As high income earners, cardiologists need disability insurance to protect their ability to earn an income.
Between undergrad, medical school and training, cardiologists spend a lot of time (and money) to become a practicing doctor. Because of this, cardiologists 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 cardiologists should consider disability insurance
According to Medscape's 2017 Compensation Report, Cardiologists earn an average of $410,000 annually. While this is significantly higher than the national average income, most doctors incur significant debt from medical school and personal expenses on their journey to become an attending. Additionally, most high income earners enjoy a lifestyle that would be put at risk in the event they could not practice medicine anymore.
Disability insurance can ensure that your current lifestyle can stay intact if you lose your ability to be a cardiologist.
The best disability insurance companies for cardiologists
Relative to other medical specialties, disability insurance companies consider cardiologists to be a higher risk and place them in a higher occupation class. Because of this, cardiologists will typically pay more for disability insurance.
Here's how the best disability insurance companies classify cardiologists 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||5M||$223.56/mo | $2,210.05/yr||$366.83/mo | $3,626.15/yr|
|Guardian||4M||$269.34/mo | $3,138.00/yr||$448.76/mo | $5,228.40/yr|
|MassMutual||4A||$296.43/mo | $3,448.00/yr||$475.57/mo | $5,519.00/yr|
|Ohio National||4M||$199.30/mo | $2,304.00/yr||$303.10/mo | $3,504.00/yr|
|Principal||4A-M||$258.04/mo | $2,359.20/yr||$485.98/mo | $4,443.20/yr|
|The Standard||4P||$243.90/mo | $2,787.30/yr||$393.31/mo | $4,495.02/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 $400,000 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 cardiology, even if you can work in another field
- Has a partial or residual disability insurance rider triggered by a specific percentage loss of income
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