If you’re a nephrologist physician, you have a significant income to protect. This income supports your lifestyle and allows you to plan for your future, so losing it can put a strain on your family’s financial stability. That’s why you should consider getting nephrologist physician disability insurance that will protect your valuable income.
Nephrologist Physician Protects Your Income
As a nephrologist, you probably enjoy an income somewhere between $80,000 and $266,000 per year. That income goes to help build a successful medical practice, and it also supports your family. You probably have a lot of regular expenses every month such as mortgage payments, schooling costs, utilities, maybe even a loan. All of this is covered by your salary, which is why it needs to be protected at all times.
Losing Your Salary Can Mean Financial Collapse
As a nephrologist physician, you probably make a good living off your job. The money is spent to cover your regular expenses and support your lifestyle, but what will happen if you suddenly lost your income? Disability can strike at any point in your life and if it does, what will you do? How will you make your mortgage payments? How will you pay your employees? How will you pay for your children’s education or your own school loans? These are just a few of the implications of lost income due to a disability.
That’s exactly what can happen if you suffer a disability, making nephrologist physician disability insurance a smart choice to make at any time.
Other Insurance Won’t Protect Your Lost Income
We are all at a significant risk of suffering a disability. The problem is that worker’s compensation doesn’t give you the protection you need if your injury happens outside of your workplace. In fact, according to the Council for Disability Awareness, 90% of the disabilities in America happen because of an illness, not an accident at work, so often times workers’ compensation is not a good enough safety measure to protect your income.
So when the worst happens, you have no recourse to replace your lost income. Health insurance, life insurance, auto insurance – none of these will help replace your income either, leaving you, your practice, and even your family at risk.
The Role of Nephrologist Physician Disability Insurance
When no other insurance types can help is where nephrologist physician disability insurance comes into play. Nephrologist physician disability insurance will pay a percentage of your usual monthly income for a specified duration. Of course, there are quite a few insurers and many variables that can change your situation, so it’s best to analyze your options before finally settling on a certain insurer. Our goal is to help you navigate these murky waters and make an informed decision that ensures you and your family are protected should the worst happen.
What We Can Do For You
When you need help with your nephrologist physician disability insurance, you can contact us and get all the answers you need. We work with professionals that have years of experience in this area so we can quickly help you find the coverage you need to ensure your financial stability. We offer you:
- Rates from some of the leading providers of individual disability insurance.
- Quotes from all major insurers in the US that currently offer insurance products in your specific geographic area.
- Assistance with your nephrologist physician disability insurance and how it can benefit you in the event that you’re injured and unable to work.
Will You Suffer a Disability?
Few of us are honest enough with ourselves to really admit the true likelihood that we’ll experience a disability. However, statistics show that 1 in 8 workers will be disabled for 5 years or more during their careers, and the probability of experiencing a disability grows with age. So, someone who is around the age of 40 right now, has a 21% chance of suffering through a minimum three-week disability by the time they turn 65. That applies across the board, regardless of your health and wellness, medical history, family history, and other factors.
This is a percentage you shouldn’t be gambling with, especially with the significant amount of income you bring for both yourself, but also the people in your practice.
How Disability Insurance Rates Are Formed
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.
Insurance companies typically classify professional occupations on a scale of 1 to 6 and many use the letter M to designate medical professions. Typically, the higher the numerical value of the classification, the lower the premium rate will be.
When you review disability insurance policies, it’s important to understand what medical specialty you are being classified as. The difference in rates can be substantial if you’re not classified appropriately, so make sure you understand how and where your job is classified.
Buy a Disability Insurance Policy While You’re Young
Disability insurance policies are priced based on the risk of you filing an insurance claim. The higher your risk for filing a claim, the more you’ll pay. One of the primary factors that contribute to higher risk is age. Statistics show that the older you are the more likely you to become disabled. Therefore, you can save money in the long-term by purchasing coverage today. Each year you age is more money you’ll be paying out each month or year in premiums.
If you do buy coverage when you’re starting out in practice, it’s also advisable to get a policy with a future purchase option, also sometimes referred to as a future increase option, a future insurability option, or a benefits update rider.
We help you compare not just rates, but insurance providers, coverage options and more – guiding you to the best fit for your needs and goals. Contact us today by calling 1-877-221-6198 or using the form on this page.
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