To become a physician requires many years of study and practical application, plus a sizable investment. You may expect that with more hard work in your field, all that education and experience will offer the rewards of financial security. The best plans may be interrupted, however, when your practice is suspended due to an unforeseen illness. You are your most important asset. One way to protect the income level you have worked so hard to attain is to carry sufficient medical practitioner disability insurance.
What May Prevent You From Working?
Disability statistics provide a sobering look at how people may lose income from loss of work due to an injury or illness. Approximately 30% of all working people between 35 and 65 will suffer a disability that lasts at least 90 days, while 70% of that number will be out of work due to illness. Some examples of debilitating conditions include:
- Coronary artery disease
- Degenerative disc disease
- ALS, or Lou Gehrig
- Anxiety disorder
Income Protection for Short and Long Term Leave
A medical practitioner disability policy appropriate to your situation addresses a variety of potential circumstances. The plan should be clear on what constitutes a disability and what the benefit terms of for a partial disability. Individual plans may have certain advantages over group plans as far as renewability and portability. Also, unlike many individual plans, group policies may be cancelled at any time. Make sure you are fully invested with yourself with the right disability insurance.