You can’t predict the future, but you can help protect it – at least when it comes to your finances. That’s the thinking that underlies disability insurance.

Nobody knows if, or when, they might have an injury or illness that could prevent them from working – particularly at this time when we’re seeing a dramatic upsurge in new cases of Covid-19. Without work, for most physicians, that would mean their income would diminish significantly or stop altogether.

Disability insurance is there to provide income at those times and is therefore considered an essential safety net to help protect our finances. That said, we find that many physicians – even those who currently have some disability insurance – may not have enough coverage, leaving their financial future vulnerable.

Most of us are familiar with the basic concept of life insurance: It provides your beneficiary with a payment if you pass away during the time you are covered.

But as you may know, there are different kinds of life insurance. For example, there is term life insurance and whole, or permanent, life insurance.

We pay for disability insurance for a good reason. We trust it will be there to provide a benefit payment if we get sick or injured and cannot work.

But if you did become ill or injured and couldn’t work, do you know how long it would take to receive your benefit payment? It may be longer than you think.

If you are a female physician, your personal achievement and hard work has come with an economic reward. Because you have a significant income, you likely play a prominent role in the lifestyle your family leads. You also bring financial stability to your household.

Because your family’s well being likely hinges on your income, life insurance protection plays an important role. But according to life insurance industry estimates, about 58% of men have life insurance, but only 48% of women are covered.* Do you have the life insurance you need to help protect your family’s future?

The face of medicine is changing. What used to be a male-dominated field is undergoing a historic shift. According to initial enrollment data, at medical schools across Texas women are expected to comprise the majority of the graduating class of 2021.

Whether you are a new physician or one of the many women who paved the way leading to this moment, you can be proud of the accomplishment.

The rates for you are very likely higher than those paid by your male colleagues.

In some cases, 40% – 50% higher*. This is what some call a “pink tax’ – a surcharge based solely on the fact that you are a woman. Why is this so? Because statistically, insurance companies find women physicians become disabled more than their male colleagues.

As a female physician you’ve worked incredibly hard to be where you are today. Whether you own a thriving practice, or work in a large medical center or hospital, you’ve put in the hours, jumped the hurdles, met the challenges – in short, you’ve paid your dues. So why shouldn’t you be able to get more affordable rates for disability insurance?

During these days of historic change and uncertainty, it is not uncommon to think about what we can do to help further protect the health and financial security of our family.

As a result, our advisors are fielding numerous questions about disability insurance. This is because disability insurance is a vital way to help replace income if we are unable to work due to illness or injury.

As we face the challenges of these extraordinary times, many of our members are reviewing or reevaluating their disability insurance options.

Here is some insight into one disability insurance plan that may help inform your decision about getting coverage that can serve your needs and save you money.