High Income Disability Insurance
The Need For High Income Disability Insurance Have you ever stopped to think about how much your lifestyle would change if you were unable to
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Disability Insurance for Physicians
Disability insurance for physicians may not have been the first type of insurance physicians used to think about, but its importance became apparent with the recent COVID-19 pandemic. Physicians are on the front lines whenever a significant event happens in the world, so it’s essential to protect their ability to do their work for the foreseeable future, or any job for that matter.
A disability would get in the way of physicians doing their work and taking care of patients that need them, so it’s important to highlight the importance of protecting them through physician disability insurance.
Why disability insurance for physicians?
Unexpected illnesses and accidents have left many Americans struggling with finances. The ability to go to work and earn a living is one of the most important skills we have as adults, but we don’t appreciate it enough. If you pay insurance for your house and car, why wouldn’t you protect the source of it all – your paycheck?
Physician disability insurance covers around 50% to 60% of the salary in cases of disability. A potential disability can have a significant negative impact on a physician’s life and ability to earn for their living.
What does disability insurance for physicians do?
In general, disability insurance for physicians is designed to give the policy beneficiaries part of their lost income in cases of an unpredicted disability that will deem them unable to continue working for a certain period of time. When considering this coverage, it’s essential to understand the average cost of disability insurance for physicians. It’s often that disability insurance gets mixed up with worker’s compensation, but there is a clear distinction between them.
When an injury or accident occurs at your workplace, your employer will need to pay a worker’s compensation. For example, if you get hurt in a company’s vehicle or slip and fall on your company’s premises, your employer has to pay you a certain amount of money that is usually defined by law or in your employment agreement.
On the other hand, if an injury or accident occurs outside of your workplace and work hours, and you’re unable to continue working as before, your disability insurance policy will cover your monthly expenses.
How to choose disability insurance for physicians rates
Before we get into more details, one of the most important things you need to pay attention to is the disability insurance rates, better known as premiums. The highly-educated disability insurance professionals in our team know when and how to provide you with an insurance rate that will keep you and your money safe at all times – when paying the premium and when getting the benefits.
Depending on the type of disability you’re faced with, we can offer you the best income rates that will help you sleep better at night, knowing your paycheck is safe even during this challenging, unfortunate time.
Our services consist of various disability insurance plans created by licensed agents with the highest working ethics and standards. Because disability insurance for physicians is different for every individual and profession, we have disability insurance plans tailored for every individual’s needs and circumstances.
The following articles give more detailed reasons why you should consider letting Instant Disability Insurance Services help you find the best policy for your needs. Disability insurance is our specialty so we can find the best policy for your current situation. Call Jeff Pennington at 1-877-221-6198 or use the form on the right to get quotes, and more importantly; personal, expert service.
Frequently Asked Questions about Disability Insurance for Physicians
Yes. Disability insurance replaces your income if you become unable to work due to a disability. Every medical professional who relies on their income should have it.
Expect to pay around 1% to 4% of your annual salary. It’s a small investment for peace of mind.
Look for “own-occupation” coverage. This ensures you receive benefits if you can’t perform your specific medical specialty. Consulting a financial advisor can help tailor the policy to your needs.
Yes. Residency is the ideal time to get disability insurance due to lower rates. Make sure to include a future purchase rider to increase coverage as your earnings grow.
Returning to work after a disability is like re-entering a story you thought was over. Some policies offer partial benefits to support your transition back, recognizing that recovery is a gradual journey.
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