Although an individual may just be a resident at the hospital, they should still protect themselves with insurance in case they should become unable to work. Even a small injury could result in lost days and make paying their bills or student loans a large financial burden. Down the road, residents that become doctors could lose thousands of dollars if they’re unable to see patients in the hospital or in an office setting. Disability insurance can alleviate the financial burden being disabled can have on someone’s life. Student loan debt is often averaging between $180,000 and $190,000 when individual factors in their undergraduate and graduate debt.
Even when a female leads a healthy lifestyle, they have a 38 percent chance of becoming disabled. If they are overweight or smoke, their chances increase to 41 percent. More than 38 percent of the females are disabled for more than five years. Men are not immune to becoming disabled. Only 21 percent of men who lead a healthy lifestyle will become disabled, but their chances increase to 45 percent if they smoke or become overweight. Men are usually disabled for five years or more. Doctors have a higher chance of becoming disabled due to the diseases they face daily, anxiety, depression, and stress from the job, back injuries and so much more.
Disability insurance provides doctors with a monthly income while they’re disabled. Disability insurance doesn’t pay one payment and the money can be used to pay for anything such as groceries, utilities, transportation and much more. Before a resident can purchase coverage, a full review of their income and medical history will be obtained. They will have to supply a blood and urine test. The guidelines are very stringent because the carrier insures the buyer until the age of 65 or 65 depending on the policy. Rates might differ due to the gender of the applicant.
Social Security disability will not cover all of your expenses and student loans like disability insurance will. It’s important to protect your income and give you the peace of mind you need that your bills will be paid. For more information, please visit https://insurestat.com/.