Introduction
Physicians, like other professionals, are not immune to conditions that might make them either temporarily or permanently unable to work. As a doctor, the greatest financial risk that might happen to you is if you lose your ability to earn after spending numerous years, efforts, and money to get a medical degree. Unfortunately, it is not unusual to see medical practitioners lose this ability due to conditions beyond their control.
Pregnancy, traumatic experiences, illness, or even travel are situations that can make a doctor unable to earn. However, this period mustn’t cause financial agony. The best way to achieve this is by having disability insurance. Disability insurance ensures that workers receive a certain percentage of their income if they become “disabled” and can no longer work. Statistics show that one in seven doctors get disabled and have to use their disability insurance. Here are three reasons why disability is important to doctors.
Reasons Why Doctors Should Get Disability Insurance
● Financial Security In Situations Of Disability
As a doctor, how your career will be shaped and your income will be structured depends on your ability to work. After investing in yourself, it is only right that you protect your most valuable asset, you, from anything that might mar the investment. Life insurance doesn’t protect and provide for you but for your loved ones. However, disability insurance is solely focused on you as it allows you to earn even if you are disabled as a doctor. Imagine going to extreme lengths to fulfill your life’s dream of becoming a doctor, and even before you enjoy the luxury that the medical profession provides, you get disabled. Without disability insurance, your career might be over even before it started.
● Payment of Debts and Income Replacement
Since medical education is quite expensive, it often comes with financial burdens such as huge student loans. In cases of unforeseen risks, disability insurance can help you offset this debt and pay for other expenses. Moreover, one of the most vital benefits of disability insurance is that it serves as a replacement for your income in case of disability. This protects you from the hardships and anguish of not being able to earn from your desired work and also spares you from the stress of having to modify your lifestyle and profession due to income loss.
● Takes Care Of Your Family During Emergencies
In a situation where a doctor who is his family’s breadwinner lost his income due to an accident or illness, disability insurance can provide for the family for the period the financial hardship will last. Most individuals prioritize life insurance policies to provide for their loved ones in conditions of an unanticipated event. A disability insurance plan, on the other hand, is as important, as studies reveal that over 70% of working Americans would face financial difficulties within a month of losing their salary. Get disability insurance coverage to protect your family from situations beyond your control.
Final Thoughts
Although it might be difficult to fully grasp its scope, disability insurance is integral to a doctor’s financial stability. Therefore, it should be part of your long-term financial strategy as a doctor. It is always wise to plan for future contingencies, and getting disability insurance is an excellent way to get started. Typically, your employer will implement group disability insurance coverage. However, these group coverages are rarely adequate, and their benefits are limited. In addition, group coverage is based solely on your basic salary as a doctor. It can be terminated at any moment by your employer. This means that you must obtain appropriate individual disability insurance coverage that may also function as a realistic source of income during crises.
Doctors are not superhumans as people think. Even though they are life-savers, their lives are also at risk of illnesses and injuries due to long working hours and stressful work environments. However, what really matters is to get disability insurance either through an employer’s plan or individual policy, as any disability insurance is better than no disability insurance at all.
AUTHORED BY:
Naomi Olson [Website • Twitter • Headshot]
I am a CFP® (Certified Financial Planner).
I have a severe phobia of bridges and dirty balance sheets.
Hobbies: blogging, meditation, and loving Bull Market (my dog).
