Pharmacists, like all medical professionals, have a better understanding than most about the importance of maintaining our health and physical well-being, and the risks that each of us face every day regarding injury, illness and disability. But, be that as it may, a large number of pharmacists still fail to protect their incomes with disability insurance.
Why Should Pharmacists Get Disability Coverage?
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.
Non-Cancelable, Guaranteed Renewable
With this type of coverage, your premiums will be locked in for the entire length of the policy. It also guarantees that your insurance provider is required to receive your authorization before making any changes to your policy.
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.
