A disability can happen at any time, including while you’re still in veterinarian school or immediately after graduation. Underestimating the risk of disability leaves you exposed to untimely injuries and illnesses without proper coverage. Disability insurance for soon to be veterinarians secures your financial future against issues that may leave you unable to work. Here are a few misconceptions about disability insurance for veterinarians:
Only for Catastrophic Accidents
A common misconception is that disability insurance is designed for catastrophic injuries, such as car crashes and workplace accidents. Although the insurance covers these areas, disability doesn’t always come from accidents. Some people become disabled due to illnesses, such as musculoskeletal disorders, mental health issues, and chronic conditions that develop over time.
As a veterinarian, your job may lead to repetitive strain injuries due to the constant bending and lifting required when working with animals. Compassion fatigue and exposure to animal bodily fluids and pathogens also increase the chances of debilitating illness. Disability insurance for soon to be veterinarians covers any injury or illness that keeps you from working for weeks, months, or years. The policies protect your income in case of a debilitating injury or illness.
Designed for Practicing Veterinarians
Disability insurance is a safety net for all professionals, including practicing and aspiring veterinarians. Whether you’re still in school, recently graduated, or an experienced veterinarian, you face the same risks. Training to become a veterinarian involves handling animals and exposing yourself to scratches, bites, kicks, needle injuries, and infections. You also commute to firms and clients, increasing your exposure to road accidents.
Getting disability insurance before graduation allows you to protect your financial future against unforeseen injuries and accidents. You may start with short-term policies for internships. After graduation, seek comprehensive policies that protect you from long-term disability. Becoming disabled as a new graduate may leave you without an income to pay off student loans and pursue life goals. Disability insurance protects your income and provides benefits until you’re fully recovered or retired.
Employer Coverage Is Sufficient
If you work for a corporation, your employer will likely provide a form of disability insurance. The coverage is often part of a group disability plan that replaces a portion of your income. Such plans are taxable if your employer pays the premiums and are seldom sufficient when faced with long-term disability. The employment terms may also disqualify you from continued coverage if you leave your job.
Employer-provided disability insurance may not offer sufficient protection. Individual policies tailored to your needs, qualifications, and income projects provide better protection. They’re also flexible, offering more control over coverage and premiums. Employer coverage may stop if you can perform another job, even if the new job isn’t related to veterinary work. Personalized own-occupation coverage protects your benefits and gives you the freedom to earn an income in other fields.
Suitable for Long-Term Situations
Disability insurance providers offer short-term and long-term coverage. Some veterinarians associate disability with serious, long-term situations and underestimate the risk of short-term injuries and illnesses. Short-term disability provides coverage for a period of a few months to a year. This type of coverage is necessary, especially if you’re a practice owner.
Short-term disability insurance may cover business rent, mortgage payments, employee salaries, and other overhead costs. The insurance reduces the impact of short-term injury or illness on your cash flow and business capital reserves. Short-term and long-term coverage serve different purposes but are complementary to each other. You can use short-term policies during internships, when in between jobs, or before your long-term coverage kicks in.
Unprofitable Unless You’re Disabled
Disability insurance is similar to standard health insurance and serves as a safety net for individuals and their families. Some policies feature return of premium (ROP) riders or options to refund the premium after a specific duration without a claim. The benefits of insurance contributions outweigh the potential financial strain if you get injured. As a veterinarian, your working conditions increase your vulnerability to debilitating injuries and illnesses. Claims are also straightforward to file.
Get Disability Insurance for Soon to Be Veterinarians
Disability insurance gives you the income replacement you need when you’re unable to work due to injury or illness. The policies are flexible and customizable, allowing control over the type of coverage. Contact a provider today to learn more about your disability insurance options.
