Disability Insurance for Cardiologists
As a cardiologist, you've invested at least a decade and tens, if not hundreds of thousands of dollars in training. You've undoubtedly persevered financial, educational, and lifestyle obstacles in order to work in this field now largely because you are passionate about helping people. Maybe you've just entered the field as a licensed cardiologist at your first employer hospital or maybe you've been practicing for decades as part of private practice, in either case, if you haven't already, now is the time to look at disability insurance.
Why Disability Insurance is So Important for Cardiologists
As the events of the last months have shown us, nothing should be taken for granted and it's necessary to prepare ourselves for worst-case scenarios. Disability insurance provides protection for one such scenario -- and it isn't a far-fetched, low-risk one either. For those about to graduate medical this year, the Social Security Administration estimates that one in four can expect to be out of work for at least a year due to a disabling condition that occurs prior to retirement age.
Imagine, a minimum of a year out of work, being unable to pay back the thousands, tens of thousands of dollars in student loans, or pay for existing medical care and lifestyle expenses. Student debt and debt related to the visibility itself does not go away regardless of your inability to continue work as a cardiologist. You've worked hard to enjoy your lifestyle, salary, and workplace community, you should not have to lose it all due to an injury or accident that either limits your working ability or prevents it altogether.
This is why disability insurance for cardiologists is so important. Short-term and long-term disability insurance goes beyond workers' compensation and government disability payouts to provide some or all of the higher income cardiologists bring in when they can work.
Contact Specialized Disability Insurance today to learn more about the best disability insurance for cardiologists.
Understanding Short-Term & Long-Term Disability Insurance
When researching and purchasing your own occupation disability insurance, you'll have the choice between short-term disability and long-term disability. Both are designed to provide a financial safety net in the event of an accident or illness, but there are some key differences between the two and what disability insurance companies for cardiologists will generally offer:
- Short-term disability insurance. This type of insurance typically starts 14 days after the policy-holder becomes a victim of a temporary or non-threatening illness or injury. The benefits will generally last about six months to a year, with some policies offering payouts for upwards of two years in certain situations.
- Long-term disability insurance. This type of disability insurance is designed to protect policyholders in the event of a serious injury or illness that would prevent them from working for several years, or from ever returning to work. Benefits from this type of policy will vary in how long they last, with the minimum generally being 5 years and some policies lasting up until the retirement age of 65.
Get a personalized disability insurance policy designed to ensure you get paid if you can't work due to injury or illness.
Contact Blaine Lipkin to Learn More About the Best Disability Insurance for Cardiologists
Every cardiologist should, at the very minimum, have a sound disability insurance plan to protect them financially in the event of a broken bone or similar incident that would take them out of work temporarily. However, having long-term disability insurance coverage is the best way to ensure you and the household that relies on you are protected in the event of any injury or illness. Contact our team today to learn more about the best disability insurance for cardiologists plans to cover medical professionals just like you.
