Among all the working professionals in America, doctors have one of the highest per capita incomes, which is said to be 4 times higher than the national average. Hence, when it comes to buying disability insurance there are obviously some questions that arise about the kind of benefit compensation doctors can get from such a policy. A standard long term disability policy offers a maximum of 60% of your after tax income as benefit compensation, which may fall way short of your expectations. What you need is a high limit disability insurance policy that takes all your disability concerns into consideration and ensures that you get full or near full income replacement benefit. Such policies are designed specifically to cover higher income earners.
Do not ignore the need for disability insurance
Insurance carriers are intrigued by the fact that a surprisingly large number of doctors are unwilling to appreciate the risk of getting disabled. Of all people, it is the doctors who are more aware of disability stories than others and are at great risk of getting infected by some or other disease and becoming disabled for a long time.
Yet, it has been particularly difficult for insurance carriers to get the message across to doctors that disability is real and it is primarily caused by illnesses, not accidents. It is not that doctors do not read disability articles but many of them simply refuse to appreciate the risk of disability while others feel that the compensation benefit may not be worth the investment.
The Covid pandemic has redefined risk of disability
People like doctors and many others like them who rely on active income earned through hard work should stay aware of disability news stories that came out during the Covid pandemic. It is tragic that a large number of doctors and other healthcare workers lost their lives and it is equally sad to see many becoming disabled with inadequate disability insurance to none at all.
Many doctors who became disabled during the pandemic and never bothered to get healthcare professionals disability insurance before the outbreak, may just be wishing for even 60% replacement of their incomes. This would have at least taken care of their basic expenses and paid their bills in a situation where they are exhausting their savings just to survive. Sure, you deserve high limit disability insurance as a high income earner but you also need to read a disability article every week to know about the market.
Hire the services of a reliable broker
When you are not sure whether you can get high limit disability insurance to cover your high net income, it is best to get the help and guidance of a reliable and experienced broker agent advisor. Get the help of your family or friends to find a broker you can trust to guide you in buying the right disability insurance policy.
