Disability insurance for professionals: Yes, they need it

disability insurance
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Medical and legal professionals need this coverage as much as – if not more than – other professions.

Professionals need disability insurance to provide them with income for maintaining their accustomed lifestyle until they receive medical clearance to return to work again.

Illness is the leading reason for claims filed on disability plans.

Professionals such as doctors, dentists, lawyers and others often overlook disability insurance. This is often because the coverage is associated with jobs requiring physical labor. However, an illness or injury can interrupt a doctor or lawyer’s capacity to keep up with their work responsibilities just as would be the case in positions defined by their physical labor requirements.

While professionals may be better able to keep up with some – if not all – their responsibilities in the case of many types of injury, that outcome may change in the face of illness. According to Council for Disability Awareness data, 90 percent of disabilities are the result of illness and not injury. Therefore, even if a broken bone wouldn’t stand in the way of a professional to do his or her work in the same way as someone whose job requires tasks such as climbing and lifting, the risk of being unable to work remains.

Plans shift the financial risk of a serious illness or injury to an insurer.

It’s always a good idea for professionals to seek expert advice when shopping for coverage. That way, they can make certain that the terms of a policy will suit that professional’s needs, which may differ considerably from those of someone in another field.

Professionals must keep in mind that a serious injury or illness that holds them back from being able to work for a substantial length of time could result in financial catastrophe. It could cut off current income and future income while business and/or personal expenses will continue or may even rise.

Disability insurance helps professionals protect themselves and their families from loss of income.

This insurance coverage makes sure a disabling injury or illness won’t stop the income professionals need. There are two main types of policy from which to choose. The first is a short-term disability plan. The second is a long-term disability plan.

Short-term plans provide protection for only a brief period of time. This is typically as long as 120 days, during a span of time in which Employment Insurance is unavailable. This form is usually available as a component of group coverage or a employee benefits plan. This isn’t usually sold as an individual product.

Long-term plans, on the other hand, are sold as a standalone solution or may also be included as a part of a group plan. This is the type that is usually the most relevant to professionals who typically require standalone plans. That said, even within this category, there are several options available. It’s important to use disability insurance resources specific to professionals, to be sure the right coverage is selected.

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