Disability Insurance for Obstetricians

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.

Disability Insurance for Obstetricians

Why Do Obstetricians Need Disability Insurance?

As an obstetrician, you need disability insurance for the following reasons:

It Replaces Income If an Accident or Illness Prevents You from Working

Of course, your medical coverage will take care of your hospital bills if you are involved in an accident. But remember that you may not be able to attend to your own patients in your disability condition, which might seriously affect your income. Apart from that, the prevalence of life-threatening diseases such as arthritis, heart disease, and cancer is increasing people’s odds of disability. On average, disability insurance pays 60% of your current income to help you cope financially if you become disabled from injuries or sickness.

It Helps You Maintain Your Level of Financial Buoyancy

Disability conditions usually limit people’s ability to meet all their financial obligations as they used to before their disability. A disability insurance policy can help you maintain your standard of living. Your benefits can be customized in accordance with the level of your training and experience in obstetrics. With a solid policy in place, you wouldn’t have to live below your means and status.

It Helps You Provide for Your Family

Through disability insurance, being disabled will not stop you from paying bills. Your dependent children will continue to look to you for their needs. Disability insurance benefit payments can help you in paying bills and meeting your personal and family needs.

It Helps You Pay Rent, Mortgage, and Car Payments

Many people usually lose their homes and cars when disability strikes and they can no longer earn a living. Your disability insurance benefit payments can help you pay for and hold on to your property.

What Kind of Disability Insurance Policies are Available to Obstetricians?

There are two major types of disability insurance policies available to obstetricians: short-term disability insurance and long-term disability insurance.

However, the definitions of disability in any of these two types can fall into the following categories:

What Kind of Disability Insurance Policies are Available to Obstetricians

Partial Disability Coverage

A partial disability plan covers you if you are partially impaired and can no longer practice at your full capacity. Sometimes injuries sustained in an accident or the aftermaths of some illnesses may leave you with a partial impairment that will allow you to work, but reduce your performance. Due to this, your employers might reduce your pay. However, with disability coverage enhanced with a partial or residual disability benefit rider, you will be getting a portion of your income to make up for the difference between your pre-disability and post-disability income.

Total Disability Coverage

Total disability coverage provides you with benefit payments if your disability condition completely renders you unable to earn a living. This policy type will pay you regular monthly income until you recover or until your policy coverage expires. To get the best total disability coverage as an obstetrician, you need to enhance your policy with an own-occupation rider. The rider will guarantee you benefit payments the moment you can’t practice your specialty regardless of whether you are still working in any other medical profession or at another job entirely.

Presumptive Disability Coverage

One of the key factors of disability insurance is the elimination period, which is the waiting time between the onset of the disability and the commencement of benefit payments. However, with presumptive disability coverage, you automatically become eligible for disability benefits if you experience a severe disability condition that makes total disability imminent.

This means you get your first paid benefit without having to wait for the elimination period to lapse. Some of the conditions that usually trigger presumptive disability policy benefit payments are the loss of both eyes, loss of speech, loss of both feet, both hands, or a foot and a hand.

What Should Obstetricians Look for When Buying Disability Insurance Policy?

Affordability

Before buying a disability insurance policy, you need to compare different policies from various insurers and choose the most affordable and flexible one for your obstetric specialty.

Definition of Disability

As explained above, a disability could be defined in different ways. You will be qualified for disability benefits only when your condition meets the definition of “disability” described in your policy. You need to be sure you understand the concept behind the definition before buying it.

Policy Riders

Riders are insurance add-ons which you can add to enhance your policy. They are usually based on the policyholder’s needs and occupational risks. Some of the crucial riders to choose as obstetrician include Own-Occupation, Non-Cancellable, Residual Rider, Future Purchase or Increase Option, and Automatic Increase Benefit riders.

Trusted Agent

Most of the concepts and terms used in the insurance world may be too complex for someone unfamiliar with the industry. It is always advisable to let an insurance agent guide you before making a final decision on any policy.

How Gold Coast Life Insurance Can Help

Are you looking for a disability insurance policy that is flexible and tailored to meet your needs and specialty as an obstetrician? At Gold Coast Life Insurance, we will help you get the best that will guarantee protection for you and your family. It doesn’t matter if you are you are a high-risk applicant or have pre-existing conditions, we don’t discriminate. Get a free quote from us today and protect your income from potential future loss.

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