As a doctor, you may be wondering when you need to start shopping for a doctor’s disability insurance policy.
First of all, this is a really good question to ask—because the short and sweet answer is right away.
See, the thing about being a doctor is that it requires a huge investment in money and time—just to acquire the education.
The downside to this is that if you suffer an injury or a disability that keeps you from being able to work in the future, that entire investment will just go down the drain—preventing you from earning back the money for your investment, recouping your costs, and earning the high-level income and salary that you deserve for all of that hard work that you did in medical school.
How do you protect yourself against this kind of danger? There has to be a way to prevent that kind of disaster, right?
Well, a doctor’s disability insurance policy is the very best way to do this.
A disability insurance policy basically protects you in the event that an injury or disability keeps you from being able to work and earn a living.
So let’s talk about when to start shopping for your disability insurance policy as a doctor.
1. Get Your Policy Right As You Begin Your Practice
The truth of the matter is that you should get your disability insurance policy as soon as you begin practicing medicine.
In other words, as soon as you start drawing a paycheck.
The reason for this is pretty simple.
As soon as you start working as a doctor, you’ll be eligible to shop for doctor’s disability insurance. Thus, protecting yourself as soon as possible.
This is truly the key to avoiding calamity later on.
Need some help finding the perfect policy for you? Check out this in-depth guide to get a head start on the process.
2. Revisit Your Policy As Your Income Increases
As your income increases, so will your disability insurance options.
Not only will you be able to afford better policies for yourself, but you’ll also gain access to more features and protections than you were able to access back when you first started your practice.
For best results, make sure that you stay on top of your policy situation and update it every few years—to make sure that you’re adequately covered so that your lifestyle would remain intact if you were to, unfortunately, need the policy due to an illness or injury that kept you from working.
3. Shop Around To Find The Best Policy For You
Finding the best policy for you can really only be accomplished by shopping around with different insurance providers—to find ideal policies that’ll offer you plenty of benefits for the cost of the premium.
Obviously, not all insurance companies are created equal. In fact, if you’ve ever purchased car insurance or house insurance, then you know this to be true.
Just like some auto insurers offer better services than others, there are also disability insurers who offer better services for the money.
4. Make Sure That You Find A Policy That Doesn’t Contain A Cancellation Clause
You definitely don’t want the insurance company to be able to cancel your policy.
Imagine going all through medical school, only to come down injured or with an illness that prevented you from working—and then, to have the insurance company cancel your policy due to a technicality.
This would definitely not be a good situation.
Therefore, always look for policies that contain a no-cancellation clause.
This is one of the most crucial details for doctors to look at whenever purchasing a disability insurance policy!
5. Make Sure That You’re Protected Until Retirement
Protecting yourself for 5 or 10 years is a great start, but it’s not going to be enough for the long-haul.
Since you’re going to be buying disability insurance anyway, you may as well get the insurance that’ll protect you for the rest of your life—up until retirement.
That way, you’re basically assured that you’ll be able to maintain your lifestyle for the long term—even if something bad happens and you’re unable to work for the rest of your career.
Hopefully, this post has helped you to understand when to start shopping for a doctor’s disability insurance policy—and what to look for when you begin your search.
All that’s left now is to get out there and find the perfect policy for you!