4 Reasons Why Veterinarian Students Should Consider Disability Insurance

Students pursuing a veterinary education may experience sickness or injury. They can acquire disability insurance to cover their finances and increase their capacity to support themselves when they aren’t able to work. Here are a few reasons to invest in disability insurance for soon to be veterinarians:

1. Protects Against Income Loss

Veterinarians do a lot of physical work, such as performing surgeries, lifting animals, and handling wild animals. Such activities can lead to harmful injuries such as fractures or constant strain injuries due to heavy lifting. Some animals could pass on infectious diseases that could cause illnesses. When these professionals become disabled in their line of work, they lose their ability to perform certain tasks, reducing their income.

When you purchase disability insurance for soon to be veterinarians, it complements your income if you become disabled. This means you don’t have to use all your savings or take out loans to live a comfortable life. Some disability coverage policies offer riders that change benefits depending on inflation to allow them to meet their daily expenses. An insurer replaces income by looking at how severe your disability is and the salary you were earning before the injury.

2. Pays for Different Expenses After Disability

When you file a claim, you receive compensation to help you meet your daily expenses. A disabling condition requires you to pay for doctor visits, medication, and specialized treatments to manage it. You can also use the payment to cover rehabilitation services like physical therapy to help you recover and regain independence. 

If you have student loan debt after graduating, compensation allows you to make monthly payments without fail. The reimbursement is useful for supporting dependents as it may pay for childcare, education, and eldercare services. If you have a car loan that you are paying, disability insurance may help with the payments. Disability insurance covers the cost of buying a wheelchair-accessible vehicle so you can move around easily.

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3. Lowers Premiums When Bought Early

One of the benefits of purchasing disability insurance while still in school is the low premiums. Insurance companies may reduce premiums for younger vets because they are less likely to experience health issues or disabilities than older people.  Vets who handle small animals may also secure better rates because they are less likely to get hurt on the job.

You can lock in affordable premium rates so that they can remain the same for the duration of the policy. Many disability insurance policies allow you to increase coverage in the future without an insurer company reviewing your health history and current health status again. Some organizations may offer group disability insurance policies to students at reduced rates, helping save money. Talk with a qualified insurance broker to find the right premium options for your needs.

4. Offers Customized Coverage

Disability insurance policies have various options that allow you to customize your coverage to meet your needs and price range. You can choose what percentage of income you would like an insurance company to cover. You also have the choice of picking a waiting period before your coverage kicks in and pays for your expenses. If you change careers or get a higher salary, it’s beneficial to review your insurance and adjust it to align with these new changes.

Depending on what works best for your budget, you decide how often you want to pay premiums, whether monthly, quarterly, or yearly. You can add other features like cost-of-living adjustment that increases your compensation every year to match inflation. As a vet, you may choose partial disability coverage to make up for income loss if you are only able to work part-time due to a disability. You also have the option of choosing to receive the benefits for a few months or many years. 

Buy Disability Insurance for Soon to Be Veterinarians

If you are about to graduate as a vet, purchase disability insurance early to protect your income and pay for expenses if you become disabled. You can discuss with an agent to know the amount of coverage you require to protect you sufficiently. Evaluate if you need partial or comprehensive coverage for your veterinary practice. To shield your future earnings, buy disability insurance for veterinarians today.

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