Among all the professional groups in the United States, doctors are those who have very high incomes but it is also true that the medical school fees are also sky high. On average, the student loan to pay medical school fees can be as high as $200,000 which takes a doctor more than a decade to repay without any disruption. This is where young doctors face a dilemma because one cannot discount the chances of disruptions in life. Your loan repayment schedule can face hurdles if you fall ill and become disabled for a few years as happens to scores of working professionals year after year. That’s why you need long term high limits individual disability insurance (IDI). 

You could very well say that an IDI policy is good enough but what is the need for a long term and high limits policy? Won’t it just shoot up the cost of my disability cover for no reason? Now, you would require at least a decade to repay the student loan you had taken to pay your medical school fees. 

There is a bright side to this because by the time you close in on a decade in the profession, your income would also begin increasing at a higher trajectory. Here again, spare some thought on the likely outcome of disruption in your income caused by disability due to illness or accident. It is not something that you can control but if you have a long term and high limits doctors disability insurance policy you can easily pay all your bills and have some more to spare. 

Are you aware of the types of disability risks you face? 

You need to know the exact nature of risks that an average individual or for that matter, an average professional faces. One in every four millennials in the country will suffer from some kind of disability in his/her lifetime. Of course the study could not ascertain the average duration of such disability.

However, there are other studies that show the average tenure of disability in America to be 31 months which is more than two and a half years. If this disability doesn’t allow you to work and earn an income, how will you pay your bills, most importantly, your student loan repayments? A long term high limits disability insurance will cover you adequately against this risk. 

You cannot overlook high limits long term IDI policy 

Doctors in the United States on average earn four times more than what an average American earns. At the beginning of your career as a doctor, your income would be higher than most others in your age group but low enough for one long term IDI policy to cover you adequately. 

However, after about a decade in the profession, your income reaches a level where a standard IDI policy on its own, cannot cover you adequately. That’s because most insurance carriers apply a cap on the maximum benefit payable to a claimant. That’s where you need a long term and high limits healthcare professionals disability insurance policy from MGIS who specialize in providing disability cover to healthcare professionals.

By Manali

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