Do You Need Disability Insurance?
As an audiologist, your income is a significant contributor to your family’s ability to meet its financial obligations. Chances are good that you earn between $80,000 and $266,000 per year. This income is used to pay for the things you need in life. Your mortgage payment is one of those, and you likely have one or two monthly car payments. You have utility bills, health insurance costs, retirement contributions, and maybe even tuition payments for your children.
This is why you need audiologist disability insurance. You need to protect your income with audiologist disability insurance to ensure that an illness or injury does not compromise your quality of life.
Why Choose Audiologist Disability Insurance
A worker’s compensation will protect you only if you’re injured on the job, but not outside of it. You may think that your health insurance or auto insurance will protect you, but they will only provide limited coverage for medical costs, not for your loss of income.
So if something happens that would prevent you from working for a certain period of time, you would be left with little to no protection. During this time, medical bills and regular costs will keep piling up and your obligations will go unmet, so once you’ve recovered you’ll be left with a huge debt.
This can be prevented through disability insurance. Your disability insurance policy can help you cover the costs, which will let you focus your recovery instead of worrying about how much debt you will accumulate during your absence of work.
How Audiologist Disability Insurance Works
You’ll first need to purchase a policy from an insurer and develop a qualifying disability (a condition that meets your insurer’s definition of “disability”). Then, that disability needs to force you out of work for a preset period of time. Once that happens, your insurer will start paying you based on your average monthly income.
With that being said, you do need to make sure you’ve chosen the right audiologist disability insurance policy, and that you’re working with the ideal insurer. That requires an in-depth comparison that most people find difficult to make. We can help. We allow you to compare audiologist disability insurance quotes from leading US insurers, as well as insurance rates, coverage areas, and more.
You Are At Risk
Why might you need audiologist disability insurance? Actually, there are quite a few reasons. One of those is that you’re at significant risk of being disabled – if you’re age 40 or older, there’s a one in five chance that you’ll experience a disability that lasts three weeks or longer by the time you turn 65. Are you willing to take that risk?
There’s also the fact that other forms of insurance might provide you with coverage for medical treatment, medications, hospitalization, and the like, but they do nothing about your lost income if you’re ill or injured and unable to work. Where does that leave you if you’re out of work and unable to make your mortgage payment, your car loan payment, your school loan payment, or your child’s tuition payment?
How Premiums Are Calculated
Every insurance company ranks the factors to determine the cost of a policy – age, gender, income, the health of the individual, location, and specialty. Each factor has specific criteria and formulas that determine the overall cost of the occupational disability insurance, so before you settle for a certain insurance policy, check with all providers to make sure you chose the right one.
How much coverage do you need?
The first step to finding out how much coverage you will need is to determine the minimum amount necessary for your living expenses monthly and your monthly income. The coverage of your disability insurance policy should be close to the difference between the monthly expenses and expected income. It’s the amount that should be replaced by the monthly benefit from your audiologist disability insurance.
Compare Different Rates
With disability insurance, you’ll enjoy an ongoing stream of income from your insurer if you experience a qualifying disability. You can use that income to meet all of your financial obligations. However, you need to do more than just study out of pocket costs when you compare audiologist disability insurance quotes.
When you compare quotes from disability insurance companies, consider things like the stated minimum and maximum benefit percentage, the optional coverage items, and even the company’s reputation for customer service.
Buy a Disability Insurance Policy While You’re Young
The price of your disability insurance policy depends on the risk of you filing an insurance claim. One of the primary factors that contribute to being graded as a higher risk person is your age. Statistics show that the older you are the more likely you are to become disabled, and because of this, the premiums you will pay get higher as time goes on.
You can buy disability insurance today and save money in the long-term. Each year you age is more money you’ll be paying out in premiums
Look for Unisex Rates
In general, women pay higher disability insurance rates than men as women are more likely to develop a disability that prevents them from being able to work full time. Rheumatism and arthritis are the most common disabilities women encounter, followed by cancer, heart disease, mental health, and diabetes.
Women have also reported that experiencing a disability would be “somewhat devastating” to their family’s finances. Many of the participants in the study said they worry that their cash reserves would last less than a month if they couldn’t work. This only highlights the importance of having disability insurance, but it’s also important to find an insurer that will offer unisex rates and not discriminate against you. That’s what we’re here to do.
Disability can be the result of cancer, back injuries, heart disease, and a wide range of other conditions. Don’t take chances with your family’s financial situation. Contact us today at 1-877-221-6198 and we’ll help you find the right audiologist disability insurance plan for you.