Why Do You Need Doctor Disability Insurance?
Disability is commonly associated with accidents. The idea of an accident tends to elicit a “Oh that’ll never happen to me” response rather than actual concern. Yet disability covers more than that- the majority of disability is caused by illness.
Over 15 million Americans a year experience a disability that prevented them from working, according to JS Online. It can take months to get back to work- and that means months of zero to limited income. Even scarier, only 8% of Americans have the protection of a disability policy.
As a physician, doctor disability insurance protects your livelihood. In the event that you are injured or fall ill and cannot work for an extended period of time, disability insurance pays a monthly benefit. It allows you and your family to meet financial obligations and maintain a standard of living, instead of worrying on how to pay the bills.
Doctor disability insurance gives you security and peace of mind that your income, and consequently your family’s livelihood, is protected. Even if you have group disability insurance through your company, you can maximize your income protection by supplementing the group policy with individual disability insurance, and lessen the gap between the amount of income received from a group plan and your actual income.
Physicians and dentists are at a uniquely high risk. Not only do they earn high incomes and many times are the breadwinner for their families, many doctors are also saddled with significant debt from medical school a number of years after they graduate. Even medical students and residents are at risk; which is why doctor disability insurance is offered for all levels, from first year medical student to a seasoned practitioner.
Financial security planning is a lifelong process that starts with risk protection. And the risk of an unexpected disability can jeopardize your ability to earn an income, which is your most valuable asset. Protecting your income with individual disability insurance can provide lifestyle protection for you and your family, meaning you can feel more in control of your future. Doctor Disability provides disability insurance for physicians and dentists. Contact us today for more information.