Why Do I Need Disability Insurance?
As a medical student, you have invested a lot of time and money in your education. Protecting that investment is a crucial step at this point in your life. Disability insurance will provide you with a monthly payment in the event that an accident or sickness prohibits your ability to work and earn an income. Since you will soon be a self-employed professional, you are on your own to protect this financial risk.
When talking about disability insurance, many people think that it would take a catastrophic event to become disabled and make a claim. However, this is not true – far from it. Most disability claims are non-catastrophic in nature. For example, claims are often made for a surgical recovery, broken bones, cancer, arthritis, muscular skeletal issues, etc. Many disability policies also cover partial claims, which means you are still able to work, just not full time or not to your full capacity. This provides flexibility so you can supplement your lost income easier and maximize your benefits.
You are not immune!
It is not hard for us to perceive ourselves as indestructible. But in the insurance business we see numerous accidents, injuries and illnesses affect individuals young and old, healthy and unhealthy. For example, a young dental student was out skiing on holidays when a fellow skier ran into her resulting in a 5 piece comminuted fracture. Multiple surgeries were required and time off school was estimated at 8 weeks. Following the 8 weeks, the student was only able to return part time until fully recovered 3 months later.
Another example, a graduating resident about to have her second child was diagnosed with MS at age 33. Although this will not result in an immediate claim, she is happy to know that she has guaranteed coverage that will increase without medical evidence as her income increases so it is at an appropriate level for when she needs to make her claim in the future.
The chances that a 25 year old becomes disabled for 90 days or longer at least once within their working career is 4 in 9. The average length of the disability is 2.9 years. Could you survive 2.9 years without an income? Do you still believe you’re indestructible and it won’t happen to you?
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