Disability Insurance for Doctors and and Surgeons is a must when you think about the physical and elemental risks inherent with the work environment. A recent trend by several different health care systems has been to remove disability insurance from their overall benefit plans. Whether you are an employee or an independent contractor we have carriers who specialize in offering disability insurance for Doctors and Surgeons.
For anyone in the healthcare industry, patient care is at the top of their priority list. This is especially true for doctors and surgeons, who are often directly responsible for the well being of a number of patients. When you do your job correctly, you have the ability to positively impact the lives of many people. That is powerful stuff, and it certainly is something to be proud of and that’s why understanding Disability Insurance For Doctors is so important.
Of course, you can only provide excellent care for your patients if you are healthy and able to work. What would happen if you were injured and became unable to report to the clinic or hospital?
If you ask any financial planner, they will tell you to obtain non-cancellable, long term disability insurance for doctors and surgeons that has an Own Occupation Rider attached to it.
Most likely, there would be another doctor or surgeon available to fill your duties for the time being. But what about your needs? When you stop going to work, the paychecks stop flowing. And even if you can handle that reduction in income over the short term, trouble would surely be waiting just around the corner.
Fortunately, disability insurance for doctors and surgeons is available. By protecting yourself with a disability insurance policy, you can ensure that you’ll still be able to pay the bills and make it through your recovery period without financial hardship. Being healthy and able to work is something that most people take for granted on a day to day basis, but it can be taken away in an instant. Protect yourself with disability insurance for doctors so you don’t have to lose sleep over your financial future.
A Heavy Burden
Doctors and surgeons tend to earn significant salaries, and deservedly so. These are extremely important jobs, as the short- and long-term health of your patients is regularly in your hands. There is a lot of stress involved with this job, not to mention plenty of liability concerns, so a significant salary is more than warranted. Surgeons and doctors are well-compensated, but they certainly earn those dollars.
When talking about income for these kinds of jobs, it would be a mistake to overlook the role that student loans play in the finances of the average doctor. The schooling required to hold one of these positions is significant, and it does not come cheap. It is common for the debt load of a new doctor or surgeon to stretch up into six figures – and those student loans payments start to add up quickly when you are just getting started in your career. Many doctors and surgeons who are just getting started in their careers are surprised to learn just how costly these monthly payments can be. In most cases, it will be years until the loan balances are satisfied and the debt payments can be wiped out of your monthly budget.
The pressure of making student loan payments on a monthly basis highlights the importance of disability insurance for doctors. If you suffer some form of injury and are unable to work, your income is going to be affected – but those student loan payments are just going to keep on coming. While you have been making the payments on time each month while you have been working, it simply may not be possible to do so when you are off the job.
Falling behind on your student loan payments is problematic for a variety of reasons. For one thing, those missed payments don’t simply go away. You will still need to make them, and your overdue balance will add up rapidly. Also, your credit score can take a major hit when you start to fall behind on payments. A damaged credit score means it will be harder to get loans for things like home and car purchases. And, even if you do get a loan, you’ll pay a higher interest rate due to your lower score.
Don’t carry the burden of worrying about what would happen to your student loans if you had to stop working. Pick up disability insurance for surgeons or doctors and know that you are covered in the case of an unexpected event. This coverage will add security to your financial future, and it will provide you with some peace of mind at the same time.
It all boils down to this…
You only have three options to choose from when the unexpected accident or illness happens, and your payroll deposit stops:
- You can deplete your savings and retirement accounts
- You have a wealthy family member that will pay bills for you
- You planned and have a disability insurance policy in place that delivers monthly, tax-free cash to your bank account, until you are ready to go back to work
Don’t Make Assumptions
As a doctor or surgeon, you likely take pride in being control of every situation. You have been trained to perform your duties consistently, regardless of the circumstances. When on the job, you know exactly what to do, and you always want to deliver the best possible care for your patients.
As the day-to-day routine of work rolls along, it is easy to assume that you will always be able to perform your duties at a high level. But what if something happens that takes away your ability to work, for at least a short period of time? For example, a surgeon who suffers a hand or wrist injury will likely need to be off the job while the injury heals. Whether you are hurt while working, or while enjoying your private life, there are plenty of injuries that are simply not going to allow you to continue working.
If you make the mistake of assuming that you’ll always be able to work, you might not take the time to protect yourself with disability insurance for doctors. For a relatively modest premium, you can cover your bases and secure a source of income if your regular paycheck is interrupted.
Check Your Current Status
Before you shop for disability insurance for doctors, it would be a good idea to check on your current coverage situation. Depending on the terms of your employment, you may already have disability insurance in place, in some form. Some doctors and surgeons have short-term disability insurance offered by their employer, but not long-term coverage. For others, the story is just the opposite. You can’t make a smart buying decision without knowing where you stand, so check on your disability coverage and then fill in the gaps with another policy.
Speaking of making a smart buying decision, Disability Insurance Coach would love to help you do just that. We love to help doctors and surgeons track down the perfect disability policy based on their individual needs. Not only do you need to decide whether you need short-term coverage, long-term coverage, or both, you also need to decide how much coverage you need. This will depend on your current income level and the payout you would need to keep up with your bills in case you are forced off of the job.
Get Started Right Away
Take a moment to think about how long you would be able to keep up with your bills if you suddenly stopped receiving paychecks. You may find that your ‘buffer’ is not as big as you expected – meaning disability insurance for doctors would be a good choice. Your income will be replaced by the policy (assuming the specifics of your disability are covered), and you won’t have to worry about falling behind on your financial responsibilities.
When you are ready to get started, we are confident that you will appreciate our simple and streamlined process. There is no reason to put it off any longer when it is so easy to apply for coverage. Thanks for your time, and we would be proud to serve you! Speak with a disability insurance coach now, click here.