If you hold a disability insurance for nurse practitioner policy, you’ll have the backup income waiting in the wings. But how do you choose disability insurance coverage to purchase with your new policy? This question can be tricky, but it doesn’t need to stop you from buying disability insurance. By taking a bit of time to think it through, it’s actually pretty simple to pick the right benefit amount.
For a variety of reasons, purchasing disability insurance for nurse practitioner is something you should strongly consider. As a nurse practitioner, you have worked hard to build a career for yourself, and you likely support your family with your earnings. This is a great career, but you can’t be sure those paychecks will continue to roll in month after month. If you become injured or ill and can’t work for a period of time, you’ll want to have a backup source of income to help you get by.
Let’s take a look at a few key tips.
Full Replacement is Not Necessary
Right off the bat, you should understand that you don’t necessarily need to purchase a policy which will cover the entire amount of your current salary. Remember, the idea here is simply to get by during your period of disability. So, the concern should be focused on paying your bills and not falling behind, rather than replacing your entire income. Buying a policy which covers the full amount of your salary will likely be rather costly, and unnecessary for most people.
Think About Your Bills
The best place to start when selecting benefit amounts for a disability insurance for nurse practitioner policy is to look at your bills. How much money do you need on a monthly basis to keep up with your responsibilities? Be sure to take everything into account. You’ll need to pay your rent/mortgage, your other insurance premiums, grocery bill, utilities, and on and on. The amount of money you need to cover these bills is what you should be focused on when selecting the size of your policy.
Make Yourself Comfortable
One of the best things about holding a disability insurance for nurse practitioner policy is the fact that it can bring you tremendous peace of mind. You don’t have to worry about what would happen to your financial life if you were suddenly unable to work for a period of time. Instead, you can focus on performing well on the job, and generally enjoying your life. With that said, the size of your policy should be an amount which will make you feel comfortable. As long as you are confident that you have enough coverage for your personal situation, you’ve
probably selected the right policy.
There is no time like now to look for the right disability insurance for nurse practitioners. Working with Disability Insurance Coach is a great way to find the perfect policy at a great price.
Click here for more information on disability insurance for nurse and nurse practitioners.