What Care Must You Take While Choosing A Disability Insurance Income Plan

What Care Must You Take While Choosing A Disability Insurance Income Plan

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Most people insure their most precious material possessions first, such as homes and cars, when it comes to insurance. Have you given a thought to what’s your most prized possession? Obviously, your health. If you enjoy good health, you can serve your patients better, earn name and fame, and an attractive income as a physician. 

What happens when your health falters? If you become sick and cannot work, you lose your income and all the conveniences that come with it. Statistics show that anyone can become disabled – young or the aged – at any point in time. That’s why it makes sense for physicians to buy disability income insurance. 

How Disability Insurance Income Works

Disability insurance is an insurance plan designed to meet the needs of physicians and other high-income earners. When you choose the right plan, it can compensate around 65 percent of your income. Enhanced income protection can be achieved by selecting multiple policies. They can be layered together to provide better income protection when you are disabled and unable to work or discharge your duties.

There are multiple benefits of a disability income plan for physicians. You can get a monthly fixed income that covers a large percentage of your regular income. By choosing the best plan based on your lifestyle from one of the leading disability insurance companies, you can earn an income for as long as the disability continues. 

There are disability income plans that offer lump-sum benefits. Physicians insured under this plan can get a lump sum payment if they are disabled permanently. In some cases, the benefits can be up to 10 times the annual income. 

Why You Should Have One

The services of top-grade physicians are in huge demand at all times. They don’t get time for rest, and it is unfathomable that they can take some time off to refresh and recharge. It is therefore important that they remain healthy to discharge their duties effectively. However, studies reveal that busy physicians who see a non-stop stream of patients’ day in and day out are most likely to fall ill because of stress and poor adherence to basic healthcare measures.

However, most physicians do not believe they are potential burnout victims and may suffer a serious and debilitating health issue. Disability insurance brokers must take the responsibility of convincing physicians of the importance of buying disability insurance cover. The kind of plan they need will depend on various factors. There are occupation disability insurance coverage and own occupation coverage. 

Why Consult a Broker

If you have group disability insurance offered by your institution, make sure you check its value and the kind of income protection it will provide if you fall ill and become incapable of doing your routine work. In most instances, group disability insurance will cover a small part of your income. It may not be sufficient to maintain yourself and your family’s expenses. Ask your disability insurance broker to recommend an income plan that will maximize your protection and help you maintain your existing lifestyle even when you cannot work.

For more information about disability insurance income plans: https://www.mgis.com


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