It is not a surprise that even many healthcare professionals think disability insurance is something that is of use only in worst case scenarios like accidents and serious illnesses.
It is no wonder they do not plan on it.
But planning for the worst is a far more sensible approach than hoping for the best.
And now the long-term impact of Covid-19 is bringing about awareness that was absent before.
Fortunately, doctors are now getting convinced that disability insurance is a sure-fire way to get protection for the family and income from unexpected occurrences in life.
Come to think of it. Doctors’ most valuable asset is not their homes, retirement accounts, or other income sources. It is their ability to practice.
If you are unable to practice, much of your financial strategies will go waste and you will no longer be able to meet your liabilities.
A doctors disability insurance will take care of an unforeseen event by providing a monthly payment if you are so disabled that that you cannot practice at all or are able to work in a limited manner.
We tend to downplay the need for disability coverage.
According to a poll, many physicians feel they have less than 2 percent chances of being disabled for 3 months or more. But the facts reveal otherwise.
Chances of missing practice due to illness, injury or pregnancy is higher than what you realize.
Statistics for the general population have divulged the following.
- More than one in four of today’s youngsters can be expected to be out of work for a year at least, before they reach their retirement age
- Over 5 percent of Americans are likely to experience a short-term disability due to injury, illness or pregnancy.
In short, for someone commencing their career today, the odds of becoming disabled are close to 25 percent.
Instead of paying for a disability policy you may think it is better to set aside some funds for emergencies.
This is a sensible approach to save for college education payments or cover purchases like cars, but it will fall short of meeting the need if you suffer a disability.
A workable strategy is to buy physicians disability insurance as early in your career as possible.
The older you are the more you will need to pay as premiums.
Understanding disability insurance can be a tough task, unlike life insurance. The latter in straightforward terms covers death, but disability is an umbrella term covering many aspects.
An effortless way to get insights into disability insurance products is to speak with a disability insurance broker. He or she will explain to you several kinds of coverages available for disabilities.
Another practical approach is to visit MGIS. MGIS is a well-known insurance program manager offering income protection and other products tailored to medical and dental professionals.
MGIS products have found wide acceptability because of its track record in delivering an elevated level of protection needed within all medical specialties.
Becoming disabled can be a big drain on your finances. Do not delay, buy disability coverage at the earliest.