With the odds of becoming disabled getting higher among Americans in their working age, buying a disability insurance policy is becoming a necessity. According to the Council for Disability Awareness, every 7 seconds, at least one American suffers a disabling injury or illness. As a thoracic surgeon, you need to protect your income with disability insurance that provides you and your family with financial coverage if you become disabled and unable to earn an income.
Disability Insurance for Thoracic Surgeons
Why Do Thoracic Surgeons Need Disability Insurance?
To Protect your Career Investment
Having spent a considerable amount on school tuition fees and undergone various stages of training and licensure to become a thoracic surgeon, you are a huge investment worth protecting. To avoid losing your source of income and all your years of labor to a disabling illness or injury, you will need a disability insurance policy which pays a monthly disability benefit to replace your lost income.
To Provide Coverage for Your Dependent Family
If you are the primary breadwinner in the family, people are depending on you, especially your immediate family. Expenses like rent, children’s school fees, and other household bills will need to be paid even after a disability. With disability insurance coverage, the monthly income payment from your insurer will help you provide for your family.
To Pay Medical Bills
Being a thoracic surgeon will give you an overview of the high cost of treating life-threatening illness. As affirmed by the Centers for Disease Control and Prevention, more than 1.2 million U.S. citizens are diagnosed with a thorax ailment, 54 million suffer from arthritis, and above 30 million U.S. have diabetes annually. Also, about 90% of the country’s annual healthcare expenses is spent on most of these chronic diseases. Disability insurance coverage will help you in paying medical bills if you are diagnosed with any of these life-threatening diseases during your career.
To Maintain A Quality Standard of Living
Disability conditions make people lose their source of income and force them to an undesirable living condition because the popular social security disability funds, which is usually less than $1,200 per month can barely sustain them. A disability insurance policy will help you and your family avoid living in poverty and maintain your desired standard of living.
What Kind of Disability Insurance Policies are Available for Thoracic Surgeons?
As a thoracic surgeon, you have the option of purchasing either an individual disability insurance policy directly from an insurance company or a group disability insurance coverage offered by your employer or a medical association. In general, medical professionals don’t wholly depend on group coverage; they mostly buy individual coverage that will allow them to modify their disability insurance coverage as needed. The following are some of the disability insurance coverage options that can be purchased by thoracic surgeons either independently or as employer-based coverage:
Short-Term Disability Insurance Coverage
A short disability insurance policy offers disability benefit payments for a specified period. The payment usually begins after one to two weeks of waiting or elimination period. The benefits cease at the end of the policy term, which can last for about nine to fifty-two weeks. The short-term disability benefit amount is usually around 40% to 60% of your income. It is more affordable and has a faster elimination period.
Long-term Disability Insurance Coverage
A long-term disability insurance policy provides extended coverage depending on the premium amount and other terms of the plan. Its coverage period could be for up to 10 years. There are some long-term policies which can cover you until your retirement age. The elimination period can be between 3 to 6 months. Long-term disability insurance is more expensive than a short term policy. However, its long period of coverage makes it a more reliable plan for many Thoracic surgeons.
Other Disability Insurance Products
Whether you choose a short-term or long-term insurance plan, your policy can be harnessed for more benefits by selecting any or a mix of the following disability insurance policy riders as add-ons to your main policy:
Own-Occupation Disability Insurance Policy
This policy is the best disability insurance for thoracic surgeons. It pays you disability benefits if you can no longer perform your specialty due to illness or injury. You may be working in another medical specialty and still qualify for benefit payments.
Cost of Living Adjustment
A cost of living adjustment means your monthly disability benefit payment is reviewed annually by your insurer to ensure it is in tune with the inflation rate. Your income benefit is raised in proportion to the Consumer Price Index at a given time.
Non-Cancellable Disability Insurance
With this option in your disability insurance policy, your insurance company cannot cancel your policy as long as you keep paying your premium rate. Also, its premium amount remains the same for the entire length of the policy.
What Should You Look for When Purchasing Disability Insurance Coverage?
Buy When You Are Still Hale and Healthy
Buying a disability insurance policy when you are healthy makes you more insurable than when you are ill. It will also allow you to get the best plan at the right price.
Consider Your Present Income
You need to consider affordability and at the same time, avoid being underinsured. Buying a policy in proportion to your present income will help you maintain a quality standard of living in disability.
Work with Experienced and Trusted Broker
This cannot be overemphasized. Working with a licensed and trusted broker will not only get you the best coverage but will help you save money on your policy.
How Gold Coast Life Insurance Can Help
At Gold Coast Life Insurance, we maintain long-standing relationships with the best disability insurance policy providers in the U.S. We will help you get the best policy that comes with many enhancing riders at a very affordable premium rate.
We aren’t selective of our clients based on their health status. We work with high-risk clients and those with pre-existing conditions. You can get your portable and customized disability insurance for thoracic surgeons by simply filling out this form for a free quote