Disability Insurance for Oncologists

Disability insurance is gradually becoming more and more popular due to its many financial benefits. Professionals in various fields of medicine such as oncologists should consider buying disability insurance coverage to protect their ability to work and generate income.

Oncologists have one of the most valued professions in the field of medicine within the U.S. Their job specialty deals with preventing, diagnosing, and treating cancer patients, which makes it a complex medical profession that requires a high level of manual precision. For this, an oncologist must pass through medical school as well as extensive training before being able to practice. According to study.com, it could take up to 15 years of institutional commitment to become an oncologist.

Disability insurance provides an income to you as the insurance holder either on a short-term or long-term basis after sustaining an injury or illness that resulted in a disability that renders you unable to continue working.

Disability Insurance for Oncologists
Why Do Oncologists Need Disability Insurance

Why Do Oncologists Need Disability Insurance?

Oncologists in particular need disability insurance coverage, as they often work under pressure for an average of over 50 hours per week. This added stress could take a toll on their health. According to a 2013 survey conducted by Mayo Clinic, 45% of oncologists show various signs of burnout. Some of the symptoms include emotional stress and depersonalization. Stress has also been shown to be the cause of many debilitating mental and physical disorders that could heavily impact your ability to continue practicing. Disability insurance will help you protect your finances if this were to happen.

Oncologists also enjoy a tremendously rewarding career which makes them one of the highest income earners. Your ability to continue working is your greatest asset and maintaining this is vital to your practice. As a medical professional, you likely realize that a person’s health condition could change any given day—the same is true for you.

Things like unexpected illness or sudden injury can result in your inability to work for a short or extensive period. An active disability insurance plan will ensure that your finances are covered even when you’re unable to work.

Additionally, physicians, including oncologists, often rely on student loans to complete their degree program. You’re likely to accrue more loans as a specialized oncologist such as a medical, radiation, or surgical oncologist.

If you have an effective disability plan, it will help pay off student loans especially for the first few years after your residency. Disability insurance coverage will also cover other substantial debts such as mortgages that you may have incurred.

What Should Oncologists Look For?

Your decision to purchase disability insurance coverage is one of the most prudent choices you will make in life. Especially if you’re buying for the first time, we recommend that you consider policies with the following features:

True Own-Occupation definition

As an oncologist, you have your area of medical specialty. You need coverage that will protect your income based on that specialty. True own-occupation coverage will continue to pay your disability benefits when you cannot work as an oncologist, but can still work in a related career. We recommend that you discuss this with your policy provider for a broader definition of this policy.

Enhanced Partial Disability Benefit Rider

Not all injuries or illnesses could result in total disability. If you did not sign up for partial disability rider, you might not receive your benefits if your disability is not considered a total disability by the provider. With this rider, you will receive an amount proportionate to your income loss.

Non-Cancelable and Guaranteed Renewable Policy

A non-cancelable and guaranteed renewable policy gives you peace of mind. With it, your insurer does not have the power to cancel your policy, increase your premium, or reduce your benefits. This is even better if your health condition changes or your usual income goes down in the future.

Financial rating of the insurance company

Your hard-earned money deserves to be in the capable hands of an insurance company that has substantial financial backing. A financially reliable company will be around for much longer to pay your benefits when needed.

How Gold Coast Life Insurance Can Help

Regardless of your field of specialty as an oncologist, we will design the best policy that is tailored to your needs. At Gold Coast Life Insurance, we will work closely with you to guarantee that you have the best policy that will protect your finances and that of your family.

We also accept high-risk clients and even those with a pre-existing condition. Take advantage of our free quote today to unlock the key to your financial security.

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