What would happen if your income stopped because you were too sick or injured to work? Without a paycheck, how long could you pay your mortgage and utilities, buy groceries, make student loan payments, etc.? In all likelihood, your life would be thrown significantly off course.
Before you say this could never happen to you, consider the fact that 1 in 4 of today’s 20-year-olds will become disabled before they retire. I know, you are probably thinking that most disabilities are the result of freak accidents. Well, you’re in for a surprise. The vast majority of disabilities, about 90%, are caused by various forms of illness including cancer, mental disorders such as anxiety and depression, muscle and back problems, and heart disease.
Disability income insurance (DI) can help replace your income if you become too sick or hurt to work. It provides a buffer against the unexpected.
Should disability strike, DI provides income that can be used to keep your household running as well as to help you adjust to your changed circumstances.
But before you go shopping for a DI policy, you need to know what features to look for to get income protection you can count on, and also make sure you are working with someone who specializes in the medical industry.
It’s important to note that the cost of individual disability income protection is age-based, so you can lock in a lower rate by buying now while you’re young and healthy.
You’ve made a significant investment of time and money to build your career in medicine with the promise of financial security and the other rewards that being a physician provides.
Remember, you will not get any younger, or healthier than you are today, so time is of the essence!
But should you become too ill or injured to work, that promise evaporates. Contact a reputable DI insurance agent, ideally one who specializes in the medical industry, to ensure you have adequate protection for your greatest asset.
Glenn C. Breslauer
Partner / Financial Representative
5000 W Tilghman Street, Suite 230
Allentown, PA 18104