Guest Post – By Jamie L. Fehrs, MBA, ChFC® – Manager, Financial Services Associate at Treloar & Heisel, our insurance partner

While training for a career as a physician, dentist or veterinarian, you may think that purchasing insurance can wait until “real life” kicks in, but as insurance experts we encourage you to reconsider.

There are many compelling reasons for securing disability income insurance while you are still in school or training. Let’s explore them.

Are medicine, dentistry & veterinary risky businesses?

You probably haven’t thought of your profession as risky, but the truth is that your job is highly specialized. If something happens to you whether on or off the job, you could see your career come to a quick end or significant slowdown.

For example, a minor hand injury may not slow down an accountant, lawyer or business executive. A doctor, however, could see months or years of income fall away as a result of a hand injury. So while your career is not inherently risky, the risks that the individual practitioner is exposed to can put their ability to earn an income at peril.

For this reason alone, it’s important to try to mitigate risk wherever possible. Purchasing disability income insurance is an easy way to do this and avoid a potential loss in income.

How do you protect an investment?

You may feel that because they are not currently earning much money, you do not have anything valuable to protect, but this is not true. One could argue that, as a trainee, your value is higher now than at any other time in the future, simply because your potential to earn is still ahead of you. Your current earnings are merely the beginning of what you can achieve.

Consider this potential as an investment in yourself. Disability income insurance offers a way to safeguard your ability to obtain insurance in the future, even if it means securing a small amount of coverage initially with the option to increase it as your income grows, without worrying about any changes in your health.

How do you protect yourself from obligations to lenders?

A student loan rider is one way to protect yourself in the event of loss in income due to disability, and many disability insurance policies offer this protection. A student loan protection rider may help pay all or a portion of your monthly student loan payments if you are totally disabled. It is optional coverage that you would secure at an additional cost, and it is recommended if you’ve borrowed money to fund your education.

Many federal loans forgive or discharge loans in the event of a disability, but if you read the fine print, you’ll discover that their definition of disability may be somewhat restrictive. Because of this, considering the purchase of a student loan protection rider may be quite worthwhile.

Maintain your financial stability

Disability insurance is a vital component of financial planning for doctors. It provides a safety net in the event of a disability, ensuring that doctors can maintain their financial stability and protect their families.

Understanding the various types of disability insurance, coverage options, benefit amounts, and additional features can empower doctors to make informed decisions and secure the appropriate coverage. By proactively protecting their income, doctors can focus on their patients’ well-being, knowing they have taken steps to safeguard their own financial future.

Ready to explore your disability insurance options? Panacea Financial has partnered with Treloar & Heisel to provide insurance solutions specifically for physicians, dentists and veterinarians.

Learn more about disability insurance for doctors and request a quote here.