If you’re a medical professional like a resident, doctor, dentist, veterinarian, physician assistant, or nurse practitioner, disability insurance is one of the most important components of your financial security because your career relies on your ability to perform your job and earn income.

You have inescapable responsibilities like paying your mortgage, car payment, student loans, insurance, groceries, and generally providing for your family.

 

What would you do if you suddenly could no longer do your job?

How would you pay your bills and provide for your family?

➡ This is where disability insurance comes in. It replaces your income if you are unable to work due to an illness or injury by providing you monthly paychecks to financially protect you and your family.

How Much Does Disability Insurance Pay

Long-term disability insurance benefits pay a percentage of your income, usually about 60-70%, depending on the policy. Unlike your salary, the benefit amount is NOT taxed as income.

Benefit Period

The benefits last until you can go back to work or for the number of years stated in the policy. Medical professionals typically buy coverage that lasts until retirement age.

Illness and Injury

Most disabilities are not work-related and therefore not covered by workers’ compensation. Some common long term disabilities include cancer, heart attack, diabetes, bone breaks, musculoskeletal disorders (like arthritis and back pain), car accidents, mental health disorders, and childbirth complications. Changes in your health or even small accidents can be crucial to your ability to work, which is why it’s so important for medical professionals to get disability insurance.

The Bottom Line

As a medical professional, you’ve spent thousands of dollars and hours in school and on training. A disability insurance policy protects that investment and your ability to earn income.