Disability Insurance for Pharmacists

Many pharmacists might not think they need disability insurance because they work in a relatively “low risk” profession. However, the truth is that most disability claims are not filed due to on-the-job injuries commonly found in so-called high-risk professions.

In fact, ninety percent of all disability claims are filed due to common illnesses such as heart disease and cancer, as well as musculoskeletal conditions like arthritis, carpal tunnel, and chronic back pain.

So, despite what many people might think, pharmacists are at just as much risk as the rest of the workforce when it comes to potentially career-ending disability. But, with a good disability policy in place, your income will be protected should any of these health issues arise.

What to Look for in Disability Insurance for Pharmacists

As a pharmacist, you work in a highly specialized field, which means your inability to perform the duties of your particular profession could potentially bring you back to square one. And if you do encounter a serious injury or illness, disability insurance could be the only thing standing between you and a financial disaster. However, not all policies are alike, so it is important to know what to look for. That’s why it is always best to speak with a professional before purchasing a policy. But to get the ball rolling, here are some key things to look for:

“Own Occupation” Coverage

Own Occupation coverage means that if a disability keeps you from working as a pharmacist, you will still be able to receive benefits even if you are able to work in another occupation or specialty. Without Own Occupation coverage you might find yourself being denied your benefits simply because you are still able to work a minimum wage job.

A key consideration for an own-occupation policy is how “disabled” is defined in the contract. This definition can be quite flexible, allowing policyholders to return to work in a different capacity and still receive full benefits.

If you’re not working when you become disabled, you may not be able to claim insurance under a regular own-occupation policy. However, if you have a modified own-occupation policy, you’ll be covered. Under a modified policy, “disabled” includes people who are not working at the time of their disability.

Non-Cancelable, Guaranteed Renewable

A non-cancelable disability insurance policy is one that cannot be terminated by the insurer, as long as premiums are paid on time. This type of policy usually costs 20% more than a guaranteed renewable policy.

There is no guarantee that rates will stay the same with a guaranteed renewable policy. If the insurance company wishes to raise rates, they must do so for the entire risk class and have state approval.

As a physician, you want to be certain that your income will not suddenly disappear if you get sick or have an accident. For this reason, many experts recommend that you purchase a non-cancelable policy. This type of policy guarantees that your rates will not increase for a set period of time, usually three years.

However, there are some situations where a non-cancelable policy may not be the best choice.

Residual Disability Coverage

A residual benefits rider will provide partial income replacement benefits if you are sick or injured but still able to work in some capacity. For instance, if your condition only allows you to work part-time, or you are only able to perform certain specific aspects of your job, you would still be eligible to receive partial benefits while you work your way back up to full health.

As a pharmacist, you worked hard to get to where you are and establish yourself in a skilled profession. The last thing you want to do is lose it all due to some unforeseen injury or illness. Contact us today to protect your hard-earned income with disability insurance for pharmacists.