Hannah Orbertson As a veterinary professional or student, your first priority is your work. Disability insurance may be the last thing on your mind, but it’s important to think about. In the case of injury or illness, do you want your income to be protected? To be prepared no matter what life throws your way, one option is to consider purchasing disability insurance for veterinarians.
Why consider disability insurance?
You may be asking yourself, “why should I bother with disability insurance?” Unfortunately, disability isn’t a choice. When an unexpected health problem comes up, it can cause you to miss work for a couple days or longer. In fact, disability and deteriorating health force many people to retire much sooner than expected.
Who should purchase disability insurance?
If you have financial dependents, disability insurance is something you should consider. You want to make sure you and your family can live comfortably in case a disability takes you off the job.
Working as a veterinarian can take a physical and emotional toll on a person. The job requires long days on your feet, lifting patients, completing precise surgical cuts, and more. Over years, all this pressure can accumulate and lead to chronic conditions. As a veterinarian or veterinary student, it’s a wise idea to have disability insurance in your back pocket, so you know you’re always covered.
Types of Disability
Disability comes in many forms. Here is a quick look at short-term and long-term disability, so you have an idea of what’s covered with disability insurance:
Short-Term Disability
Short-term disability provides benefits up to six months. Usually, you have to wait two weeks to allow these benefits to kick in. If you don’t have some emergency funding saved up, it may be a good idea to have disability insurance to cover you for short periods of time.
Long-Term Disability
If you need to be away from the office for more than six months, your long-term disability plan will kick into action. It is usually designed to provide you with benefits until you reach retirement age. Because this policy will be with you for decades, it’s important to assess the insurance policy you are purchasing. You are entering into a long-term partnership, and you want you get your money’s worth out of your disability plan. Some terms that may be beneficial for you include:
- Own occupation: If you are no longer able to work as a veterinarian but are able to work another job, it’s important to make sure you still receive disability benefits. With an own occupation policy, you are entitled to benefits even if you are working in another field.
- Non-cancelable: You want to make sure your insurer does not have the ability to change the terms and conditions of your agreement as long as you are paying.
- Guaranteed renewable: As long as you’re paying, the insurer must provide coverage, but is entitled to increase the premium rates.
If it’s important to you to have complete, reliable coverage for the long-haul, disability insurance is one option you have. Taking a look at all of the terms of a potential disability plan can help you decide which one is right for you.
Misconceptions About Disability Insurance
When many people think about disability insurance, their minds go straight to work injuries. Work injuries are usually covered under worker’s compensation benefits, but most devastating illnesses and injuries do not occur at the workplace. In fact, the vast majority of disabilities are caused by illness. A disability insurance policy will cover disabilities caused by illness, along with any number of other ailments, such as:
- An injury caused by a car accident.
- Blindness due to disease or injury.
- Any chronic or sudden illness, like cancer or stroke.
When you purchase disability insurance, you are covered for any incidents at the workplace and away from the workplace. This can provide you with some financial coverage if you are unable to resume work.
What’s the purpose of disability insurance for veterinarians?
Your profession is important to you and you want to keep doing it as long as you can. However, sometimes life gets in the way and prevents you from fulfilling your duties as a veterinarian. With disability insurance, you help protect yourself and your family in the case of illness or injury. If you want peace of mind and financial security, you might be curious to learn more.
Get a Free Disability Insurance Quote Today
With over thirty years of experience providing disability insurance for veterinarians and veterinary students, Total Planning Veterinary Services knows all the ins and outs of the insurance industry. We are unique because we specialize in working with veterinary students as well as practicing veterinarians.
Here at TPVS, we don’t charge any planning or consultation fees, so you can spend your money on what matters most. Our specialized team of veterinarians and financial professionals is at your service to design the plan that’s best for you. Do you have any questions about disability insurance for veterinarians? Contact us online today to schedule a free consultation or request a quote!
