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Reasons why doctors should have their own disability insurance

July 25, 2019 0 insurance advisor

Have you ever wondered what happen if you can’t continue your career due to illness or disability, either permanently or temporarily? What would you do with your financial obligations and how to replace your loss income? As a doctor, you understand more clearly that accident and illness can happen to anyone. That’s why disability insurance is more important to doctors and physicians than anyone else and here are reasons why:


  1. You are having a good healthy lifestyle. However, there are still a lot of ways that injuries can happen, like playing sports, car accident, get burnt or maybe fall down from the stairs etc. Of course, you can’t be 100% sure it won’t happen. This may cause you to be temporary or permanent disability. Either cases happen, you still lose the ability to earn income or earn less income.
  2. Your loans, mortgage and financial obligation are still there! No matter what happen to you, all your debts are still waiting for you to pay off. An individual disability insurance can provide you a long term benefits for your loss income and help you to pay for your debts as well as keep your current living lifestyle.
  3. A partial disability can cost you something. Let’s say you can continue your job with partial disability, but you surely won’t be able to earn as much as you did before. Losing 30% of your earning in a long term, you may eventually lose: your retirement saving, vacation home, favourite sport tickets etc. Why would you have to give up your current lifestyle while you still have to work hard?
  4. As a doctor, you probably understand how damage it can be if you encounter mental health issue. Being a doctor is not just fancy, it can be stressful. It can come from your professions, your life. Studies show that mental illness is common among physicians and dentists. It also indicates the rate of depression in doctor can be four time more than others. In this situation, you may need take a break to recover, it may be a year or more. No matter how long you take to recover, disability insurance can support by paying your loss income.
  5. Other options may not be enough. Thinking about your savings and your employee benefits, how much and how long you can use from these resources? Disability insurance can pay up to 70% of your loss income and up to age 65.


You don’t have to feel complicated about disability insurance. You can always contact an insurance advisor to make sure you understand and find the best policy for you.

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