Life is full of surprises. Some good, some bad. Other incredibly bad. One of the best ways you can protect yourself and your family when bad financial surprises arise is by investing in proper protection, namely insurance.

Insurance can help you cover expenses relating to many different things. For doctors, the most essential types of insurance include health insurance, physician disability insurance, life insurance, medical malpractice insurance, homeowners insurance, and auto insurance.

Let’s take a closer look at each and unpack what you need to know.

Health insurance

It doesn’t matter how often you exercise, how many multivitamins you take, or how well you eat, unexpected health issues — and the costs that follow — can crop up at any time.

You know this first-hand. You're a doctor.

Health insurance is a way that you can ensure you have coverage to help offset any medical expenses that you incur. Most businesses will provide employees with network healthcare that allows you to pay less for more coverage after your deductible.

While health insurance helps cover big expenses like surgeries, CAT scans, or hospital stays, it can also help you reduce more common healthcare expenses. Typically, health insurance provides policyholders with free preventative care including vaccines, screenings, and check-ups with family physicians. Your health insurance policy may even extend to cover other areas of medical insurance like vision, dental, and cancer coverage.

Disability insurance

Health insurance protects you from the weighty expenses of many medical issues, but it usually can’t help you cover the peripheral costs of being sick or injured. That’s where disability insurance for doctors comes in.

If you experience a disabling injury or illness that prevents you from practicing medicine, disability insurance will ensure that you still receive a portion of your paycheck each month while you recover.

Disability insurance may seem unnecessary, especially for young doctors who feel invincible in the face of illness or injury. But investing in this coverage is a way you can protect not only yourself, but your family if your health prevents you from working.

Given the financial stakes, doctors should seek out specialty-specific coverage in the form of long-term disability insurance. Your policy should also contain an own-occupation definition of disability. This provision states you will receive benefits you are unable to work in your medical specialty, even if you could still work in another occupation.

Get Started: Get Quotes From the Best Physician Disability Insurance Companies

Life insurance

While you won’t be able to reap the benefits of your physician life insurance policy if anything happens to you, it’s essential that you invest in one to protect your family. As a physician, you are most likely the breadwinner in your family. Your loved ones depend on your salary to help pay for the life you've built together.

If you were to pass away under any circumstances, your family would suddenly find themselves without your financial protection. On top of that, they would be inundated with a plethora of expensive bills pertaining to your funeral arrangements.

With a sound life insurance policy in place, your family won’t need to worry about covering those expenses, paying the mortgage, settling car payments, or anything else. You would be providing them with a strong sense of security even after you’re gone.

Get Started: Get Quotes From the Best Physician Life Insurance Companies

Medical malpractice insurance

One of the most important kinds of insurance that doctors need to invest in is medical malpractice insurance.

Medical malpractice insurance is a specific type of professional liability insurance that protects you in case one of your patients disputes the quality of service you provide them. Typically, malpractice suits come about when a patient is injured or dies in the process of receiving medical assistance and their family disputes the quality of service provided.

Additionally, medical malpractice insurance has become an unavoidable expense for physicians because it is required by most states and medical systems for the legal practice of medicine.

Get Started: Get Quotes From the Best Medical Malpractice Insurance Companies

Homeowners insurance

Homeowners’ insurance gives individuals a certain peace of mind when it comes to the protection of where they live. It provides owners safeguards against expensive damages like those caused by fires, accidents, and natural disasters. Additionally, if your home is robbed, homeowners insurance can help cover the cost of replacing any lost items.

Homeowners insurance is also vital when taking out any mortgages on your home. Lenders want to know that you will have the means to repair any damages to the residence in case of an accident. Because of this, mortgages and homeowners insurance payments may be bundled together into a single monthly sum.

Learn More: Homeowners' Insurance vs. Renter's Insurance Made Easy

Auto insurance

If you drive a vehicle, auto insurance is an essential investment for you. Primarily, this is because you cannot legally drive without at least minimum liability coverage. However, auto insurance is vital for many other reasons.

With auto insurance, any time your car breaks down or gets into an accident, you will have the financial help you need to cover any repairs, tows, or even replacement vehicle rentals if extensive damage needs to be repaired. Auto insurance also protects you from any financial liability associated with having an accident. This can include medical expenses incurred by you or other drivers whose accidents you are liable for any fees associated with the legal consequences of your accident.

Jack Wolstenholm - Head of Content Marketing

Jack is the Head of Content Marketing at LeverageRx, the personal finance company that simplifies how healthcare professionals shop for financial products and services. A Creighton University graduate and former advertising creative, he has written extensively about topics in personal finance, work-life, employee benefits, and technology. His work has been featured in MSN, Benzinga, TMCNet, StartupNation, Council for Disability Awareness, and more.

Disability InsurancePublished June 24, 2021