If your love for animals is undeniable, then you may like to dedicate your career to caring for them. As a graduating veterinarian, you also need to take care of your wellbeing. That includes taking individual disability insurance. Read on to find out why disability insurance for soon to be veterinarians is crucial and the various options available for you.
Health Issues
If you are affected by a health issue, then you might not be able to continue with your veterinary practice as a result. That would mean an interruption in your flow of income, which can be a struggle. It may be even more challenging if you have dependents relying on your income.
Disability insurance for graduating veterinarians is a way to avoid finding yourself in such a tight spot. It offers you a fallback plan if you become ill or sustain injuries. When illness or injuries force you to stay out of work for a long time, your disability insurance policy will cover a given percentage of your salary.
It can be quite costly to acquire the proper veterinary education, not to mention the several hours you spend studying. Getting individual disability insurance is a way to safeguard your dream. Just try to obtain it early; don’t wait until you fall sick or get an injury.
Nobody can predict when they might become ill or injured in their career. As a student veterinarian, you stand at a point of advantage. The younger you are, the easier it is to qualify for insurance. Premiums tend to go up with age.
How Soon Can You Take a Disability Insurance Policy?
Student veterinarians may wonder if it’s worth obtaining a disability insurance policy while pursuing an undergraduate degree. Aside from getting better policies, obtaining such insurance shields you from other issues. For example, if an ailment or injury stops you from starting your career, having insurance will ensure that you are able to cover bills.
Another common concern among student veterinarians is that they don’t earn that much money right after graduating. But that shouldn’t stop you from obtaining this protection. Insurance companies can adjust the individual disability policy to accommodate your financial status. You can increase your coverage and contribute more towards the insurance when you start earning more.
Protection From Other Bills
Student loans are not the only thing that may worry you if you lose your source of income. Other bills like the mortgage, car payments, and utilities can put you in a difficult situation. If you acquired a disability insurance policy while still in college, you are ensured that all your needs are covered. Here are the two types of disability insurance for student veterinarians:
Short-term Disability Insurance
This type of insurance policy covers you for a short period — for up to six months. Usually, it takes around two weeks to start receiving the benefits.
Long-Term Disability Insurance
A long-term disability insurance policy provides you with benefits for a more extended period. It is useful if an illness or injury keeps you out of work for more than the six months covered by short-term disability insurance.
Customizing Disability Insurance for Soon to be Veterinarians
Situations vary, and you might consider customizing your policy depending on your needs through a wide range of riders.
For example, a transitional occupation rider allows you to enjoy benefits even if you switch from veterinary practice to another occupation. Another rider option is the residual disability benefit. It provides partial benefits if you meet the requirement and work at a reduced capacity due to a disability. You can find out more from your insurance provider.
Parting Thoughts
A veterinary practice is very fulfilling. But uncertainties are a part of life, and you must prepare for them as much as possible. You and your dependents can face any setback if you lose your earnings due to a disability or illness.
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