Considering the times we live in, with the outbreak of Covid-19 pandemic, it is not surprising doctors are increasingly choosing disability insurance. As a doctor you know that you are in a high earning group with lifestyles to match. Your disability concerns are valid especially in the desperate times we live in. It is a good development that awareness about protecting income is on the rise among doctors. The world needs the doctors to be fully functional till the pandemic eases out.
Your current disability coverage is inadequate
If your income is still covered by the policy you had taken during your time in medical school, this is not going to cover your income today. Speak to your broker advisor about what should be the most optimum coverage for your income. S/he can customize the policy precisely for your needs and ensure that you are adequately covered.
If you have been reading disability articles, you would know about the number of healthcare workers who are not able to work today because of Covid infection and its after effects that has disabled them for a long time. If you are to find yourself in a similar situation, you would want enough income replacement to pay off your bills.
Coverage for your comprehensive income
Unlike most other professionals, who just have their salaries to protect, you have multiple sources of income and not just your regular job at the hospital. Your old disability insurance won’t cover the additional sources of income.
Speak to your broker agent advisor to know more about a customized policy that will comprehensively cover all your sources of income. On your part, do some research to understand a little more about how such customization of policies are worked out.
Disability is a serious concern for future generations
The Council for Disability Awareness clearly states that the cause of most cases of disability is a medical condition rather than any accidental injury. The disability stories of concern refer to the Social Security Administration’s analysis that says 25% of American millennials will suffer some kind of disability during the course of their work life. Needless to say that doctors will be a significant part of this group under risk.
You need to cover your student loan repayments
There are many disability news stories about doctors who defaulted on their student loan repayments due to some long term disability that prevented them from working and earning an income. You are well aware of the fact that the student loan repayments take years and in some cases decades to be completed.
You surely don’t want to be caught up in a situation where you are not able to make your loan repayments due to a disability that prevents you from working. A customized disability policy will cover you adequately against this risk.
Burnout and mental health disabilities in doctors
The Covid-19 disruption has pushed up the already high rate of burnout among doctors, which is said to range anywhere between 40-50%. That has led some doctors into bouts of depression and even substance abuse. It’s not their fault and anybody including you could find yourself in that situation.
That could put you back by quite a few years if not more and during this time you need protection of your income to meet all your expenses and pay your bills. Speak to a reliable insurance broker for guidance or log on to Brokeradvisor.MGIS.com to get the right broker advice.