Insurance is complicated and takes too much time to research and understand. We know how busy you are and that you don’t have time to learn about disability insurance. We’ve created this guide to help you understand disability insurance and walk you through it step by step. We’ll cover everything you need to know, without confusing you with all of the insurance world jargon.
In this Physicians Disability Insurance Guide, you will learn:
what disability insurance is
why it is important as a doctor
what type of insurance is best for you
how much disability insurance costs
what companies provide disability insurance
what companies are best, as well as definitions and riders
things you should pay attention to, to get the most out of a policy.
So let’s get into it!
In order to understand disability insurance and why it is important, you need to know what disability insurance is.
Disability insurance is key for financial security. 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 income 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.
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 primary 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, ensuring 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 depend 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. If you didn't have disability insurance, your thousands of dollars and hours spent on your career would be a loss.
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 to become 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 will not disappear. This is why disability insurance is especially important for physicians and other medical professionals.
In order to understand disability insurance, you will need to know which companies are best, what own-occupation disability insurance is, the difference between long and short-term disability insurance. You should also know the difference is between employer and individual coverage, as well as some basic things like how to get insurance and how much it costs.
Learning about disability insurance can feel like an enormous task. Fortunately, we have laid out the most important details 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.
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.