No veterinarian wants to suffer a life-threatening or career-ending injury or illness in their workplace. If you’re a soon-to-be veterinarian, understanding how to protect your income can help in case of such misfortunes. With disability insurance for veterinarians, you will get financial compensation when you are unable to work due to injuries or illnesses. This insurance protects your income, providing financial security for you and your loved ones.
How Disability Insurance for Veterinarians Works
When starting a career in veterinary medicine, your income becomes a valuable asset. It allows you to pay for your student loan, house, or car. You’ll also need it to afford daily expenses, from groceries to utilities and personal care. Being unable to work for an extended period due to an illness or injury can impact your finances.
Whether it’s a short- or long-term condition, you may find it hard to afford daily and monthly expenses. According to the American Veterinary Medical Association (AVMA), many vet graduates start their careers with over $186,430 in student loans. If you suffer from an illness or injury that prevents you from doing your job, the loan will still need to be repaid.
Disability insurance will replace your income for the time you’re unable to work. You will take your time to recover without using your savings to meet your daily expenses. A good policy covers many disabling conditions, including broken bones, pregnancy, and depression. It can also cover severe situations like cancer, nerve damage, and traumatic brain injuries. If the incident prevents you from working again, long-term coverage provides payment for the rest of your life.
When To Get Disability Insurance for Veterinarians
Veterinarians can get disability insurance at any stage of their careers, whether they are students or practicing vets. If you’re a student, get this coverage shortly after graduation. This is part of the preparation as you transition from a student to a practicing vet. The policy is also ideal for soon-to-be vets when going to internships.
Your future workplace may present many risks of injuries or illnesses. Your job will involve working in a clinic with pets, rural areas with livestock, or zoos with wild animals. These workplaces can present some of the following hazards:
- Scratches or bites from frightened or distressed animals
- Injuries from needles or surgical instruments like scissors and forceps
- Exposure to zoonotic diseases like Ebola, rabies, and bird flu
- Allergic reactions to animal saliva and dander
- Injuries from lifting animals
Besides these workplace injuries or illnesses, other situations outside of your workplace could affect your livelihood. You might get into a car accident or get injured while playing sports. Disability insurance for veterinarians keeps you financially secure as you recover from the injury.
Students opting for this policy pay a lower coverage amount than practicing vets. Once they start working, they can increase their coverage amount to receive larger payouts. Choosing a policy that pays higher maximum benefits will provide better financial security. This coverage will help in high-risk situations, especially when a vet requires extensive medical treatment.
Types of Disability Insurance a Veterinarian Needs
While your employer may provide disability coverage, getting an individual plan has many benefits. Many disability policies offered by employers have limited benefits and can be taxed as income. An individual disability insurance policy is customizable to meet a vet’s budget and unique needs, and nobody can change or cancel the individual policy without your approval. This allows you to stay with the policy even if you move across your country or change jobs.
When selecting a policy, check if it protects individuals around the clock, whether on or off the job. Prioritize a long-term policy, especially if you plan to start a family or have a student loan. This kind of disability insurance pays benefits for decades, making it ideal for vets suffering from career-ending conditions. It’s also a good option for practice owners who want to protect their clinics when the unexpected occurs.
Choose the Right Disability Insurance Today
As a soon-to-be vet, getting disability insurance before graduation has many benefits. It’s one way to prepare yourself for a career as a practicing vet with financial security. This insurance serves as an investment to protect you when the unexpected occurs and prevents a temporary and permanent disability from draining your funds or forcing you to accumulate debts. Contact a trusted provider today to get the right disability insurance for veterinarians.
