It may be a good idea to get a solid insurance policy when establishing your veterinary career. The aspects of these policies may determine how secure your career is. You need income protection in case you stop working due to disabilities. Here are things to look for when choosing disability Insurance for practicing veterinarians:
Type of Insurance
There are two types of policies for disability insurance for practicing veterinarians: short-term and long-term policies. Evaluate the type of insurance you need for your career before getting started. Short-term policy covers disability of a year or less that leads to the loss of income. The long-term policy covers the whole benefit period starting from two years and above.
Elimination Time
An elimination period is how long you must wait to start receiving the disability benefits from the day of disability. The waiting time may vary. A longer elimination period lowers your premium amount. If you have no savings, choosing a shorter elimination period is ideal. But if you have a few year's worth of savings, opt for a longer elimination period.
Benefit Amount
A benefit period refers to how long you will receive disability insurance benefits. The period can range from a few days to several months or even years. The shorter the benefit period, the lower the premium rates. You choose the ideal benefit period for you. If you are about to retire, choose a shorter benefit period.
The benefit amount is the money you could receive from disability benefits. This amount covers a certain percentage of your income per annum. Disability insurance for veterinarians can be paid at monthly intervals or the period policy you choose. Check for any extra perks that your policy may offer.
Premiums
The premium amount is what you pay for insurance while you are still working and healthy. These premiums depend on factors such as age, health, policy, and occupation. Premiums also vary depending on desired features like add-ons, elimination, and benefit periods.
Additional Riders
A rider is an add-on or a feature that is added to your policy to increase the benefits. Long-term policies offer add-ons like inflation cover and future added covers. An owner-occupation rider protects your benefits for any period you can’t function as a veterinarian. Other add-ons include regular occupation, which allows you to work in another field while receiving your full benefits. The residual disability benefit covers loss of earnings for partial disability and reduced earnings.
Choose The Right Disability Insurance for Practicing Veterinarians
Conditions or disability that prevent you from working can be temporary or permanent. The conditions include anxiety and depression, brain injuries, fractured bones, and serious illnesses. The money you receive from the insurance company is untaxed since it was taxed when buying the policy.
It can be helpful to utilize financial planning in your veterinary career. You can achieve this by getting disability insurance for veterinarians to protect your income in case of disability at work. Talk to a reputable insurance company to help you navigate your insurance coverage needs.