The Beginners Guide to Disability insurance for Doctors

Insurance is complicated and it takes too much time to research and understand. We know how overwhelmed and busy you are and you don’t have time to learn about disability insurance. This is why we’ve created this guide to help you understand disability insurance and walk you through it, step by step everything you need to know, without confusing you with all of the insurance world jargon.

Here’s What You’ll Learn

Here’s what you’ll learn

In this Physician's Disability Insurance Guide, you will learn:

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So let’s get into it!

What is Disability Insurance?

In order to understand disability insurance and why it is important you need to know what disability insurance is.

Disability insurance is one of the key financial securities, yet it is often overlooked by physicians. So why is disability insurance important to 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.

When you are creating a financial safety net, the most important part of the plan is the finances to fund that plan. Disability insurance will replace your income in the event that you should lose your income due to an injury or disabling accident.

Why is Disability Insurance Important for Physicians?

As a doctor, disability insurance is one of the most crucial aspects of your financial security because your career is dependent on your ability to perform your specific tasks. 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.

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 is dependent on you

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. If you were suddenly unable to perform these duties and lost your job, your entire financial plan would be lost.

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.

Disabilities that are covered with disability insurance range from pregnancy, broken bones, vision loss, hand injuries, etc. A severe accident and anything in between will threaten your ability to work and assets that you’ve built through years of difficult schooling and training.

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. 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 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.

After you have spent years working up to becoming a medical professional by putting yourself through training, school, racking up medical school debt, and struggling with finances, the worst thing that could happen would be a loss of income. Not only would all of your hard work account for nothing but your debt and financial responsibilities won’t disappear. Which is why disability insurance is especially important for Physicians and other Medical Professionals.

What Do You Need to Know?

In order to understand disability insurance, you will need to know what companies are best, what own occupation disability insurance is, the difference between long and short term disability insurance and what the difference is between Employer and Individual Coverage, as well as some basic things like how to get it and how much it costs.

Learning about disability insurance can feel like an enormous task, however, we have laid out the most important parts about disability insurance tailored for Physicians, so you can feel confident before you get a policy. Here is what you will need to know to fully understand Physician disability insurance.

Chapter 1: Short vs Long Term Disability Insurance

Chapter 2: Own Occupation Disability Insurance

Chapter 3: The Best Disability Insurance for Physicians

Chapter 4: The Only Disability Insurance Companies for Doctors

Chapter 5: The Average Cost of Disability Insurance for Doctors

Chapter 6: Employer vs Individual Disability Insurance

Chapter 7: The Easy Way to Get Disability Insurance

Chapter 8: Frequently Asked Questions

If at any point you have questions or would like to get started with your policy, feel free to contact us. Let's get started with Chapter 1.