Disability Income Insurance for Doctors and Healthcare Professionals

Disabilities are not just hereditary or accidental. Temporary disabilities happen to professionals all the time. Such disabilities may last for 90 days or more, and may prevent the effected people from making a living. Since most people depend on their monthly income for their everyday expenses, and do not have enough savings to last them over longer periods of time, a temporary disability can cause a lot of financial troubles. This is where disability income insurance comes in.

Some of the major types of temporary disabilities are malignant tumors, mental disorders, disability caused by substance abuse, damage to the nervous system, problems in the heart and circulatory system, problems with the digestive system, and musculoskeletal injuries. Doctors and healthcare professionals are exposed to the risk of such disabilities, and need financial support to protect their income. If a doctor or a healthcare professional is unable to work for a few months, due to a disability, disability income insurance can help take care of their financial losses.

Disability income insurance for doctors and healthcare professionals is just as necessary as a retirement fund or a life insurance policy. Through life insurance policies, one ensures financial safety for his or her beneficiaries in case of his or her premature death. However, financial safety is also required for times when a disability prevents one from working and making a living.

They say the most important financial asset of a person is their ability to earn a living. Through disability income insurance, medical professionals ensure a consistent stream of income for themselves and their families in times of need.

Healthcare professionals spend too much time and money on their education. Although doctors and other healthcare professionals are financially comfortable (depending on how the practice is going), but a disability can change that in a couple of months. Considering expenses such as utility bills, mortgage payments, credit card bills, insurance payments, and children's education, a steady stream of a healthy amount of income is needed to avoid debt. After investing so much on their education, most doctors already have student loans to pay off. They cannot risk being unable to work, and therefore use disability income insurance.

Apart from disabilities caused by disease, disability income insurance for doctors also comes in handy in case of an accident. It is a common perception that construction workers and professional drivers should be covered by disability income insurance, because of the high risk nature of their jobs. However, doctors and healthcare professionals, along with people from many other professions, are also getting insurance for disabilities.

If you are a doctor or a healthcare professional, and are giving serious thought to disability income insurance, we recommend you compare key features of different policies in the market. You should read the definition of disability thoroughly because that can make all the difference. You should also know the beginning date (the amount of time you remain disabled until you finally start receiving the benefits), and should know the exact benefit period before you sign anything.

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