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.