Disability Insurance for Podiatrists

According to the National Organization on Disability, nearly one-fifth (54 million) Americans have a physical, intellectual, or sensory disability. When a disability happens to someone, their general well-being is usually affected. They may be forced to live below their standard of living that they enjoyed before the disability and have to let go of their life and career goals.

Sometimes, a spouse might have to work more than before just to keep the home together, and, in some instances, they may even have to sell their property. The Mortgage Bankers Association revealed that a good number of Americans annually lose their homes as a result of disability because it is one of the top primary drivers of delinquencies and foreclosures in the country.

The good news is that life doesn’t have to become financially miserable because of disability. With a portable disability insurance policy customized for podiatrists, you stand to maintain your standard of living even when you can no longer work because of disability.

A disability insurance policy is a financial vehicle that provides you income if you become disabled and can no longer earn a living.

Disability Insurance for Podiatrists

Why Do Podiatrists Need Disability Insurance?

The several years and hundreds of thousands of dollars you spent in medical school is a huge investment that needs to be insured. With 25% odds of becoming disabled in your career, you can’t afford to neglect disability insurance for the following reasons:

To Protect Your Income

What makes disability insurance unique from other forms of health insurance is that it does not only focus on your health but pays you regular income all through the coverage period. On average, a disability insurance policy pays you between 60% – 80% of your current income.

To Provide for Your Loved Ones

As a podiatrist, no matter how much you love your career, your family will always come first. You need disability insurance benefit payments to provide for your dependent family members who rely on you for food, education, shelter, clothing, and general wellbeing.

To Protect Your Car and Mortgage Payment

Disability causes many Americans lose their property when they can no longer make ends meet to pay for them. The benefits received from your policy can help you pay for and protect your precious property such as a house or a car.

To Protect You from Poverty

When disability happens and people can no longer earn a living, poverty becomes a potential reality. 1 in 5 Americans are living with disabilities and around 21% of them live in poverty. You can maintain your standard of living even in a disability condition from the benefit payments received from your policy.

What Kind of Disability Insurance Policies are Available to Podiatrists?

Broadly speaking, disability insurance comes in two varieties: Short-term disability insurance and Long-term disability insurance.

As each of the names implies, one covers you for a short period while the other provides coverage for a longer period.

However, for a podiatrist, any of these two types can be from different sources such as:

Employer-Provided Group Disability Insurance

Short-term or long-term disability insurance can come as part of your employment package. This type of disability insurance policy usually has a limited coverage amount and is tied to your current job, which makes it even less reliable. The policy stops the moment you stop working for the employer.

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Workers’ Compensation

As a podiatrist, you are likely to have workers’ compensation from your employer. However, the benefits in this option are quite limited as it only covers disabilities that happen from accidents or injuries sustained at work.

Individual Disability Insurance Policy

Individually-bought disability coverage that you purchase directly from an insurer is the most flexible and reliable policy. It allows you to choose a policy according to your needs and status. You can decide the premium rate, coverage period, and elimination period of your policy. You can also enhance the policy with several essential riders that will guarantee quality coverage for you and your family.

It doesn’t matter the kind of employer-provided disability insurance you have, it is always good to buy an individual policy as that is the only way to adequately protect your income if disability strikes.

What Should Podiatrists Look for When Buying Disability Insurance?

To get the best disability insurance plan as a podiatrist, the following factors need to be taken into consideration before buying a policy:

Be Sure of Your PDQ Beforehand

PDQ stands for your Personal Disability Quotient. It helps you know your chances of being disabled during your career. It is a free service from the Council for Disability Awareness, which let you know what is really at stake and how much you really need disability insurance.

Research and Compare

Having decided to buy a disability insurance policy, you don’t need to rush. Start by carrying out research on the insurance companies with the best policies for your career and family needs. Do a comparison of the companies in terms of their ratings, customer services, and the qualities of policies they offer.

Work With An Insurance Agent:

Disability definition, coverage period, premium rate, elimination period and other insurance jargons are usually not as simple as they look on paper. You need a qualified and trusted insurance agent who will help you choose the best company with the best policy that suits your needs and specialty as a podiatrist just at the right rate.

Enhance Your Policy With Suitable Riders

With disability insurance riders, your policy can be made as portable and flexible as you want it to be. Riders are extras that you can add to compliment your main policy to ensure it provides coverage to your satisfaction. Some important disability insurance riders for podiatrists are Own-occupation, Non-cancellable, Residual Rider, Future Purchase or Increase Option riders.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we will guide you and help you get the best disability insurance policy that will be customized to perfectly meet your family and career needs as a podiatrist.Whether you are a high-risk applicant or you have pre-existing conditions, we don’t discriminate. Take advantage of our free quote today and protect your income from a potential future setback.

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