There is a saying that the worst type of patient is a fellow doctor. Whether that saying is true or not is a different matter altogether, but it does highlight the fact that medical doctors are not immune to illnesses.
Unlike other jobs where an illness or disability can be compensated by the office, doctors are left to fend for themselves. Coming down with an illness or a disability is one the worst nightmares for a doctor as they literally live by the rule “no work, no pay”. The worst part about this unfortunate scenario is that doctors can never truly know when an illness or disability will befall them. If the right preparations are not made, a doctor can easily lose valuable income for a long period of time.
Fortunately, there are insurance plan packages that cater to those who need income protection, like doctors. In many cases, income protection plans are bundled with life insurance plans that protect both the doctor and his or her family for years to come if ever an unfortunate event were to happen. In some cases, financial advisers can even help a doctor protect income by setting-up a successful savings plan that allows the doctor to set aside a portion of income and put the money in a long-term investment.
Don’t delay purchasing income protection insurance by thinking “I don’t need it yet.”