Why Disability Insurance is Important for Neurosurgeons
Own-occupation insurance is not just for athletes but also for anyone who makes a significant income based on a skilled trade. For a neurosurgeon, the tools of their trade are their hands…what would happen if a neurosurgeon fell off her bike while riding and broke her wrist? She would not be able to perform surgery for a significant amount of time and would lose months of income.
Own-occupation disability insurance can guarantee a significant portion of the neurosurgeons income paid through monthly benefits. Say a neurosurgeon makes $300,000 a year and purchased an individual disability policy that covered 65% of $300,000 or $195,000. If he was disabled and could not practice his specialty but found another job teaching neuroscience or doing research, he would still be considered disabled and could collect benefits from the own-occupation policy. Oftentimes, pro athletesuse this type of insurance but it is particularly useful for others who have spent years training and mastering a skill.
According to Kiplinger, not all policies are equal, however, making things more challenging in an already complicated process. “Nuances and unfamiliar language make disability-insurance shopping more complex than buying term life or automobile protection. Small differences in wording can lead to huge differences in whether the policyholder gets paid and how much. Fortunately, individual disability policies are usually ‘non-cancellable’ and ‘guaranteed renewable’ which means premiums stay fixed for the life of the coverage, which is usually to age 65.” (Better Deals on Disability Insurance: Kiplinger, August 2011)
“Brain surgery is extremely delicate work, requiring a steadiness of hand and fine-tuned motor function, which is, of course, signaled by the brain,” notes Frank N. Darras, America’s top disability insurance lawyer. Neurosurgeons have to keep up with the latest research and changes in technology to create the best possible outcome for their patients.”
Lives are saved every day due to the expertise of a neurosurgeon who has spent time training extensively in this precise medical field. If the neurosurgeon has a chronic illness or accident resulting in a disabling injury, the first thing to go is their savings.
“Highly regarded as geniuses in their own field, neurosurgeons should not hesitate to seek out advice from top disability insurance experts to learn about protecting their hard-earned income. If the rug is pulled out from underneath them, an own-occupation insurance policy will keep them in the lifestyle they’re accustomed to and also allow them to pursue another career to add cash for retirement,” says Darras.