Your life and career could be thrown off-balance in a split-second accident or a life-threatening illness. Disability insurance hardly occurs to healthy people as long as they can go about making ends meet. However, according to WebMD, your odds of becoming disabled either for a short or long period before you retire are 1 in 3. When disability strikes, it affects not only their health but their general well-being.
The Census Bureau revealed that 1 in 5 Americans are living with disabilities, and about 21% of Americans living with a disability live in poverty. Without adequate financial backup, coping financially with a disability can be difficult. This is why you need disability insurance to protect against a potential loss of livelihood during your medical career.
As an obstetrician, you don’t need to be lectured on the importance of emergency funds and personal savings. But these things may not last very long if you become disabled and are unable to practice as an obstetrician. Disability insurance can continually cover you for several years, even until retirement age.
A disability insurance policy is a personal finance plan that provides income to help you cope financially if you become disabled and unable to earn a living.