Doctors, like all professionals, are not immune to accidents, illnesses, or injuries. While you dedicate your life to improving the health of others, it’s equally important to safeguard your own financial well-being. Disability insurance acts as a financial lifeline, offering income replacement when you can’t work due to a disability.

1. Protecting your income. Your income is a significant asset; it supports your lifestyle, family, and financial commitments. Disability insurance ensures that you can continue to meet these obligations, even when a disability temporarily interrupts your ability to practice medicine.

2. Maintaining your standard of living. Disability insurance helps you maintain your standard of living during a period of disability. It covers essential expenses such as mortgage or rent, utility bills, education costs, and everyday necessities. By having a financial safety net, you can focus on recovery without added financial stress.

3. Ensuring peace of mind. Knowing that you have financial protection in place provides peace of mind. It allows you to focus on your recovery and provides security for your family. Disability insurance is a crucial element in your overall financial strategy, ensuring you can continue your medical career and protect your financial future.

Why doctors become disabled

While disability can strike anyone at any time, doctors face unique challenges and risks in their profession. Here are the top three reasons why doctors might become disabled:

Physical injuries and accidents. Doctors are exposed to various physical risks in their daily work, whether it’s the risk of needlestick injuries, surgical accidents, or slips and falls in a busy hospital. These incidents can lead to severe injuries, disabilities, and even chronic health conditions. While you prioritize patient safety, it’s essential to prioritize your safety as well.

Chronic health conditions. The demanding nature of a doctor’s job can take a toll on physical and mental health. The long hours, stress, and exposure to illnesses can contribute to the development of chronic health conditions, such as cardiovascular disease, diabetes, or mental health disorders. These conditions can lead to temporary or permanent disabilities, affecting your ability to practice medicine.

Occupational risks. Doctors often work in high-pressure environments with exposure to infectious diseases and hazardous substances. Despite stringent safety measures, the risk of contracting an illness or infection remains. COVID-19 is a stark reminder of the occupational risks doctors face. A severe illness can result in a prolonged disability, underscoring the need for financial protection.

The role of disability insurance

Income replacement. Disability insurance provides income replacement when you’re unable to work due to a disability. It ensures you continue to receive a portion of your income, allowing you to cover essential expenses and maintain your financial stability.

Customized coverage. Disability insurance can be tailored to your specific needs. You can choose the level of coverage, elimination period, and benefit period that aligns with your financial goals and obligations. This customization ensures that the policy fits your unique circumstances.

Peace of mind. Having disability insurance in place offers peace of mind. It alleviates the financial burden that comes with a disability, allowing you to focus on your recovery and maintaining your quality of life.

Protection for your career. Disability insurance protects your medical career. It ensures that you can take the time you need to recover without worrying about financial pressures. This protection is not only for you but also for your patients, who rely on your expertise and care.

We never think we will become disabled, but for 1 in 5 doctors, it will happen. Plan, protect yourself, your family, and assets. Review your disability insurance. Your employer-provided insurance is likely not enough.

Amarish Dave is a board-certified neurologist with over 20 years of experience in both neurology and active stock investing. In addition to his medical career, he holds a background in business from the University of Michigan and has successfully passed the SIE exam administered by FINRA. Dr. Dave is founder, FiscalhealthMD.com, a website dedicated to educating doctors at all stages of their careers, ranging from residents to retirement, about financial planning.