Working as a physician or in the healthcare field, in general, can be very rewarding. Many people are able to build a comfortable life for themselves within a relatively short period. However, as anyone in the field can attest to, physicians and other healthcare professionals are often at a higher risk of losing income due to days taken off work due to illness or injury. Thankfully, disability insurance is an effective way to help protect one’s income in the event that you are incapable of working. Let’s cover a few of the critical ways that disability insurance helps to protect your income.
Disability Coverage Applies To More Than You Think
Disability insurance covers more than severe catastrophic conditions. Common conditions like depression, back pain, and even pregnancy are frequently covered if they prevent someone from going to work. Many employers provide principal short-term disability for their critical workers to cover both themselves and their employees in the event of a short-term absence.
Mental Health is No Longer Taboo
Mental health conditions, which also include substance abuse disorders are among the most common reasons employees miss work. In the past, employees would have to work through these problems while on the clock or give up their job completely. Disability insurance gives employees the freedom to heal without having to worry about how to pay their bills due to a temporary work absence.
Your Disability Insurance Can Move With You
Protecting your income is more than just holding on to you in your current job. Privately purchase disability insurance will stay with you regardless of where you work. That means that if you are a high earner who needs to take a break due to an illness or disability, your income will still be covered even if you change jobs in the interim.
Disability Insurance Can Help Protect Your Credit
Most working adults have at least two credit cards, many have even more open lines of credit. When a physician or other employee type becomes disabled and unable to work, depending on credit cards to pay the bills is an easy crutch. However, using credit is only a temporary fix. If those bills become past due, it will have a negative effect on a person’s credit report and ability to rent or borrow in the future.
Disability Insurance as a Safety Net
This type of insurance offers coverage for a large portion of a person’s income. Expenses tend to pike up rather quickly when someone is out of work. Disability insurance works as an effective support system that will enable the person to focus on getting better instead of stressing over how to pay the bills. This can support a more rapid recovery which in turn will help protect their income overall.
Protecting Your Income & Your Future
Buying a disability insurance policy is a smart investment in your future. It is an essential form of insurance that offers benefits such as income replacement in the event that injury or illness prevents you from working. Any unexpected breaks from work can result in havoc being wreaked on your income, which disability insurance can minimalize.