Why Does Attorney Disability Insurance Matter?
As an attorney, you may represent clients in any number of situations, ranging from civil cases to family law to criminal court to business litigation depending on your specialty. You will also earn a salary that falls somewhere between $45,000 and $180,000 per year. This is vital for covering a wide range of financial responsibilities on your part, including your mortgage payment, your car payments, your student debt, your professional licensing, and a great deal more.
How would you meet those obligations if you suddenly found yourself injured and out of work? Attorney disability insurance quotes give you the ability to compare your options for protection and choose wisely.
The Risk Is Undeniable
Every year, thousands of working professionals find themselves unable to earn the income they need to pay their bills. They might be injured during an accident, but it is becoming more and more common for medical conditions to render Americans unable to work.
The incidence of conditions like heart diseases and cancer is on the rise. Up to one-third of Americans will experience such disability before they retire. You can compare attorney disability insurance quotes today and find a policy that will protect you should this occur.
Other Insurance Types Don’t Protect You
Shouldn’t worker’s compensation provide coverage for injuries? In a sense, yes, but your worker’s comp only applies if you’re injured on the job, not outside of it. What would happen if you were injured elsewhere? Your health insurance doesn’t provide any coverage for lost income and that would be inevitable if you are unable to work due to an injury. Your auto insurance surely won’t give you a supplemental source of income if you’re injured and unable to work.
That leaves you with little to no protection in the event that you’re not able to work for a period of time, while your bills pile up and your obligations go unmet. However, an attorney disability insurance can help you cover some of these costs and let you focus on healing and recovering instead of worrying about how much debt you will accumulate during your disability
Why Do You Need to Compare Attorney Disability Insurance Quotes?
So, why would you need to compare quotes for your attorney disability insurance? Isn’t one policy pretty much the same as another? The answer is no – each policy differs radically. Even individual insurers can vary greatly. When you compare attorney disability insurance quotes, you’re comparing costs, but also other things, such as the definition of disability the insurer follows, your coverage options, disability insurance rates, and a great deal more.
How much coverage do you need?
To find out how much coverage you will need, you would first need to determine the minimum amount necessary for your monthly living expenses. Afterward, add up any other source of income other than your salary such as your savings, rental income, and any other monthly income you may have.
The difference between your monthly expenses and your expected income should be the coverage of your disability insurance policy. It’s the amount that should be replaced by the monthly benefit from your attorney disability insurance.
Own Occupation and Any Occupations
Remember how many years you’ve spent to become an attorney? Imagine after all those years studying and working hard, you become unable to perform your work tasks. This would be devastating not only emotionally, but also financially.
However, this can be prevented by purchasing own occupation or all occupation disability insurance policy. Own occupation disability insurance policy will provide you with monthly benefits in case your disability prevents you from doing tasks in your medical field. On the other hand, any occupation insurance policies will pay out benefits in case you are unable to perform any job, not only your own.
How Your Rates Are Calculated
Insurance companies group occupations into specific classes based on documented risk for a particular job. These classes look at the hazards of your job and the difficulty returning to work following a long or short-term disability.
Every insurance company ranks the factors to determine the cost of a policy – age, gender, income, the health of the individual, location, and specialty. These factors are analyzed carefully to determine the overall cost of occupational disability insurance. There are many insurance providers offering oral surgeon disability insurance, so before you settle for a certain insurance policy, check with all providers to make sure you chose the right one.
Buy a Disability Insurance Policy While You’re Young
Every day that passes means that the premiums you pay for your disability insurance increase. This is because the amount of the premium of your disability insurance depends on the risk of a disability happening to you. One of the primary factors that contribute to being marked as a higher risk person is your age, so you can save money in the long-term by purchasing coverage as early as possible. Each year you age is more money you’ll be paying out each month in premiums.
We Will Guide You
In one survey, 45% of people who have individual disability insurance didn’t know what their policy’s definition of disability is. More than one half of them didn’t know what percentage of their salary they would receive if they were injured and almost two-thirds of participants had postponed buying coverage so they could further study their options.
Our goal is to ensure that you’re able to make an informed decision and obtain the insurance you need for peace of mind. We will work with you to make sure you are involved in every step of the process and understand everything about your disability insurance policy before signing your name on the dotted line.
We invite you to call us today at 1-877-221-6198 or by using the form on the right. We work with you to ensure you have access to the best options in terms of cost, coverage, and protection, to guarantee peace of mind if you ultimately become disabled.
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