As a doctor or other healthcare professional, you are probably all too aware of the financial consequences of illness or accident. There is no doubt that you have already spoken at length to your patients about their periods of convalescence, their absence from work or, in some cases, the complete cessation of work. With that in mind, have you thought about what would happen if you had to take time off work due to illness or injury?
Doctors can sometimes be seen as a high risk profession, working with sometimes dangerous equipment and near drugs and hazardous materials. With that in mind, it’s important that you take the time to find the right one life insurance for doctors, or other methods of financial protection.
What types of financial protection are available to physicians?
As a doctor or health care professional, having a solid financial plan in place can help put you and your family at ease. You are likely to have specific or complex needs, depending on the type of medical profession you practice. You will know better than anyone that illness or worse can happen to anyone at any time, and when it does, the financial fallout can be devastating.
It is important that you take the necessary steps to protect yourself and your family from any eventuality, especially if you are working in a high risk environment. As a doctor, you have a number of financial protection policies, including life insurance, critical illness coverage, and income protection.
Understand the different types of coverage
Life insurance
When it comes to purchasing life insurance, there are two main types of uniform term life insurance and degressive term life insurance. Both will pay a lump sum in the event of death, but coverage varies between the two. Level term insurance will pay out the same amount over time, while decreasing term means the amount you are covered for will decrease over time. Generally, this is useful for covering your mortgage, as the amount you owe on your mortgage will decrease over the years.
The amount of life coverage you purchase should depend on your personal circumstances, including whether you have dependents and financial responsibilities to take care of. It is important to consider the financial support that your family would need in your absence. Depending on your role in the medical industry and the lifestyle your family is used to, this could be important.
Critical illness coverage
Working in a medical environment means that you will have seen countless patients undergo surgery or come up with serious conditions. Being able to protect yourself financially, if you have to take time off work due to illness, can be a huge relief as you recover.
Critical illness coverage can provide you with compensation if you become seriously ill during the term of the policy, which you use to cover health costs, monthly expenses, or lost income. Most policies cover a wide range of conditions, including certain stages of cancer, heart attacks, multiple sclerosis, Parkinson’s disease, and stroke. Unfortunately, no one can predict what lies ahead, not even doctors, so having this type of protection in place can be incredibly beneficial.
Income protection
Likewise, if you’ve fallen ill or had an accident and need to take time off work, financial support during that time could make all the difference. Income protection will typically pay a percentage of your salary each month, allowing you to continue paying your mortgage, bills, or other expenses.
This can be incredibly useful as a lot can happen beyond your control. Often times, with an income protection policy, a wide range of illnesses is covered, including mental health or stress-related issues. There are many insurers that also offer additional benefits to healthcare professionals. This cannot include any exclusions for HIV or AIDS, as needle stick injuries can be one of the most common occupational hazards.
Interesting related article: “What is life insurance?” “