Disability Insurance For Physicians

What is Disability Insurance for Physicians? 

  

Disability insurance can easily be overlooked, but it is extremely important to protect you and your family in the event you can no longer earn an income as a healthcare professional. Disability is, in fact, more common than many people realize — a fact backed up by data from the Social Security Administration, which underscores that more than 25% of current 20yearolds will suffer some form of disabling injury or illness before the time they retire.

More than 25% of current 20yearolds will suffer some form of disabling injury or illness before the time they retire

The bottom line is that disability is unpredictable and can affect any person at any age, which is why you should ensure peace of mind for yourself and your family, knowing that you will be protected in the unfortunate event of a disabling injury or illness. 

 
Why is Disability Insurance Important for Healthcare Professionals?

  

Your financial obligations will remain, and your family will continue to rely on you, even if you are struck by an unexpected disability. As a healthcare professional, one of the most valuable assets you possess is your lifetime career earning potential – which is why you should have in place the necessary protection to insure that potential.

As a healthcare professional, one of the most valuable assets you possess is your lifetime career earning potential 

 Medical professionals in specialized fields are dependent on their skills – such as steady hands for a delicate operating procedure. If you are a surgeon, and something were to happen to your hands – let’s say that you develop a tremor —  you might still be able to serve as a consultant in order to earn an income, but all your years of specialized training within your particular field will have been largely in vain. This is exactly where disability insurance products for healthcare professionals enter the stage – to help you replace the income you have counted on.  

 
Types of Disability Insurance for Physicians 
 
1. AnyOccupation 

An “Any-Occupation” policy will offer the lowest premium, but it also provides the least amount of coverage. This type of policy will provide benefits only if you cannot perform work that is “reasonably suited” to your skills. This will provide you with coverage, but not enough to protect you from losing a substantial amount of income. 

This type of policy will provide benefits only if you cannot perform work that is “reasonably suited” to your skills

2. Own-Occupation 

“Own-Occupation” coverage will protect you in the event that you are no longer able to perform work in your current profession as a result of a disability. You will still be eligible to receive benefits, even if you have to find a new job that your disability allows you to do. 

In the event that you are no longer able to perform work in your current profession as a result of a disability

3. Transitional Own-Occupation 

Transitional “Own-Occupation coverage will limit your benefits based on the difference that exists between your total disability benefit amount and your post-disability income, and will apply only if you were to earn less than you did before you became disabled.  

Will limit your benefits based on the difference that exists between your total disability benefit amount and your post-disability income

Disability insurance should be part of your overall financial plan if you are a healthcare professional, and if you want to avoid the long-lasting effects on your finances of any unexpected injury or illness.  

  

If you would like to speak to one of our professional consultants about disability insurance for physicians, or about other services to protect your interests, get in touch with medtigo today. 

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