Physicians can rest assured, knowing that they will be in demand for the long term: At some point in the past year, the Centers for Disease Control reported that more than 92% of children in the U.S. saw a healthcare professional, with adults a close second (at 82%) seeking healthcare in the same period. This demand is met currently by more than 624,434 practicing physicians.(1)
In return for all the years of advanced medical education, marathon shifts and hard work, physicians’ compensation is substantial: According to the U.S. Census Bureau, in 2010 the median U.S. wage was $49,445 annually. In comparison, the median income for primary care physicians was $200,000 annually, and for specialty physicians, about $356,000.
At this level of income, any disruption could prove disastrous—particularly one due to a disabling illness or injury that prevents a physician from working for an extended period of time, or ever again. The desire to protect their home, care for family members, and preserve their hard-earned standard of living is the impetus for prudent physicians to make sure they have the appropriate amount of disability income insurance to cover living expenses for an extended period of time and protect their hard-earned assets.
Compelling reasons for buying disability insurance
It’s difficult for a young physician to contemplate being faced with an injury or illness so severe that it changes the course of the career they worked so hard to establish, but that’s exactly why disability insurance should be considered an important component of a comprehensive insurance and financial protection plan. Physicians can rest assured knowing that from their house to their spouse, kids to cars, and so much more, disability insurance can offer them a wealth of protection in the event of an unforeseen illness or injury. Policies vary widely among insurance companies in terms of terms of coverage provisions, waiting periods, benefit limits, costs for premiums, etc. It can be tricky to navigate all the choices, so consulting an insurance professional to learn more and obtain a disability insurance quote is essential.