a complete income loss you (quickly) are forced to burn through your savings to stay a float.
Which only undermines your family and your financial security.
All of the money and investments that you have worked hard to put away for things like college funds, debt repayment, vacations, the dream car, as well as gas money, food, and basic necessities is compromised.
That stress and overwhelming feeling that you experienced even just reading this is a reality for some and could be your reality some day.
Thankfully, there is something that can protect you from experiencing that loss and stress.
The idea of disability insurance for physicians is to protect your income while you are in your most vulnerable state. After spending thousands of dollars on your education, (most of the time) coming out with debt, and starting your career at a lower salary, disability insurance will protect you and your future income.
You can't get ahead (or even get by) when your income is taken away.
This is why disability insurance is a critical part of your financial safety net. Disability insurance will help you replace the money that's been taken away due to an injury or disabling accident, so it pays off in more than just financial terms
"It’s difficult enough without worrying about how you're going to make ends meet."
That statement couldn't ring more true for many people who are currently dealing with disabilities and have no income protection in place.
A balanced approach to financial planning involves incorporating different perspectives and viewpoints into your strategy.
There are many ways that disability insurance can impact your financial planning. In this post we are going to discuss the top 3.
PROTECTION FOR YOUR SAVINGS
With a disability that deems you unable to work this most likely will lead into an income loss. Although your work life may stop, your daily life continues, meaning your bills will keep coming. With no income your options are limited, resulting in dependence on your savings.
Until it’s gone.
With disability insurance, your income would be replaced! So even if you are currently not working, you will continue to receive a steady flow of money. This completely eliminates the stress of relying only on your savings to keep you afloat during this time.
CREATES ABILITY FOR MAINTAINING YOUR LIFESTYLE
Again as stated above your life does not stop when getting disabiled. Your financial obligations do not care if your income is no longer flowing into your bank account.
This deficit doesn't leave you with a plethora of options. Most of the time the logical next step is to begin selling off your financial obligations such as your house, your car, your boat and cutting out things like your subscriptions, your memberships, your vacations, excursions, etc.
Disability insurance can help you avoid this risk of massive lifestyle changes! Because disability insurance will maintain your normal income, you will be able to continue on with your normal life without having to worry about any massive changes.
PROTECTS YOUR FINANCIAL OBLIGATIONS
Financial obligations are a huge responsibility. But what happens to those who cannot fulfill them?
Student loan debt is a beautiful and perfect example of how loss of income can affect your financial obligations.
In most cases, becoming a physician will require taking out loans for schooling and training. This major financial obligation requires steady stream income to fulfill it; even the best health insurance coverage won’t make up for lost time during which you are unable to work as well as suffer financially without some form payouts such worker's compensation benefits or paid sick leave policies protecting against illness etc.
With disability insurance your commitment to this financial obligation will not be in jeopardy because you will still be able to make those payments comfortably.
Disability insurance is a critical part of any financial plan. When you are injured or fall ill, disability coverage can help provide money for medical treatment and other necessary expenses that would otherwise put pressure on your loved ones back home while they support the person who needs caregiving assistance and recovery time off work to get better faster while being secure and protected.
If you are ready to get your income protect in place and avoid all the stress of living life with out disability insurance, start by getting your quotes here.