Protecting your income is the foundation of your financial security. Our income provides for all of the little and big things in our lives. We pay for our house, car, food, cellphone, and much more with our income. Have you ever considered what your financial situation would be like if you were too sick or too hurt to work as a veterinarian for an extended period of time? For this reason, disability insurance for a veterinarian should be on your radar.
It is important for people to realize that none of us have the ability to predict the future or our future health. You may ask yourself… what could potentially happen to me that could prevent me from working as a veterinarian? Here is a list of a few of the conditions that have led people to make claims- accidents, cancer, mental disorders, and nervous system issues. According to the council of disability awareness, “Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire and the duration of the average long-term disability claim is 34.6 months”. In addition, a disability can lead to big changes in your expenses. You may see an increase in what you normally spend due to insurance co-pays, in-home care, and home modifications.
One potential solution you may want to consider as a veterinarian is an individual disability insurance policy. An individual policy has the ability to be customized to meet your budget and needs. In addition, it stays with you even if you change jobs or move across the country. Individual plans also have the ability to offer guarantees which means your plan can’t be cancelled or changed without your approval, unless you stop paying for your coverage. This is an important consideration when evaluating disability insurance for veterinarians.
This holds true for small animal, mixed animal, and large animal veterinarians. In addition, it would include veterinarians working at internships, in private practice, or in corporate practice settings. Individual disability insurance for veterinarians may be a suitable solution for veterinarians from every discipline of the veterinary medical field.
If you would like more information on the need for disability insurance we recommend visiting the Council for Disability Awareness- https://disabilitycanhappen.org/. Here you will find many facts and information regarding disability insurance and the need for disability insurance. In addition, there are links to other organizations that can provide more insight and information.
Here at TPVS, disability insurance for veterinarians is what we do. To learn more about how we can meet your specific needs, sign up here to request a free quote. We have helped thousands of veterinarians across the country with their income protections needs over the course of thirty years.
This post offers general information that is NOT a substitute for professional advice regarding your insurance situation. Disability insurance has limitations and exclusions. Some features, provisions and riders may not be available in all states or with all occupation classes. This blog post was created and is owned by Total Planning Veterinary Services. Do not copy or use this post unless you have the written consent of Total Planning Veterinary Services.
Disability insurance for Veterinarians-
What is disability insurance? Why is it important? What
should I be looking for as a veterinarian? What do all of these words and
numbers mean on my quote? If you find yourself asking some of these questions
this blog post is for you! Disability insurance for veterinarians doesn’t need
to be confusing!!!
Disability insurance is income protection- it provides you a
monthly benefit for each month you are too sick or too hurt to work. A
disability policy will consist of a few different pieces and parts. Let’s talk
about a few of these different aspects of a policy and some key terms.
by the insurance company to determine if you’re disabled and eligible to
have to wait before receiving monthly benefits. You may have a choice of 30,
60, 90, 180, 365 days on your policy.
your disability insurance policy. You may have options of 2 years, 5 years, to
the Age of 65 or to the Age of 70.
paycheck” to help replace your lost income while you are unable to work.
Typically a disability insurance plan for veterinarians will cover about 60% of
your annual income.
benefits. Some common riders you may see offered are:
Residual disability benefit-
if you are residually disabled and have a reduction of earnings you will
receive a disability payment that is proportionate to your loss of earnings
Regular occupation- if you
are totally disabled in your currently occupation and choose to work in another
occupation you receive full benefit payments (regardless of the income earned
from the other occupation)
(COLA)- while disabled and receiving benefits your payments are adjusted to
keep up with inflation
if you qualify for income protection, how much you can buy and what it will cost
with the insurance company
The next thing you may want to consider after you understand the terms are what are the questions I should be asking when looking at a policy. Here are some questions you can use to evaluate any disability insurance policy-
Disability insurance for veterinarians is something that needs to be on your radar- your income is one of your most important assets. After all, you rely on it every!
The blog post is for informational purposes only. This post offers general information that is NOT a substitute for professional advice regarding your insurance situation. Disability insurance has limitations and exclusions. Some features, provisions and riders may not be available in all states or with all occupation classes. This blog post was created and is owned by Total Planning Veterinary Services. Do not copy or use this post unless you have the written consent of Total Planning Veterinary Services.