Why and When You Should Purchase Disability Income Insurance


If you find brakes applied suddenly on your flourishing practice as a physician, what would your life be like? What will happen to your loved ones depending on you? Do you believe this is a hypothetical situation? No, far from it. 

There are enough examples to show that medical professionals are at a real risk of suffering from long term disability. If you are a highly experienced and skilled physician or a dentist, the stakes are even higher. You will not be able to sustain your comfortable lifestyle fuelled by a highly lucrative salary for more than a few months. 

What You Should Look For In a Disability Insurance

That’s why you need disability insurance from a reputed insurance company. Choose a doctors disability insurance designed specifically for medical professionals. It can help you protect your finances by providing a steady income to cover expenses when you are unable to attend office because of a disability. 

Disability insurance is the key to financial wellness and a must-have for doctors. However, it is not enough to buy any plan to cover your loss of income due to disability. As multiple plans are being offered by different providers with various complex clauses and conditions, you must make sure you get the right advice from a disability insurance broker before you make a buying decision.

The high limits disability insurance coverage needs of physicians vary from one professional to another. It depends on their income, risk, dependents, and the types of disability they are insured for.

It would help if you had the right guidance to know about the best available options. This will help you understand your exact needs and finalize a plan that best suits the income support requirements of you and your loved ones.

When You Should Buy

You need not wait to become a senior professional to buy disability income insurance. A debilitating illness or a permanent injury can happen at any time. A good time to start looking for disability coverage is now. If you wait till you grow old, you will have to pay a bigger premium for quality coverage. As the chances of becoming disabled are higher in older people, you will have to shell out a hefty premium to cover the enhanced risk. 

Disability companies allow all physicians, regardless of their age, their years of practice, to apply for disability income insurance. Many surveys show even young physicians can become disabled and lose their ability to earn income. The ideal option would be to purchase the policy when you start practicing. 

If you are a young physician and just starting your career, you can purchase disability income insurance policies with higher payouts. Insurance companies plan payments based on your current and future earning potential. 

You can also get coverage under group insurance which is generally purchased by the employer and offered to you as a part of your payment incentives. A key advantage of group disability insurance is broader coverage and low premiums. In fact, your employer might even cover a couple of initial payments for you, which can result in substantial savings.