Physician Disability: Don’t Overlook Disability Insurance
Auto, homeowners, health & life insurance; the necessity of these insurance lines is well known. But what about physician disability insurance? 
The broad definition of disability coverage is a coverage that replaces lost earnings if you can’t work. According to Bloomberg Businessweek, a twenty-year-old worker has a 30% chance of becoming disabled before reaching full retirement age. And the cost of living continues to skyrocket, increasing retirement age and your chances of being unable to work.
Physician disability insurance is particularly essential. If you are the key breadwinner for your family- what happens if you could no longer work? As a medical professional, physicians are subjected to emotionally-intense settings, long work hours, and patient care requires extensive physical and mental labor, and it can take a toll.
Social Security does provide a safety net. However, federal disability insurance is extremely limited, both in the qualifications and the amount it awards. It can take two years or more to be approved and in many cases is not enough to cover expenses- the average disability benefit by the Social Security Administration is just $1,111 a month, paid to 8.8 million beneficiaries.
As a physician, you enjoy relatively higher incomes on average. You have also invested significant resources into your career development, from medical school costs or even the costs of having your own practice. Purchasing physician disability insurance is crucial to protect your livelihood, investments, your career, and most importantly your family.