According to Council for Disability Awareness, 1 in 8 workers will be disabled for five years or more during their working careers. That’s why the Council for Disability Awareness designated the month of May as Disability Insurance Awareness Month — a full 31 days dedicated to educating individuals on the effects of disabilities.
When you own a successful medical practice there are many people that have helped you grow it. Your amazing team, the ones your practice couldn’t survive without, have had a hand it your success.
According to the National Association of Insurance Commissioners, small businesses are extremely dependent on just a few key people for their success, and 71% say that they are “very dependent” on only one or two key people.
That’s why you should consider purchasing key person life and key person disability insurance for your practice.
As you know, a disability can happen to anyone. According to the Council for Disability Awareness, 1 in 4 of today’s 20-year olds will become disabled before they retire. In addition, statistics show that 1 in 8 workers will be disabled for five years or more during their working careers. With statistics like these, it’s pretty hard to turn your back on disability insurance.
The truth is, having a disability will inhibit you from living your life the way you want to and from earning a living. As a physician, you have a high standard of living and you want it to stay that way, which is why you’ve decided to buy disability insurance.
“If you get hurt or become too sick to work, what happens to your income?” It’s one of the first questions that Scott Dial, a disability-income expert who works with TMA Insurance Trust, asks medical residents and new physicians. For some people — 40 percent, to be exact — that answer is usually “I don’t know” followed by “I think my employer has something,” or “my spouse will have to work.” The average healthy person is rarely counseled on handling a disability.
As a medical resident, you are aware that certain disabilities can have life altering consequences, especially if safeguards were not put into place before the disability occurred. It is no secret that residency is often a trying time, including lack of money, long hours, little sleep and an accumulation of student loans. Contemplating your financial future can feel overwhelming when you are just trying to get through the long list of daily responsibilities as a medical resident. Even if purchasing disability insurance is not currently at the top of your priority list, take a quick look at a few reasons why it is a good idea to protect yourself early on.
