As high income earners, anesthesiologists should consider disability insurance to help protect their ability to earn an income in the event they suffer a disabling illness or injury.
Between undergrad, medical school and training, anesthesiologists spend a lot of time (and money) to become a practicing doctor. Because of this, anesthesiologists need to consider disability insurance to protect their future income if they were to experience a disabling injury or illness that would keep them from practicing.
Why anesthesiologists should consider disability insurance
According to Medscape's 2017 Compensation Report, anesthesiologists earn an average of $364,000 annually. Over a 30 year career in medicine, this equates to over $10.9 million in potential earnings for an anesthesiologist.
The financial impact of an unexpected injury can be devistating.Disability insurance can ensure that your current lifestyle can stay intact if you lose your ability to be an anesthesiologist.
The best disability insurance companies for anesthesiologists
Relative to other medical specialties, disability insurance companies consider anesthesiologists to be a higher risk and place them in a higher occupation class. Because of this, anesthesiologists will typically pay more for disability insurance.
Here's how the best disability insurance companies classify anesthesiologists and the expected cost for a healthy 30 year old located in Texas.
|Company||Occupation Class||30 year old male||30 year old female|
|Ameritas||4M||$303.19/mo | $2,997.15/yr||$498.59/mo | $4,928.35/yr|
|Guardian||3M||$344.26/mo | $4,010.93/yr||$572.35/mo | $6,668.29/yr|
|MassMutual||3P||$333.10/mo | $3,872.00/yr||$529.37/mo | $6,141.00/yr|
|Ohio National||3M||$299.81/mo | $3,466.00/yr||$451.53/mo | $5,220.00/yr|
|Principal||3A-M||$350.53/mo | $3,204.80/yr||$620.10/mo | $7,086.88/yr|
|The Standard||3P||$384.60/mo | $4,395.38/yr||$620.10/mo | $7,086.88/yr|
The rates provided above are based on the following assumptions:
- The applicant has a normal health history and does not smoke
- Generates an income of $364,000 per year
- The disability insurance plan covers $10,000 per month in benefit to age 65
- Contains an own occupation definition of disability that allows the insured to collect full benefits if you can't practice anesthesiology, even if you can work in another field
- Has a partial or residual disability insurance rider triggered by a specific percentage loss of income