The Main Questions to Consider in a Doctors Disability Insurance Policy
A lot of people including doctors seem unsure about the need for disability insurance. If you are a doctor below the age of 40, chances are that you are still repaying your student loan. In addition to that, you may be having a family with dependents to support aside from the typical lifestyle expenses of affluent professional folks. All of that accounts for a serious pile of cash outflow every month. Now, if you are under the impression that you cannot fall ill or get a medical condition that hospitalizes you or puts you in homecare for years, you are taking a big risk. Take Covid-19 for instance; it has disabled hundreds of healthcare workers who are not able to work and earn their livelihoods now. Those among them who had insured themselves against disability are fortunate to be able to meet their expenses
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The importance of disability insurance
Becoming a doctor is an expensive affair in America with average student loans hovering around $250,000 that takes a student more than a decade to repay with interest. Hence, it is all the more crucial to get doctors disability insurance to cover the risk of disability.
Studies have shown that one in four millennials is likely to suffer some disability in his/her lifetime and that includes many that graduate from medical schools each year. Therefore, it makes very little sense to overlook this kind of risk and avoid buying a physicians disability insurance just to save what accounts for 1-3% of your income.
Already have a group insurance policy
Early in your career like most other doctors you begin with service in a hospital and it is quite likely that your employer offers a group healthcare professionals insurance against disability. You may partially or fully pay for this policy but remember that such a policy cannot be ported. That means, if you change or lose your job, this cover would be gone.
A group healthcare professionals disability insurance may be short term or long term but unless it is optimized to meet your requirements at claim time, it will fall way short of your expectations. Hence, it is always preferable to have an individual disability insurance (IDI) policy to supplement your group policy.
The main benefits that your policy should offer
The most important benefit of disability insurance services is adequate replacement of your income for the tenure of your disability, especially if you are not able to work and earn. You must also understand that the benefits of such insurance should be adequate to meet your basic expenses and pay your bills.
It doesn’t really make sense to look for 100% income replacement from disability insurance companies especially for doctors as their incomes are much higher than average wages in the country. The cost of such a policy that replaces a disabled doctor’s entire income would be way too high and unsustainable.
That’s why you need to hire the services of a disability insurance broker from MGIS, a company that pioneered many of the innovations of insurance against disability.