As a member of the health professions you know that anything can happen to someone, sometimes at the least expected time. That’s where long term disability insurance for physicians becomes important. Just like everyone else you are potentially at risk for debilitating injury or illness. Here are three reasons you should get disability coverage today.
1: Disabilities are Frighteningly Common
According to the non-profit organization Life Happens, about 1 in 3 Americans will be out of work 3 months or more due to disability, 1 in 5 will be out for a year or more, and 1 in 7 for 5 years or more. A “disability” is anything that interferes with a normal work schedule, illness, injury, or other physical or mental complications, and you need to be protected if it happens to you.
2: Life Insurance Won’t Cover Injury or Illness
While life insurance is an important way to protect your family in case of unexpected death, it won’t help after an accident or illness where you are fortunate enough to live but cannot work afterward. Long term disability insurance for physicians is the best coverage to help pay your bills in that situation.
3: Other Income Options May be Limited
Even if you have other coverage, keep in mind that more than 75% of disabilities are not related to work, and therefore not covered by workers compensation. Social security disability may provide some financial relief, but to qualify you must meet strict qualifications, injury or illness that are shorter in duration or still allow you to do some forms of work may not qualify.
Long term disability insurance for physicians helps protect your paychecks and provide income to pay your mortgage, debts, and other bills while you recover.