After graduating from veterinary school, you can start practicing as a licensed veterinarian and earn a good income. An accident or illness resulting in a disability can compromise your ability to work and earn income as a vet. Disability insurance for recently graduated veterinarians provides a financial safety net in case an accident keeps you from working after graduation. Here is when to get disability insurance:
At the Start of Your Career
You might feel like disability insurance is an unnecessary expense at the beginning of your career. An accident can occur at any point in your career, and you want to be covered in such an event. Disability insurance pays a percentage of your income when you cannot work due to an illness or injury. Some disability insurance policies also cover your utilities and medical bills during recovery.
While your income may not be very high at the beginning of your career, it is still worth protecting. Your income will also likely increase over the years. Many disability insurance providers have a future increase option that provides more coverage and additional benefits as your income increases.
Young veterinary school graduates can benefit when buying disability insurance. The younger you are, the less likely you are to have health complications. This allows you to lock in lower premiums based on your age and health status.
Veterinary school can be costly, and you may have school debt after graduation. Disability insurance for recently graduated veterinarians offers protection against the possibility of being unable to repay your student loans. Some disability insurance policies pay benefits after an accident. They may prevent you from working in your veterinary specialty, even when you can work in another job. With such a disability insurance cover, you can secure your financial stability and future career prospects.
Before Major Life Changes
Major life changes like starting a family or establishing a private practice come with a significant financial commitment. If you were to suffer prolonged illness or a debilitating injury at a period where you have many financial obligations, you might be under substantial financial strain. Disability insurance provides a safety net. It can allow you to pursue your goals without worrying about unexpected income disruptions.
Your financial obligations will likely increase as you grow older, especially if you have a family. You might need to buy a home to accommodate a growing family or pay for your children’s education. Most veterinarians also go on to start private practices, which comes with the responsibility of paying employees. The terms of your disability insurance coverage can adjust to changing circumstances. They can allow you to maintain your lifestyle and financial obligations in the event of an accident or illness.
You can review your disability insurance policy and request an adjustment of terms from your provider based on your stage in life. You might need increased coverage if your income or obligations have increased. More coverage would require more premiums. If your children become financially independent or you pay off your debts, consider adjusting your coverage to reflect your reduced financial obligations.
Before Health Issues Arise
The cost of disability insurance premiums depends on your health, with people with higher health risks paying more. Because health risks increase as you age, it is best to take disability insurance in your younger years to enjoy low premiums. Disability insurance has fewer restrictions and costs less, which means less out of your pocket when you’re trying to establish your business. You may develop health complications over the years, but protecting your income at a young age gives you a safety net in case of prolonged illness. If you have a family history of specific conditions, check if a disability insurance provider covers them before buying the insurance.
Get Disability Insurance for Recently Graduated Veterinarians
The best time to get disability insurance as a veterinarian depends on your circumstances. Sooner rather than later is ideal because the longer you wait, the more the possibility of an incident occurring that can compromise your ability to work while uninsured. Disability insurance allows you to protect your income-earning potential at the start of your career. This enables you to pursue your career goals without fear of the unexpected.
