Disability Insurance For High-risk Occupations – Optometrists with an average salary of $120,000 make about $10 million from their careers. You’ll need 8-10 years of schooling to get into your career. You may also need over $200,000 in student loans to invest in your future. So with all the energy, time and financial resources you devote to your career. You must do whatever is necessary to protect that income. No matter how much budget you have or you need to do things that need to be rushed. Your optometric career will most likely generate the highest income for you.
While you are young and in good health. Would you be able to support yourself and your family if you suddenly You are unable to work due to an accident or illness? Disability insurance gives you money to cover your expenses and expenses if you are unable to work. Therefore, disability insurance is really income insurance. Long-term disability insurance covers loss of income if you are unable to work for a long period (more than 90 days) due to any illness or injury. Studies have shown:
Disability Insurance For High-risk Occupations
“20% of people will have a short-term disability before age 65, but about 70% of private sector workers will not have a long-term disability.”
What Is Disability Insurance?
Disability insurance is extremely complex and depends on individual health circumstances. And will vary greatly from insurance company to insurance company. This guide is in
A comprehensive summary of all the minor differences included in each disability policy. Rather, it serves as a basic guideline, especially for new physicians.
A number of factors can increase the amount of money you’ll pay, such as having a high-risk career like stuntman, dangerous hobbies like rock climbing or skydiving. and general overall health There are also several exclusion factors, such as life-threatening medical health denials. which insurance will not cover in your policy
For example, if you had chronic heart failure at the time your disability insurance was issued. But later became disabled due to the aforementioned heart attack. The policy won’t pay you anything (crazy?). Additionally, there may be other restrictions. regarding payment eligibility, such as injury during overseas travel, pregnancy or mental disorder The list can go on.
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Unlike life insurance, there are strict limits on the purchase of disability insurance. As a general rule, most insurance companies provide maximum coverage.
Example: A physician making $150,000 per year may have an average annual wage of $3,000 (1-3% of salary), paying an average of $250 per month if he is fully disabled and unable to work. His insurance will pay him about $90,000 per year (or 60% of his salary) until he turns 65.
There are 5 main factors that can affect your policy rates and can significantly increase your costs:
1) Coverage Amount: The amount of coverage you need depends on your current income and the amount you need to maintain the desired lifestyle.
What Are The Types Of Insurance You Need?
2) Benefit Period: The length of time for which you want the benefit to last. Which ranges from a few years to 10 years or even until retirement. The longer you want to take benefits, the more it will cost.
We recommend a minimum of 5 years, but if you can afford more! Go!
3) Waiting period: The period between when you become disabled and when you want to start receiving disability benefits.
To compensate for this waiting period Many doctors tend to have an emergency fund (three to six months) to cover their expenses. or apply for short-term disability insurance (Will be discussed later)
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4) Age and Health: The older you are or the less healthy you are. The more expensive it is, so when buying disability insurance. will not be cheaper than the current price
5) Career: The more risky your career is. The higher the price, the more expensive it is (e.g. stuntman). Good thing, optometry is a relatively low-risk profession. You cannot die from refracting light.
These 5 key factors determine the base price for a typical LTD coverage for a few years. This only costs 1% of your annual salary in premiums. But if you want more and full coverage with a longer benefit period You may have to pay a premium of almost 3% of your annual salary per year.
There are several extra features called RIDERS that you can add to your policy. But there will be an additional fee.
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1) Non-Cancellable Option: Your insurance company cannot cancel your policy or increase your premium rate. If you change jobs to pursue another passion, such as professional skydiving
2) Self-employment policy: You can still receive disability benefits. If you are too disabled to go back to being an optometrist But can also work in other types such as internet bloggers. This is different from the policy. “Any Occupation” which only pays you benefits if you are too disabled to do any type of work.
3) Student Loan Rider: Allows you to get additional coverage to pay off your student loan balance while disabled. This is important for those who might refinance to private lenders. Therefore, it is not possible to reap the benefits of federal loan forgiveness in the event of a disability.
4) Future Purchase Option : Lets you add future coverage without having to take out additional health insurance. Suitable for new generation doctors who expect revenue to increase in the future
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5) Partial or Remaining Disability Benefits: Pay the benefits even if you continue to work part-time as an optometrist. But suffered a huge loss of income. (less working hours or reduced productivity) due to injury
There are many other types of riders offered by different insurance companies. Although these options are great and can be tailored to your personal situation.
It’s important to talk to your disability insurance agent/broker to make sure you’re getting all the coverage you need.
Short-term disability (STD) insurance generally replaces your income for a short time (3-6 months). STDs can cover a waiting period before your long-term disability begins. Some female doctors can also get a short-term disability policy that specifically covers future pregnancy planning. But for most of us Having a large enough emergency fund for 6 months is enough to cover a short period of time. with no income
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Dat and Aaron partnered with these verified insurance agents. This will help you shop for different companies. Quickly for coverage that works for you.
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Dr. Bui is an optometrist at Apple Wellness Center in the heart of Silicon Valley. He is passionate about eye disease and healthcare technology. He started his career with $220,000 of student debt. And was able to pay off this huge debt in five years using budgeting and personal finance strategies. coupled with aggressive investment He is a big supporter of passive index funding with a small portfolio of individual technology stocks. finance
Want to receive the latest optometry financial news to succeed? | Don’t worry, Dat & Aaron hate spam too! in the previous series We have discussed the basics of life insurance. And life insurance can be the key to the success of your financial plan. It depends on your financial situation. Life insurance replaces your income for your dependents after you pass. But what if you want to replace your income while you’re still alive and disabled? Disabilities and inability to work are more common than you might think. in fact Disability is 3-5 times more likely to die prematurely, but people are more financially prepared for premature death than disability! If you want to learn about the basics and benefits of disability insurance the amount of money you need, and other ways to plan for disability This series is a good place to start.
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The purpose of disability insurance is to replace the income of you and your dependents. If you’re disabled and unable to work, the word “disabled” can mean different things depending on the type of policy you get. Two of the most common disability definitions are “own occupation” and “any occupation.”
Take a career, although you still have the physical and mental strength to pursue other occupations. For example, surgeons are paid not only for their skills but also for but also because of their knowledge Injuries can impair their surgical skills. but let them have knowledge to teach. manage surgery center or give advice These alternative careers generally pay less than plastic surgery. Own occupational policies prevent this because, although surgeons can work in other knowledge-based positions, they are protected because they cannot.