Many physicians have a high per capita income in the United States, which is many times higher than other working professionals. However, all it takes is a major accident or illness to put a brake on that impressive income. That’s why physicians must be doubly cautious while buying an insurance plan.
Experts recommend that physicians and dentists with good practice and higher than average income buy a physician disability insurance plan. It will cover a major portion of your income and ensure that you enjoy your lifestyle without having to make any major compromises.
Which Insurance Plan Will Best Fit Your Income Needs
At the same time, buying a disability insurance plan must be done with extreme care. If you were earning a high income before that disability render you immobile and incapable of attending office, a standard disability insurance plan might not get you the compensation you are looking for.
A standard long term disability policy from one of the leading disability insurance services may offer a maximum of 6o percent of your after income as benefit compensation. This may not be sufficient enough to meet your monthly expenses and maintain a suitable lifestyle.
It would help if you had a good high limits disability insurance that takes your disability concerns into account and makes sure that you get a monthly income that offers complete replacement of your pre-disability income. Look for a disability insurance plan designed specifically for high-income earners to help you get a decent income month after month until you are ready to work again.
Doctors Are Not Keen On Buying Disability Insurance
Statistics show that many physicians in the United States are wary of investing in a high limits disability insurance plan. Most of them believe they will never fall ill or get disabled because of an accident. And when they do, they regret not having bought a disability insurance policy earlier.
If you are a physician with a roaring practice and earning a high monthly income, act fast and get a disability insurance plan that gives you and your family adequate coverage for the maximum period.
The COVID-19 pandemic is an apt example of how vulnerable society is to diseases and accidents. Many people lost their jobs because of the pandemic, and the resulting loss of income has devastated many individuals and families beyond imagination. Many doctors have also lost their lives or become seriously ill while treating patients during the pandemic.
Consult a Broker for Solid Guidance
It is important for physicians and dentists to act fast and ensure they get the financial security and protection they need if they cannot work. They must look for a good disability insurance broker to get answers to the many questions they might have about disability insurance plans and advice on which one will work best for their needs.
Most physicians are unsure which high limit disability insurance they must invest in to cover their high net income. The best way to go ahead is to seek the guidance of a reliable and experienced broker agent advisor. You can also consult your friends or family members to help you find a professional broker for guiding you in buying the right disability insurance policy.