Disability Insurance for Veterinarians
Set for Life has been ‘practicing’ in our specialty area – disability insurance for dentists, physicians, veterinarians and medical students since 1993. Our experience gives us a vast understanding of your unique situation, its complexities, and your insurance needs.
Considering disability insurance? Consider the facts.
- Your most valuable asset is your ability to bring in an income. For dentists like yourself, your future income is your payoff for all of your years of training, hard work and accumulated debt.
- You are at higher risk to become disabled in some capacity than other professionals since your job is very physically demanding.
- Your student loans do not go away if you become disabled.
- You may be eligible for a group rate or discounts. Set for Life has discounts set up at numerous hospitals and teaching programs throughout the country. Please let us know your employer name to see if we already have a discount. If a discount is not already in place, we can assist you to take advantage of this opportunity.
The importance of protecting your income in your specialty.
As a veterinarian, it is critical that you choose a definition of disability that covers you in your veterinary specialty. This means if you become too sick or injured to work in your veterinary specialty, you can still work in another veterinary specialty or occupation and continue to receive benefits.
Group benefits vs. an individual policy
If you work for a large group or practice, you may be offered a group policy. Usually you cannot opt out of taking the policy. Group policies typically offer a limited monthly benefit (60 percent of your income to a maximum amount). Group policies can’t discriminate – they must offer coverage to everyone in the group. Consequently, they often lack the important provisions of a personal policy.
- Your group policy may require you to be totally disabled and not able to work in any capacity before you can receive any benefit.
- The benefit may be taxable income to you if the employer is paying the premiums.
- Your employer may cancel your policy at any time.
- Even if you have a group policy, it is still important to consider supplementing with an individual policy.
- Your individual policy is portable and you may take it with you if/when you leave your employer.
- The policy definitions on an individual policy are usually superior (own-occupation, inflation protection).
- If you are only partially disabled, your group policy may not pay you.
- Having an individual policy protects your insurability by purchasing increase options. If your health changes, you may still purchase more coverage in the future based only on financial underwriting.
If you are concerned about paying for your disability insurance while you finish your residency or become established, there are several things we can do to reduce your premium as much as possible.
- Some companies allow a “graded” or increasing premium. This is initially less expensive and your premium will increase each year. If you wish to lock it in at a later time, you may do so on any policy anniversary.
- Look for available discounts. This can save you a significant amount on your insurance premiums. If you are a resident, there may be discounts in place at your program. Set for Life has discounts available at multiple veterinary schools around the country. If these discounts are not in place, we may be able to assist you. These discounts may save you between 10 and 40%.
- You may choose to simply supplement what your group policy already offers and load up your policy with increase options. This will allow you to keep your premium low during residency and still reserve the right to increase it in the future without any medical underwriting.
Disability Insurance For Veterinarians as Business Owners
Oftentimes when practicing veterinary medicine, you are also running your own business.
While individual disability insurance will cover your personal income, it does not cover your business expenses. Therefore, you may need to consider Business Overhead Expense (BOE) Insurance. BOE will cover your business expenses such as payroll, rent, etc… if you are too sick or injured to work.
Additionally, if you are buying into a practice, you may be required to take out a disability policy to cover your loan. There are disability policies available to cover the term of your loan. For instance, if you have a 7 year loan and become disabled in the first year, the policy would pay the lender the remainder of your loan.
- Are You Prepared For a Disability?
- Disability Insurance Policy Provisions
- Individual vs. Group Disability Insurance
- Disability Shopping Tips
- Available Discounts
- Disability Insurance Process
- Request a Quote
Get Veterinarian Disability Insurance by requesting a free quote today!