Disability insurance steps in to replace your income if some unfortunate circumstance happens that prevents you from being able to work. This financial tool can be a lifesaver and disability insurance for doctors can be a solid idea. Doctors tend to be the primary breadwinners in their families and tend to have larger incomes to protect compared to the average American. Learn more reasons why this type of insurance is particularly important for them.
Preparing for the unexpected
No one plans for catastrophic accidents. It’s impossible to see them coming and, when and if they do, you’ll have far more important things to worry about than working. If you find yourself the victim of a car accident, motorcycle accident, major illness, or some other type of debilitating scenario, you’ll know first hand why disability insurance for doctors is money well spent.
Ensuring money keeps coming in
Income insurance is another name for disability insurance and accurately conveys what this type of policy does. It’s designed to ensure the money keeps coming in particularly at a time when you might need it most. If an event occurs that renders you disabled and unable to perform the core functions of your job, this policy kicks in and starts paying a reasonable amount of your income. Payments fluctuate largely based on the policy parameters you choose.
Protecting your family
Because doctors are often the breadwinners of their households, and because they tend to receive much larger than average salaries, their families depend on them to sustain their standard of living. If something happens to the breadwinner, and the paychecks stop rolling in, that standard of living becomes threatened. Protecting your family from that kind of scenario is another reason why disability insurance for doctors is a wise policy to have on hand.
Protecting your assets
If you get sick or in an accident, and can’t work, your mortgage company or the bank that has your car loans aren’t likely to extend any extra time to pay your bills. It’s a much smarter move to protect your assets by putting insurance in place that will cover these bills if you become temporarily or permanently disabled. The last thing you want to deal with when your sick or injured is losing your house or car because you’ve lost your income.
Focus on getting healthy and reduce stress
Disability insurance also gives you a little bit more room to breathe. Because you can be sure the money will keep coming in if you find yourself sick or injured and unable to work, you won’t have to deal with stress related to not having any money in the bank. This will allow you to focus on recovery and getting healthy again, the most important job you face in these scenarios.