Physician Disability Insurance

Have you ever thought of not going to job from tomorrow? Just because of disability. Isn’t this thought of not going to work and losing the working and earning opportunities fearing? This is what a disability can do to you and your future. It can certainly make your job and future financially vulnerable if you don’t take financially sound steps as earlier as possible. Disability can be caused due to illness, disease or injury. Let us look forward in the conditions that why should a physician have a disability insurance. 

Being a physician is really a very high skilled job and if we consider the total expenses to becomes a physician we get to know that it takes a lot of money to complete the whole education and till the time a physician start practicing medicine he/she might have lot of burden to repay your debt. Being enrolled in such a highly skilled profession if you lose the opportunity of working all because of disability than it would be almost impossible for you to find a replacement carrier opportunity with a comparable salary. 

There are many challenges and risks attached to your profession which you might be ignoring till date but now is the time to think about it. 

• Being a physician if you have an injury or illness you cannot perform hands on patients care or perform surgical procedures on your patients.
• Disability can act as a hindrance in your career path and you won’t be able to perform your occupation duties.
• Physician being a very well paid and highly skilled profession are always advisable to have long term disability insurance because this is the only way you can substitute your income and manage finances as there would be no comparable job or scheme that can offer you the same reputation and earning opportunities. Long term disability insurance benefits will stay intact till the time you don’t get back to work or till the time you don’t recover.
• In the physician disability insurance most part of your lost income due to disability is insured so you don’t have to worry about your monthly expenses and fulfilling your financial obligations.
• To incur the most benefits out of the insurance the cost of insurance policy would be around 1-4% of your annual salary in another term it means that more amounts you receive at every month more would be the cost of policy.
• The coverage amount varies from company to company but generally your 80% of monthly income would be certainly covered in the policy.
• Higher risk specialties are those that perform interventional procedures, such as surgeons, obstetricians, and emergency room doctors; by contrast, GPs and dentists tend to be classified as lower risk.

Disability insurance for physicians is really a very good idea because your rates will never be lower and the premium would also increase as per your earnings , age and time period involved with the insurance company. If your clients trust on you for their physical well-being than our clients too trust on us for their future financial well-being.