If you’re a nurse practitioner and are responsible for some or all of the monthly expenses of your home, you should consider purchasing a personal disability insurance policy. Nurse practitioner disability insurance is designed to provide a safety net in the event you become disabled.
Nurse Practitioner Disability Insurance
As a nurse practitioner, you probably make between $60,000 and $140,000 per year or maybe more. Considering the high costs of nursing school and the increased educational requirements for nurses that pressured many nurses to look for advanced degrees in their field, it becomes obvious that the costs to become and keep being a nurse have increased significantly over the past years.
Besides the educational costs, you may also have ongoing monthly expenses such as a home mortgage, maybe even the cost of a private school for your kids. If that’s the case and you have some important monthly costs to take care of, protecting your financial stability makes a lot of sense, especially when the economy is unpredictable.
Why does a Nurse Practitioner need disability insurance?
Isn’t that what worker’s compensation is designed to do? In a sense, yes, but your worker’s comp only applies if you’re injured on the job, not outside of it. But have you thought about what would happen if you were injured elsewhere? Your health insurance doesn’t provide any coverage for lost income and that would be inevitable if you are unable to work due to an injury. Your auto insurance surely won’t give you a supplemental source of income if you’re injured and unable to work.
That leaves you with little to no protection in the event that you’re not able to work for a period of time, while your bills pile up and your obligations go unmet. However, a nurse practitioner disability insurance can help you cover some of these costs and let you focus on healing and recovering instead of worrying about how much debt you will accumulate during your disability.
What Can We Help You Do?
When you turn to us for help with nurse practitioner disability insurance, we go to work on your behalf immediately. We have years of experience in this area and skilled professionals working tirelessly, so we can quickly help you find the coverage you need to ensure your financial stability and peace of mind. With us, you can:
- Be able to review rates from some of the leading providers of individual disability insurance.
- Get quotes from all major insurers in the US that currently offer insurance products in your specific geographic area.
- Learn more about your options when it comes to nurse practitioner disability insurance and how it can benefit you in the event that you’re injured and unable to work.
Your Nurse Practitioner Speciality Impacts Your Disability Insurance Rates
Insurance companies group occupations into specific classes based on documented risk for a particular job. These classes look at the hazards of your job and the difficulty returning to work following a long or short-term disability.
Insurance companies typically classify professional occupations on a scale of 1 to 6 and many use the letter M to designate medical professions. Typically, the higher the numerical value of the classification, the lower the premium rate will be.
Rate Chart
When you review disability insurance policies, it’s important to understand what medical specialty you are being classified as. If you are a nurse practitioner, is the insurance company classifying you as a nurse practitioner or as the specialty you work in such as Pediatrics? The difference in rates can be substantial between the two so it’s important to be classified as a nurse practitioner.
Buy a Disability Insurance Policy While You’re Young
Disability insurance policies are priced based on the risk of you filing an insurance claim. The higher your risk for filing a claim, the more you’ll pay. One of the primary factors that contribute to higher risk is age. Statistics show that the older you are the more likely you to become disabled. Therefore, you can save money in the long-term by purchasing coverage today. Each year you age is more money you’ll be paying out each month or year in premiums.
If you do buy coverage when you’re starting out in practice, it’s also advisable to get a policy with a future purchase option, also sometimes referred to as a future increase option, a future insurability option, or a benefits update rider.
Look for Unisex Rates
In general, women pay higher disability insurance rates than men. A recent study has shown that women are more likely than men to develop a disability that prevents them from being able to work full time and as a result, the premiums calculated for women are higher than the ones for men.
For women, rheumatism and arthritis are the most common disabilities they encounter. Cancer, heart disease, mental health, and diabetes are also some other leading causes of disability in women.
Women have also reported that experiencing a disability would be “somewhat devastating” to their family’s finances. Many of the participants in the study said they worry that their cash reserves would last less than a month if they couldn’t work.
The Chance of Being Injured
Think that you’re not at risk of being injured and unable to work because you’re not in a high-risk industry for injuries? That’s not the case. In fact, you’ll find that back injuries, cancer, heart disease, and other illnesses are actually responsible for most long-term disability cases in both men and women. If you are age 40 or older, your chances of experiencing a disability prior to age 65 that lasts three months or greater are 21%. That’s just a one in five chance – high odds to be gambling on with your life and your family’s financial stability.
Let our experts guide you to the right disability insurance product for your specific needs. Give us a call at 1-877-221-6198 or use the form on the right to request a quote, get answers to your questions, and find the right policy.
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