Doctors are among the highest income earners in the United States, with an average annual income that is 4 times higher than the national average. However, this comes at a price that takes the doctors at least a decade to pay in most cases. It is the student loan that they take to attend a medical school that averages a huge amount of $200,000 across the country. This means as a doctor, you begin your career with such a huge debt that would take you at least a decade to repay without any disruption. Unfortunately, disruptions are a part of life, and they happen when you are least prepared for them. The best preparation is to get an individual disability insurance (IDI) policy.
For instance, if you are a dentist, it is quite likely that you would have spent a fortune to attend dental school, which you paid with a student loan. A major part of your income in the first decade of your career would go into repaying this debt. What happens if you become disabled after a major illness or after meeting an accident resulting in a recovery time of a few years when you are not able to work? Where would you earn your income from, and how would you make your debt repayment installments every month? With a dentists disability insurance, of course.
Don’t ignore the need for insurance against disability
If you have reservations in your mind about investing in a doctors disability insurance, you would obviously have your own reasons for that. Whatever those reasons may be, they can’t be good enough unless you own so much money that your wage doesn’t really count in this bargain.
The overwhelming majority of doctors don’t own so much money early in their careers that their wage becomes an insignificant formality. Therefore, you need to get a physicians disability insurance policy to cover any illness or accident disabling you from working for a few years.
“I live a risk-free life; I won’t suffer disability”
If this is what you have to say about your chances of getting disabled, you couldn’t be further away from the truth. Apparently, you’re under the impression that because you avoid risk, you won’t meet with an accident and hence won’t suffer any disability. Well, accidents cause just 10% of disabilities; the remaining 90% are caused by illnesses.
Moreover, one in every four American millennials is likely to suffer some kind of disability during his/her lifetime. Ignoring such stats and sticking to your stand, in this case, could be disastrous for you. Therefore, get a high limits healthcare professionals disability insurance and cover your income adequately to be able to pay your bills.
You need high limits coverage against disability
As a young doctor, your income is higher than people in many other professions. It may be very difficult to get adequate income replacement with standard IDI policy, especially when you are 10-12 years into the profession. That’s because your income would have grown manifold by then.
Therefore, you should get a high limits student loan payoff disability insurance to get adequate benefits at claim time. It will require a little more investment in your policy but rest assured that you can get adequate income replacement even for your much higher income.
For more information about high limits student loan payoff disability insurance: https://www.mgis.com/solutions/high-limits-disability-insurance/high-limits-student-loan-payoff-disability-insurance
