3 Methods of Income Protection for Doctors

3 Methods of Income Protection for Doctors

Income protection is crucial for individuals working in the medical field. Highly-skilled, highly-specialized individuals like doctors and dentists, who make a substantial living wage, need to ensure that their income is protected and preserved. There are a variety of ways to do this, but the following are recommended.

Disability Insurance

If you are considering purchasing or you do not currently have own specialty disability insurance, your income may not be fully preserved in the event of an accident, sickness or other disability.

When you are making a decision regarding which disability insurance policy to choose, recognize that not all plans are created equally. Some insurance providers have policies that will ensure you get paid your full salary in the event that you become disabled or are otherwise unable to work for an extended period of time. Other policies have less coverage. Having a company behind you to explain your policy options, especially for someone as busy as a practicing physician, can mean the difference between a mediocre policy and one you can truly rely on.

Life Insurance

The second type of income protection doctors and dentists should consider is a quality life insurance policy. Doctors work in high-stakes environments. At times, they subject themselves to dangerous conditions with the possibility for harm. Your life insurance policy will protect your family if something should happen to you.

Similar to disability insurance, all life insurance policies are not created equally. The right life insurance policy can protect you from estate tax, keep your family and business covered in the event of an accident and give you peace of mind. Comparing policies with an expert is an important part of ensuring that you end up with the right policy for you and your family.

Retirement Planning

The final type of income protection to consider is a solid retirement plan. When most people think of retirement planning for doctors, they imagine high-income individuals retiring early and taking it easy, although any doctor could tell you this isn’t accurate. Retirement planning is just as important for high-earners as it is for the lower middle class. Having enough money put away, investing it wisely and ensuring that you will be covered when it comes time to retire are serious issues.

The average lifespan for a middle-class US citizen has dramatically increased in the last 20 years. Discuss your retirement plan right away with a professional to ensure you’ll be covered for as long as you’ll be retired.

All of these services are important for individuals in the medical field, regardless of their specialty. Disability insurance for dermatologists is just as important as it is for surgeons, dentists and nurses. The right life insurance policy and retirement plan are solid investments in your future. As a doctor, you spend your entire career investing in others. This is an opportunity to repay yourself.

Ensure that you’re investing your money wisely in each of these policies so your family, your business and your future are protected in the event of an accident.