Disability Insurance for Cardiologists

The medical space is filled with an increasing number of specialties branching into a variety of subspecialties, and the field of cardiology is not an exception with specialties ranging from electrophysiologists (EP), invasive and non-invasive cardiologists, as well as interventional and non-interventional cardiologists. With each level of specialty, a high-level of knowledge and medical skills are required.

The challenge of becoming a cardiologist is not limited only to the number of years spent between medical school as an undergraduate, training, and practicing but also requires quite a bit of money to complete the program.

However, your most valuable asset as a cardiologist is not the amount you earn but your ability to continue working. But what happens if the unexpected occurs (such as sudden illness and injury), which might deter you from continuing to work? A severe financial blow might set in and could result in emotional distress.

This is where disability insurance comes in. With a disability insurance policy on hand, your usual income is guaranteed. You can feel relieved that your financial needs are covered even if you’re unable to practice.

Disability Insurance for Cardiologists
Why Do Cardiologist Need Disability Insurance?

Why Do Cardiologist Need Disability Insurance?

While cardiologist often earn significantly more than some of their counterparts in the medical field, most have incurred a massive sum of debt through student loans from medical school. Apart from this, cardiologists, like anyone else, also relish special moments where they get to enjoy time with their family and engage in other personal activities. But all of this depends on your ability to continue practicing.

Like other medical professionals, cardiologists are at risk of becoming disabled at some point in their lifetime. The Council for Disability Awareness (CAD) raises concerns that about 5.6 percent of working Americans will experience short-term disability at least once within a year due to illness, pregnancy, or injury. When this happens, it could stand as an obstacle between you and achieving the full potential of your dream job. With disability insurance coverage, your regular income is protected and you can continue to earn even when you’re unable to practice.

As a trained medical professional, you’re aware that a person’s health condition can change. You’ve seen the adverse effects that disability can cause to affected individuals – especially to those that are not prepared for it. Avoid the consequence of being caught off guard by purchasing disability insurance coverage.

What Kind Of Policies Are Available To Cardiologists?

Generally, cardiologists can decide on the two most popular disability insurance policies namely short-term disability (STD) insurance and long-term disability (LTD) insurance. Each of these policies plays a significant role depending on your needs.

In some cases, your employer or an association may offer you disability policy choices which could either be short-term or long-term coverage. This type of employer-sponsored policy is best utilized as a supplement to individual coverage due to its many limitations.

An individual cardiologist’s disability policy is the most recommended as it will allow you to customize your plan to the best of your career specialty and needs. You can purchase a short-term or long-term plan from a disability insurance policy.

Short-term Coverage

For short-term coverage, you get benefits that will last for a specified period within the time you’re unable to practice as a cardiologist due to sickness or injury. Depending on the plan, a short-term policy will pay you between 10 to 53 weeks.

Long-term disability insurance

Long-term disability insurance, on the other hand, could pay your benefit for as long as when you’re retired at 65. It covers a portion of your income (around 50–70%), and the payments start after the short-term plan has run out.

What Should Cardiologists Look For?

When you are considering buying a policy, there are crucial things to think about as a cardiologist. One of the principal things to look out for is the type of plan that is specialty-specific that will address your particular needs. Explore the following guidelines:

Own Occupation

A cardiologist can subspecialize.  An own occupation definition policy will ensure that you receive your full benefits if you cannot practice any longer as a cardiologist.

Non-Cancelable and Guaranteed Renewable

The guaranteed renewable policy may be the perfect policy if you’re 50 years and above. The advantage of this policy is that it will ensure that the insurance company does not in any way raise your premium or modify your policy.

Residual/Partial Benefit

A residual or partial benefit is crucial as it will pay a portion of your monthly entitlements if you are still able to practice as a cardiologist on a part-time basis.

Loss of Earnings

With this policy, you’ll continue to receive benefits as long as you’re still suffering from loss of income. The insurance company will pay a portion of your full benefits in proportion to your occupational earnings. You may have to discuss with your insurer to better understand this type of contract.

Disclosure for Invasive Procedures

Some insurance companies treat cardiologist that perform invasive procedures differently. Disclosing whether you perform invasive procedures or not is intended for the insurance company to provide you with an accurate quote.

How Gold Coast Life Insurance Can Help

Are you a cardiologist living in the U.S.? Are you looking for flexible, comprehensive, and cost-effective disability insurance coverage? Gold Coast Life Insurance is an insurance company that has worked with medical professionals in the past. We help them choose the best policy tailored to suit their medical specialty.

We also accept high-risk clients and those with pre-existing conditions. Take a few moments to complete our free quote and let us protect your most precious asset.

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