Understanding Income Protection
Income protection is a crucial product, particularly for physicians and residents. It serves as a safety net, ensuring that you continue to receive an income even if you are unable to work due to illness or injury. This type of insurance is especially important in the medical field, where the physical and mental demands of the job can be significant.
Why Physicians and Residents Need Income Protection
Investment in Education and Training
Years of education and residency mean that your earning potential is high, but it also means that any interruption in your ability to work can have serious financial consequences.
Protect Your Multi-Million Dollar Asset
Your ability to generate income year after year is the cornerstone of the financial future you have trained so hard for. Taking proactive steps to protect yourself will help you maintain and grow that ability for years to come. A lengthy disability could also limit future Social Security benefits.
Risk of Injury or Illness
The healthcare environment poses unique risks that can result in temporary or permanent disability. Income protection ensures that your lifestyle is maintained even if you cannot work. Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.
High Debt Load
Many physicians and residents have substantial student loan debts. Income protection can help cover these expenses in case of an unforeseen disability and income ceases to meet loan demands.
Key Features You Need in Your Income Protection Plan
Guaranteed to Issue as Well as Fully-Underwritten
We have the products to cater to your variables such as medical history, lifestyle factors, and foreign travel situations. If there is a concern when we review your history, we have Guaranteed to Issue options available. If there are no concerns, a larger underwritten product may be a better choice for you. Rely on us to help guide your decision.
Specialty-Specific Coverage
Own occupation protection provides coverage if you are unable to work in your specific specialty due to a disability. This kind of insurance is particularly valuable to you due to your specialized skills and training. The key feature of own occupation protection is that it considers your ability to work in your own specific field, rather than any job.
Protect Future Earnings
This feature is especially important to graduating residents. One of the strongest positions you can take is to secure your health first. Income increases can be exercised in the future without medical underwriting. Securing a pool of insurance benefits deep enough to cover your potential earnings is paramount.
Customizable Riders
You want a policy that can be tailored to your specific needs. Cost of Living adjustments, Catastrophic Health changes, and additional benefit towards student loan debt are a few categories are a few topics you will want to address your needs with.
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