Pharmacists understand well the risks of being too sick or injured to work. As such, they tend to be well aware of the need for disability insurance.
Pharmacists are considered a very good risk when it comes to their occupational class. Some companies classify pharmacists in the best available categories and some companies discount pharmacists over and above the best occupational risk. For the pharmacist, this means that the premiums are much lower than premiums for other medical professionals such as physicians and dentists.
What pharmacists should look for when it comes to disability income protection:
1) Own occupation definition of disability. This means that if due to sickness or injury and you can’t work as a pharmacist, the policy will pay you a monthly benefit even if you are able to work in another medical specialty or occupation.
2) Non cancelable, guaranteed renewable. This means that as long as you pay the premiums, the company can never cancel your coverage or modify your contract.
3) Discounts. Set for Life has discounts available nationwide for pharmacists. Additionally, they have discounts available at hospitals throughout the country.
4) Independent objective brokers. Since occupational classes vary widely from company to company, it is worthwhile working with an independent insurance broker who can compare all of the available options for you so you can ensure the most suitable policy at the best price.
If you are a pharmacy student in your last two years in school, you may purchase up to $1500/month benefit even if you do not receive any income. With this policy, you may still increase the policy up to $15,000/month benefit in the future without future medical underwriting. The same holds true for pharmacy residents and interns.
Pharmacists in their first two years in practice may purchase up to $4000/month benefit and up to $10,000/month benefit without proof of income.
If you are a pharmacist and run your own business, you ought to consider covering your monthly business expenses with a business overhead expense policy. This will reimburse you after a short elimination period (usually 30 days) to pay for business expenses.
