Disability Insurance for the Highest Paying Jobs in America
The highest paying jobs in the U.S. for 2015 all have some things in common; every one of them requires an endless amount of skill and training, and each one also carries income that should be protected by a good disability insurance policy. These jobs are held by a variety of professionals that include team leaders, industry specialists, project managers, go-getters, and innovators who have the courage to think “outside the box,” take risks and reap the benefits of hard work and dedication.
All of them are, in a sense, irreplaceable and invaluable to the success of the organizations they represent. In many cases, the income they bring home to their families is also irreplaceable and invaluable and needs to be protected. Disability insurance for those who have one of these top-paying jobs can do exactly that.
According to a recent report from Glassdoor, the highest salaries for 2015 start at $106,000 for an information systems manager and go up to $180,000 for physicians.
The top ten are listed below:
- Physician
- Median Base Salary: $180,000
- Lawyer
- Median Base Salary: $144,500
- Research & Development Manager
- Median Base Salary: $142,120
- Software Development Manager
- Median Base Salary: $132,000
- Pharmacy Manager
- Median Base Salary: $130,000
- Strategy Manager
- Median Base Salary: $130,000
- Software Architect
- Median Base Salary: $128,250
- Integrated Circuit Designer Engineer
- Median Base Salary: $127,500
- IT Manager
- Median Base Salary: $120,000
- Solutions Architect
- Median Base Salary: $120,000
High Earners Face High Risks
Having one of the highest paying jobs in America does not mean that an individual is immune to financial harm. Professionals with sizable paychecks need to take precautions to protect their incomes. Despite being a top earner, these individuals are likely to be one of the many professionals in this country working their way out from under student debt. According to The Wall Street Journal, the average student debt for seniors in 2015 clocks in at just more $35,000. That statistic doesn’t even account for graduate school, doctorate programs, or compounded interest.
Even with a high paying job, professionals need to consider to the possibility that they could lose the ability to earn a living due to a serious accident or illness. Should the professional become disabled, he or she would have a difficult time paying back student debt on top of other bills, including mortgage payments, medical bills, and other expenses. A serious injury or illness could put a highly skilled professional out of work for a significant period of time, derailing that person’s retirement savings as well as any other major financial investments.
More Income Needs More Protection
High earners can protect their income with an own-occupation disability insurance policy. Specifically tailored to meet the needs of highly skilled professionals, own-occupation policies are designed to recoup a significant portion, usually approximately 60%, of an individual’s current income if they become unable to work due to illness or injury.
Individuals with some of the highest paying jobs in the U.S. need to take extra care when choosing a disability insurance policy. It’s advisable to acquire a few different quotes in order to make an informed decision when choosing a policy. If you’re shopping for a policy, it’s recommended that you consider the following:
- The amount of coverage you need: Companies usually offer approximately 50-60% of your income, depending on your income.
- The length of time for which you’ll be paid: Companies might offer benefit payout terms of one year, two years, five years, or until you are age 67, for example.
- The waiting period: This is the time that passes between the onset of an illness or disability and your first policy payment. A period of 90 days is usually recommended, but companies may offer 30, 60, 180 or 365-day waiting periods as well.
- Company reserves: Make sure you choose a provider that is highly rated with sufficient capital to issue claims payments.
- Policy fine-print: Choose a policy that is both non-cancellable and guaranteed renewable to protect you from the company raising premiums or canceling your policy.
- You may want to consider a policy that accounts for inflation that will grow to meet the rise in the standard of living costs over time.
- Residual benefits: You may want a policy that will pay partial benefits to you if you are only able to work at a fraction of your pre-disability capabilities.
Additional features such as the right definition of total disability and a waiver of premium provision will also help a professional maintain his or her current lifestyle and the lifestyle of family members, as well.
Get Started with a Disability Insurance Quote
At Intramark Insurance, we understand the importance of having the right disability insurance policy. Get started with an online quote today and take the first step toward protecting your income.
I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.
I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.
Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
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