When starting your veterinary internship, you focus on growing your skills and may not consider protecting your income-earning prospects. Disability insurance acts as a safety net, protecting your income in the face of unexpected health challenges or accidents. Here are reasons to consider disability insurance for soon to be veterinarians for your veterinary residency or internship:
Pay Less for Coverage
Some insurance providers offer discounted rates for recently graduated veterinary residents. Buying a disability insurance policy is inevitable, so it is best to get it early to save money now and in the future. Disability insurance policy providers may require you to submit your application before graduation to give you discounts. Insurance policy providers consider age and health when deciding your insurance premiums. Premiums are usually more affordable when you are younger and healthier. Recently graduated veterinarians should purchase disability insurance for lower rates throughout the policy’s life.
Protect Your Livelihood
As a resident, you are at the beginning of your career, and your ability to practice is your greatest asset. Residency can last a few years, and during that time, you may not have built up significant savings. Having little to no savings makes you vulnerable to financial setbacks if a disability stops you from working. If you have disability insurance, your insurance carrier pays you a percentage of your income lost as you recover. This financial support can be a lifeline, allowing you to cater to your living expenses, medical bills, and student loans.
Cover Your Student Debt
Pursuing veterinary medicine comes with the burden of student loans, which you must service once you start earning an income. Without disability insurance, an unexpected illness or injury could jeopardize your ability to make loan payments. Disability insurance coverage mitigates the risk of income loss, allowing you to pay your student loans during challenging times. This safety net protects you from the consequences of defaulting on loans.
Pre-approved Coverage Limits
Financial verification is a prerequisite for purchasing individual disability insurance. Many insurance providers offering disability policies for residents bypass this requirement and provide pre-approved coverage limits. These limits are generous, providing adequate coverage throughout your residency. Disability insurance policies for residents have a provision for future increases, allowing you to add more coverage when your income grows.
Complement Group Policy Benefits
Most employers offer group disability coverage for all employees, including residents. Employer-sponsored plans may not provide sufficient coverage since employers try to cut costs by limiting coverage. An individual disability insurance policy provides comprehensive coverage that complements your group policy. You have more freedom to choose the extent of coverage under a separate policy, and the policy is not dependent on employment.
Larger Benefit to Income Ratio
The application process for disability insurance is more generalized when you are a resident. Insurance providers do not pay attention to what residents earn and usually offer a standard amount of coverage. As a resident, you may get more coverage than you would as a veterinary attendant. This is because insurance carriers may offer monthly benefits of up to $5,000 or nearly 100% of your income.
More Value for Insurance
Most long-term disability insurance policies offer coverage up to retirement age. That means the earlier you purchase a disability insurance policy, the longer you can benefit from coverage. Because disability insurance policies purchased when you are younger cost less, you get more value for your money long-term. A policy acquired during residency can be more valuable because you have little assets and need to protect your income more.
Coverage Against Occupational Risks
Working with animals carries a risk of injury and illness due to exposure to zoonotic diseases. Purchasing a disability insurance policy that covers work-related injuries or illnesses protects you from occupational hazards. If an accident occurs at work, you can have peace of mind, knowing that your insurance covers your finances as you recover.
Enjoy Coverage with Disability Insurance for Soon to Be Veterinarians
Protecting your earning potential is a priority when starting your veterinary medicine career. Disability insurance for soon-to-be veterinarians provides a safety net, mitigating the financial risks associated with unexpected health challenges. A disability insurance policy purchased during your residency has lower rates, and you benefit from a longer coverage period. You can protect your livelihood and safeguard your ability to pay your student loans, allowing you to learn without worrying about tomorrow.