Nurse practitioners is the fastest growing career in the U.S., with an astounding 45% job growth by 2032 according to the Bureau of Labor Statistics.
But what does this mean for the financial futures of NPs working today?
A lot could happen with your career as a nurse practitioner between now and 2032, but one thing is for certain: Own-occupation disability insurance can protect your income against the changes to come and help you ride this wave of growth successfully.
Here are 4 reasons getting covered now will give you financial security and peace of mind for the road ahead:
Any-occupation disability insurance is often a policy provided by employers, but usually offers less tailored coverage and benefits. This type of insurance typically requires that you cannot work in any capacity to receive benefits.
Own-occupation coverage, on the other hand, is tailored for the unique needs of medical professionals. Unlike most employer plans, own-occupation policies offer coverage if you are unable to perform the specific duties of your medical specialty, even if you can work in another field.
Fast forward to 8 years from now to the pinnacle of the NP job boom. You will be older and wiser, but odds are you won’t be as physically healthy, and you may have a medical condition.
According to the World Health Organization, common causes of disability for medical professionals between the ages of 30 and 34 include drug disorders, back and neck pain, depressive disorders, anxiety disorders, and migraines.
Even seemingly minor health issues like hearing loss, vision loss, and mobility issues could limit your ability to work and earn a living.
Securing an own-occupation disability insurance policy today while you are young and healthy can lead to savings and ensure you aren’t excluded from coverage.
Will you still be working for your same employer in 8 years? Probably not – as median employee tenure is just 4.1 years per o the Bureau of Labor Statistics..
You need disability insurance coverage that can move with you. Unlike employer-provided disability insurance plans, you can take your private, own-occupation policy with you to your next job. Starting a new job is exciting, but it’s also stressful. Knowing your income is protected from injury and illness offers some much-needed peace of mind.
Whether your income has increased from rising through the ranks with your current employer, or the result of switching to a new employer, you need to protect your increased income. According to Pew Research, 60% of workers who switched jobs saw their income increase.
Disability insurance carriers offer policy riders that will make sure your income is adequately covered as it increases.
Understanding and choosing the right disability insurance can be daunting for busy medical professionals.
That’s why over 20,000 medical professionals have trusted Pattern to help them secure their income with disability insurance that fits their needs and avoided the hassle of shopping around.
Take the next 5 minutes to request your free disability insurance quotes, and we’ll get to work to find your ideal policy. We'll provide you all your policy options from 5 major carriers - so that you can make an informed decision tailored to your exact needs.