Disability Insurance for Neurologists

The World Health Organization defines disability as a form of physical or mental impairments, activity limitations or participation restriction. Disability is one of the most terrible things that could happen to anyone, but most especially to medical practitioners, including neurologists.

Like all members of the medical profession, neurologists render invaluable services to society and are highly regarded for their specialty. However, this did not just come without some sacrifices. Between your schooling and your residency, you have likely invested much to get to this stage of your career.

Just the thought of being unable to continue to perform your duty as a neurologist can be devastating. No matter the area of neurology you pursue, disability insurance coverage is a crucial component to include in your financial plan.

With disability insurance, a neurologist can take an important step towards protecting the financial future of his or her family and career.

Why Do Neurologists Need Disability Insurance?

Your financial expectancy and that of your family depends on your greatest asset: your ability to work. The benefits of getting coverage should not be ignored. Here are some reasons why you can’t afford not to protect your ability to make an income:

The Likelihood of Becoming Disabled is Rising

Many do not see themselves becoming disabled, assuming that it won’t happen to them. This is one of the costliest mistakes a neurologist can make regarding his or her income. According to the United States Census Bureau, nearly 40 million people are living with some type of disability in America. That represents about 12.7% of the population.

In 2010, almost 1 in 5 Americans were disabled. The ratio has since changed to around to 1 in 4 as reported by the Council for Disability Awareness (CDA). All these numbers prove that you are not immune to disability and the chances are actually much higher than you might imagine. If the unfortunate happens, disability insurance will ensure that your regular income is not affected.

Coverage Helps You Avoid Bankruptcy

According to a 2014 study and as reported by the Council for Disability Awareness (CDA), 15% of people become bankrupt due to illness or injury that limits them from working. As a neurologist, you can eliminate your risk of running out of money by purchasing coverage for when you’re unable to work due to disability.

You Can Manage Your Debts

The number one reason for foreclosure in America is due to loss of income that can largely be attributed to disability. Additionally, student loans make up one of the largest portions of debt in the U.S., which is often especially true for medical professionals like neurologists. Disability insurance can provide you with all you need to pay off your debts if you are suddenly unable to generate sufficient income.

What Kind of Disability Insurance Policies are Available to Neurologists?

Generally, a neurologist can choose from either short-term disability insurance or long-term disability insurance plans. Not surprisingly, the major difference between these two is the duration they both last. Depending on the plan, short-term coverage generally pays benefits between 9 to 53 weeks while long-term pays for a specified number of years. For long-term, the duration ranges between 2, 5, and 10 years, even up to retirement. Short-term coverage is ideal for temporary injuries or illnesses while long-term coverage is most suitable for a more permanent disability such as an accident or chronic illness.

Neurologists can also benefit from an association policy, employer-sponsored group policy, or an individual policy that features either short- or long-term coverage. The strength of coverage varies from one policy to another.

Employer-Sponsored Coverage

Employer-sponsored disability insurance is often provided by the state or an employer for groups. This kind of policy is dictated by the employer and usually features only short-term benefits. The employer-sponsored short-term plan has many limitations and is best utilized as a supplement to individual coverage.

Individual Coverage

An individual disability policy can be purchased from private insurance companies and has greater advantages over the employer-sponsored policy. For one thing, it gives you total control over your plan, and you can choose a policy that suits your situation best. That means you can select the coverage period, the elimination period, and the premium rate. Ultimately, individual coverage allows you to maximize your income protection benefits.

What Should Neurologists Look for When Buying Disability Insurance?

When shopping for the right policy, neurologists should consider the following essential factors:

Choose the Right Company

Start by researching different insurance companies. Some things to look out for in an insurance company are financial strength, company reputation, types of policies offered, and the rate of premiums.

Consider Own-Occupation Coverage

The purpose of own-occupation policy is to protect your specialty. It ensures that you get paid even when you cannot function as a neurologist but can still earn an income from another profession.

Guaranteed Renewable and Non-Cancelable

Guaranteed renewable and non-cancelable coverage are ideal for neurologists. With this type of policy, your insurance carrier cannot make changes on your disability benefits or initial contract.

You can get your premium benefits locked in for as long as the duration lasts unless you decide to change it on your own. The non-cancelable type of policy guarantees that your policy giver cannot abruptly cancel your contract or lessen your coverage in any way.

Partial or Residual Disability Feature

Becoming disabled does not necessarily mean it will last forever. Not all policies will automatically include residual benefits. Some policies will pay benefits only if you’re totally disabled. Otherwise, no benefit will be paid. When you include a partial or residual feature, your insurer pays you for the limited time you’re unable to work.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we work hand in hand with you to review what options benefit you most. Our main goal is to assist you in ensuring that your greatest asset—which is your ability to keep working—is protected.

It does not matter if 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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