Practicing veterinarians face many workplace risks, from physical injury to zoonosis and chemical exposure. These occupational hazards can be life-altering, preventing you from working as a veterinarian. A good financial plan, like veterinarian disability insurance, can protect you when the unexpected happens. Here are a few reasons disability insurance for practicing veterinarians should be part of your financial plan:
Protect Your Income
A veterinarian disability insurance can protect your income when disabling conditions threaten your livelihood. Whether illnesses or workplace injuries, these conditions might hinder you from practicing as a veterinarian. They may limit your opportunities to earn an income and drain your life savings. Purchasing disability insurance for practicing veterinarians means you’ll have money coming in even if you’re not working.
Disability benefits will work as your regular income. You can use them to meet your financial obligations, like paying for mortgage and day-to-day expenses. This allows you to focus on recovery without additional financial stress. A good policy, like long-term, individual disability insurance, will pay benefits for years. This policy stays with you even after changing jobs. It also offers safeguards, as no one can change or cancel your plan without your approval.
Protect Your Investment
Veterinarians who own clinics can benefit from disability overhead expense insurance in their financial plan. This policy will protect their investment if they experience an illness or injury that stops them from working. It will provide the financial support you need to keep your business running until you recover. With overhead disability insurance, you don’t need to sell personal assets to pay for ongoing expenses. This policy will cover your business expenses like employee salaries, insurance premiums, and rent.
Your business can benefit from various tax advantages this insurance policy offers. While overhead disability insurance benefits are taxable, you’ll pay tax-deductible premiums. Your business’s ongoing expenses covered by this policy are also tax-deductible. Some policies have a carry-forward feature that will take unreimbursed expenses and unused benefits to future months.
Cover Student Loan Payments
According to the American Veterinary Medical Association (AVMA), the average school debt of a veterinary graduate is over $150,000. Some enter the profession with debts over $400,000. That means you need a continuous income stream to make loan payments. In case of an injury or illness that stops you from working, you might lose your income and ability to pay student loans.
A veterinarian disability insurance will protect you during the disability period. You may purchase a student loan rider to cover student loan payments. This option offers a monthly payment benefit to prevent paying student loan debt from your savings or assets.
What To Look for in Disability Insurance for Practicing Veterinarians
Before purchasing a veterinarian disability insurance, shop around to compare premiums and benefit amounts. An insurance with graded premiums allows veterinarians to purchase their policies at lower initial rates. Partner with a provider offering a long-term policy to protect your income or business over the years. You should also check if the policy offers additional riders, including student loans and inflation protection. Take a closer look at a policy’s elimination period–how long you need to wait before the policy begins to pay out. You may choose one with a long elimination period to benefit from lower premiums.
Choose the Right Veterinarian Disability Insurance
Veterinarian disability insurance provides financial benefits in the event of an accident or injury. With the right policy, you’ll protect your income and investment during disability periods. Researching a policy before committing to it may help determine if it’s the right option. Contact trusted insurance providers today to learn more about disability coverage for practicing veterinarians.