The decision to get disability insurance is a difficult one. It’s not something that many doctors think about until they’re in their 40s or 50s and are staring down the barrel of a career-ending illness or injury.
However, it’s never too late to start thinking about your future and how you’ll be protected if something goes wrong.
Here are five reasons why every physician should consider getting disability insurance:
- Your Work Has a Higher Risk of Injury or Illness
As a physician, you are at greater risk of experiencing an occupational injury or illness than the average person.
One study shows that physicians face an onslaught of occupational hazards, including latex allergies, hazardous chemicals, sharp objects, job-related stress, and equipment hazards.
Working with sick patients with contagious diseases, physicians are at a greater risk of contracting these illnesses. The COVID-19 pandemic proved this fact to be true.
In addition to the risks associated with working directly with patients, physicians often encounter workplace hazards like bloodborne pathogens or poisonous gases.
- You Have Student Loan Debt
Student loan debt is a significant burden for many people and could affect your ability to get life insurance and other forms of insurance.
Physicians and surgeons, on average, graduate with over $200,000 in student loan debt.
If you have this kind of debt, you may have trouble getting life insurance policies—unless you buy disability insurance first.
Some insurers won’t offer a policy if they think that your income will be too low or unstable because of the medical condition that led to your disability.
Similarly, some lenders may not let borrowers apply for mortgages due to their student loan obligations. This puts you in an even more difficult financial situation.
Disability insurance can be a key element in helping you to stay financially stable, even if you never need it.
- You Have a Long Career Ahead of You
If you’re just starting your career, it’s easy to think that your peak earning years are still ahead of you. But what if something happens? What if you suffer an injury or become ill and can no longer perform your job duties?
Disability insurance can help ensure that income replacement will be there for as long as it takes for you to get back on your feet.
You may also find that the likelihood of becoming disabled increases with age. The average age at which people begin collecting Social Security disability benefits is 55 years old—and those benefits don’t last forever.
- You’re Aging and Nearing Retirement
If you’re getting close to retirement age, then it’s important to know that disability insurance policies will only get more expensive as time goes on.
That’s because younger people tend to recover faster than older ones. Also, those who purchase coverage later in life have less time available to recoup their costs from premiums paid along the way.
Finally, with inflation steadily increasing over time (and thus causing an increase in premiums), purchasing an expensive policy after age 40 can be difficult or impossible, depending on your income level and existing debts.
The earlier you buy disability insurance, the better. Get free quotes from the top insurance companies here.
- Disability Insurance Can Keep Your Life On Track
If you are a doctor or surgeon, disability insurance is something you absolutely need.
If you were to become disabled in an accident or because of illness, your disability insurance would kick in and provide income replacement until you can return to work.
In addition, if someone becomes disabled for an extended period due to a career-ending accident or sickness, it can be difficult for them to find another job with similar pay.
This makes it even more vital for them to have some type of income replacement during this time while they search for new employment options and wait out their claims process with their insurance provider.
This is even more vital if you have a family that depends on your income to survive.
Conclusion
We know that disability insurance is an important topic for the medical profession. We hope that this article has given you some insight into why this is so important and how it can protect your career.
