It may seem like just another added expense to pay each month, but Life and Disability Insurance is a necessity for physicians. We all have a bit of “It will never happen to me” syndrome, but this is a case where it’s definitely better to be safe than sorry.
As a physician, you probably carry a hefty student loan balance (unless you’ve paid it off, in that case, congratulations). You also probably make more money than your spouse. If an accident happens and you’re disabled, any debt you have won’t just disappear – even though your income may.
The right disability policy will not only replace lost income, it will also help pay for disability-related costs that aren’t covered by health insurance, such as medical equipment or home-based care. Without disability coverage, an injury or illness that prevents you from working for a couple weeks or a month could easily snowball into serious financial problems.
Short-term disability insurance typically covers 80% or more of your gross income for a time period of about 60 to 180 days, depending on the policy. Long-term disability insurance kicks in after you’ve been unable to work for a longer period of time, after the short-term is up.
Your life insurance needs change throughout different stages of your life. You may have a 15 year term life policy and then decide to change it after your mortgage is paid off. You may get married, or have children, changing your life insurance needs. Protecting your loved ones in the future is important, and making sure you have the proper policy to cover expenses for them is invaluable.
Talk to an insurance professional and determine what your life and disability insurance needs are. Your future self will thank you.
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