Disability Insurance for Pulmonologists

Your ability to earn an income is crucial to your financial security. Not being able to practice your medical specialty because of a disabling injury or accident can be detrimental to your general wellbeing as well as that of your family. Being disabled can change your livelihood in an instant if your income isn’t protected. According to the National Council on Disability, people with disabilities who live in poverty more than double those without disabilities.

As a pulmonologist, you need a disability insurance policy that will provide you with a regular income if you suffer an injury or illness that prevents you from earning a living. You have invested much in your career to become a medical practitioner, so it only makes sense that you guard against losing all you’ve labored for.

Disability Insurance for Pulmonologists
Why Do Pulmonologists Need Disability Insurance

Why Do Pulmonologists Need Disability Insurance?

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

Disability Can Happen to Anyone at Any Time

Many people don’t consider having disability insurance because they believe they have the best safety measures that prevent them from accidents both at work and at home. However, according to a recent report, 90% of disability cases are caused by illness, not accidents. With the prevalence of life-threatening illnesses forcing many professionals out of the labor force, it is a big risk to not have a disability insurance policy.

It’s Difficult Surviving Financially Without an Income

As a pulmonologist, have you ever wondered how long you can go without an income? This can be difficult to imagine, but it is a helpful exercise nonetheless. According to the Disability Awareness Council, 65% of Americans cannot pay their bills for up to 12 months without an income.

This shows that even your savings and other financial plans might be gone within a year if your income has to stop because of disability. You need a reliable and flexible disability insurance policy that will replace your income by paying a specified percentage of your salary as coverage for your personal and family financial needs.

Government Coverage is Insufficient

Relying on government aid after a disability isn’t a realistic option. According to USA Today, Social Security Disability Insurance has about 8.8 million Americans depending on it for their welfare. There is no way the program can adequately provide proper coverage for all applicants.

Most of the first claims are rejected, and at every given time, about 800,000 are waiting for their appeals to be considered. In 2017 alone, over ten thousand Americans died on the waiting list. In spite of the struggles, the average payout is less than $1,200.

What Kinds of Disability Insurance Are Available to Pulmonologists?

As a pulmonologist, there are several types of disability insurance policies available to you. They include:

Short-term Disability Insurance

Short-term disability insurance is commonly offered as an employer-provided policy. Just like its name implies, it is designed to protect your income in the event of a temporary disability condition. The coverage typically lasts for a few months, and in some cases, up to two years. A short-term disability insurance policy has a very short waiting period, which allows you access to coverage benefits between 7 to 14 days after accident or injury.

Long-Term Disability Insurance

While some disability conditions will last only a few months, some may last for years. For some, however, it may be a permanent disability. Statistics show that every seven seconds, a working-age American suffers disabling injury or illness, and one in eight Americans will be disabled for at least five years during their career.

Being disabled for years can be economically challenging to you and your family without reliable and credible financial backup. Long-term disability provides coverage for a long period of time. Unlike short-term coverage, which only covers you for a few months, long-term disability insurance can provide coverage for several years, sometimes until your retirement age, depending on the policy you choose.Long-term disability insurance usually has a more extended waiting period compared to short-term. The waiting period could take you some months depending on the policy. However, the wait will eventually be worth it considering the length of the coverage you will get from the policy.

Own-Occupation Disability for Pulmonologists

An own-occupation disability insurance policy covers you if you suffer injury or sickness that makes you unable to perform your specialty duties as a pulmonologist. The definition stipulates that you don’t have to be completely disabled before you are entitled to coverage benefits.

With this policy, it doesn’t matter if you are earning an income from another specialty or profession, you will still be entitled to disability benefits. This type of policy is usually more expensive than other disability insurance policies. However, for you to get the best coverage, it is always worth having.

Disability Insurance Policy Definition for Pulmonologists

That being said, it is not enough to just buy a policy based on the length of its coverage period. It is more crucial that you get a policy with own-occupation disability definition. This means that the policy is defined to cover your specific medical specialty.

What Should Pulmonologists Look For When Buying Disability Insurance?

When buying own-occupation disability insurance, you should endeavor to enhance the policy with the following add-ons that will make it more reliable:

Non-Cancellable Rider

Having this option means your insurer cannot increase your premium amount or adjust the policy unless you specifically request it.

Residual Rider

This means that if a disability condition reduces your productivity at work leading to a reduction in your salary, you will get partial coverage to make up for the shortage in your income.

Cost of Living Adjustment (COLA)

With COLA, your monthly benefit payment is reviewed and adjusted yearly to keep pace with the Consumer Price Index. If the cost of living goes higher, your disability benefit will also be raised proportionately.

Other enhancing riders that will make your own-occupation disability insurance policy stronger include Future Purchase or Increase Option and Automatic Increase Benefit.

Get a Reputable Insurance Agent

The importance of having an experienced insurance agent help you deal with your insurance purchase cannot be overemphasized. Disability insurance terms and conditions contain different variables that you will need an expert’s advice to fully comprehend.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we will not only get you a flexible disability insurance policy, but we will also ensure you get adequate coverage for the right amount. We provide plans that are inclusive and accommodating regardless of your economic or health status.

It doesn’t matter if you’re a high-risk applicant or have pre-existing conditions; we don’t discriminate. Get a free quote from us today and protect your greatest asset against potential future loss.

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