Doctors and physicians have always been considered a high risk group that is most likely to get infected by deadly diseases, fall ill and become disabled. Unfortunately, a very large number of doctors are either not aware of this or do not believe it. That explains why disability insurance providers have to observe disability insurance awareness month in May every year. They conduct seminars, workshops, broadcasts, podcasts, road shows and other events to convey mainly to young doctors about the need to get disability insurance cover. Doctors have higher income levels than most other professionals and have lifestyles to match. If disability prevents you from working and earning your income it could seriously disrupt your life.
Disability insurance is for beneficial for young doctors
Young age is the time when you work hard to build your career. If there is a major disruption in your life, like a critical medical condition from which it takes you years to recover, then you need to be prepared for that. Your disability concerns are real and you must seriously consider the duration for which you won’t be able to work in case you become disabled for a long duration.
You need to appreciate the fact that a decent income replacement can take out all your worries of making the high education loan repayment installments as well as other living expenses. Choose a reliable and experienced broker advisor who can guide you in getting the right policy to cover your particular risk.
Most disabilities are caused by illnesses, not accidents
Studies have shown that over 90% of all disabilities are caused by illnesses and not accidental injuries. Many people including a large number of young doctors are either unaware of this fact or don’t take these disability stories seriously. If you are one of them, you need to know that this won’t reduce your risk one bit.
As a young doctor you must understand the importance of ensuring that your income stream doesn’t dry up due to your disability. Reading up reliable disability news stories will give you an idea of the risk that disability poses – medical conditions are the main reason behind 62% of personal bankruptcies in America.
Always opt for a long term cover
In case you want to give it a try with a short term disability insurance cover, do so by all means but don’t forget that a long term policy is unavoidable. If you have been reading reliable disability articles, you would know that the average disability claim is over 31 months, or 2 ½ years. A short term policy will cover you for a maximum of 6 months.
Speak to your broker agent advisor to know if it is better to buy both the short and long term policies. In a short term policy, the benefits begin to roll out within 15 days of claim approval while in long term policy it doesn’t begin before 3 months you claim approval. Hence the short term policy can help you tide over the 3 months that your long term policy will take before rolling out the benefit.