Disability Insurance for Hematologist

Hematology is a high-profile career compared to other professions. It takes a lot of time and resources to qualify as a specialist physician who diagnoses and treats blood-related disorders. The educational path includes upto 11 years of med school, residency and fellowship training.

Even in a budding hematology career, accidents are inevitable. Statistics show that at least 1 in every 4 people will become crippled before they retire. An even more serious finding is that, 90% of the time, illnesses such as diabetes, stroke, and cancer pose the greatest career-ending threats.

It’s easy to be overly optimistic when we look at the future. It never occurs to anyone that our livelihoods can be cut short by unlikely eventualities. For many, suddenly, they can’t work. When you can’t work, you can’t pay your mortgage or rent—you can’t afford your bills.

It’s hard to tell whether or when it’s going to happen. Certainly, you want to enjoy the benefits of your career till your last day. That is why you need to protect your ability to continue earning to cater for your needs and those of your dependents.

Why Do Hematologists Need Disability Insurance?

Imagine this scenario.

You are happily married with amazing children. Your career is doing really well, so it can take care of all your expenses including some luxuries. Your kids are in the best private schools and you own a nice home. Sounds like the dream, and you may be experiencing this dream right now.

Then one day you have a stroke and you are left bedridden for months, years, or even for life. You can no longer go to work to earn income as a hematologist, you run out of savings and you start getting deep into debt.

This may be hard to imagine right now but it’s a possible scenario.

Unfortunately, most people don’t think about getting disability insurance until it’s too late. This is because they believe they can rely on government benefits. But most long-term disabilities are not work-related and so, wouldn’t qualify for workers compensation. On the other hand, social security benefits pay an average of just $1,100 a month, which isn’t enough most of the time. It’s even worse if your employer is private, as most of them don’t offer long-term disability insurance.

disability insurance policy can help you prepare for the uncertainties in life. It will continue to pay you part of the income that used to help meet your financial needs. This is extremely important when you can no longer work or earn as a hematologist. With disability coverage, you can have the peace of mind of knowing that your future and that of your dependents is sorted.

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What Kind of Policies are Available to Hematologists?

There are two main types of policies that you can opt for as a hematologist. You can either go for group coverage or individual coverage. A group policy is mostly provided by an employer, which may be your hospital. Alternatively, you and a few other hematologists can form a group and take advantage of group cover benefits. This comes with a number of limitations, among them the fact that you cannot have a policy that is customized to your liking.

An individual policy would be the best since you get it tailored to meet all your needs. The flipside is that it usually comes at a higher cost compared to a group policy. If your earnings are well into the six-figure range, then an individual policy is highly recommended.

What Should Hematologists Look for?

As a hematologist interested in protecting the financial stability of your dependants, you should consider the following factors when shopping for disability coverage:

Consider the premium rate

First and foremost, consider the premium rate. Your premium rate will be calculated based on your age, your medical history, benefit period, the type of rider you’ve chosen, as well as the waiting period for the policy.

Consider both non-cancelable and guaranteed renewability terms

If you’re new to these terms, don’t sweat it. We’ll simplify them for you.

When a policy has renewability terms, it means that you are in complete control of the policy plan. It prevents your insurer from canceling any provisions of the policy so long as you promptly pay your premiums. However, the insurer can increase the premiums. A disability policy can either be ‘guaranteed renewable’, ‘non-cancelable’, or both.

When it has both terms, your insurer will not be able to restrict any policy provisions, change them, increase your premium, or cancel it altogether, which is a very important factor that you should consider.

Consider the type of policy riders

Another important thing you will need to consider is the type of riders. Your insurer will present you with three types of riders to choose from: the cost-of-living adjustment rider, the future increase option rider, and the residual disability rider.

Below is an explanation of what each covers.

Future increase option rider

This is very ideal for a young medical professional; we recommend any hematologist starting their career to take this up irrespective of how well they are physically at the moment. Remember, as you get older, your premium increases. The good thing with this rider is that you will not need any new medical tests taken.

Cost-of-living adjustment rider

With this option, your benefit payment will be adjusted as the cost of living increases year after year.

Residual disability rider

If you become disabled but still need surgery or other expensive procedures done, then this rider will be ideal. However, you will be limited to a few operations.

Consider an own occupation policy type

Since you can never tell whether your disability will be a partial or total, you will want to consider an own-occupation policy. This type of policy is recommended for hematologists who end up with a total disability. You get to have full disability benefits when you can no longer perform your job as a hematologist.

How Gold Coast Life Insurance Can Help

Gold Coast Life Insurance can help you in deciding what type of disability policy to go for as a hematologist. They will take you through all the possible options and the extent to which each policy can cover. Don’t just work hard, protect your hard work. We take high-risk applicants and even those with a pre-existing condition. Don’t wait until it’s too late, get a free quote for disability insurance coverage today!

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