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Think about your journey to become a pharmacist.
It probably took you 6-8 years of school and maybe even 1-2 more years of postgraduate training.
You probably took out six figures of student loans to get the job done.
Plus, think about all of the energy and sacrifices you’ve made to get to this point of earning a good income.
Pharmacists with a typical salary will make approximately $9 million dollars over their working career when factoring in raises and inflation.
While you may be young and in good health, would you be able to support yourself and your family if you were suddenly unable to work because of an accident or illness?
Disability insurance provides you with money to cover your bills and expenses if you are unable to work. Therefore disability insurance for pharmacists is really income insurance. Although it’s typically much more than life insurance, can you afford not to have it?
Unless you have significant savings or other sources of income, it would likely be difficult to maintain your current lifestyle if you couldn’t work.
This is especially true if you have debt such as a mortgage, credit cards, or other loans. Most long-term disability insurance policies will allow you to replace up to 60% of your gross income which is probably close to your net pay considering taxes.
In general, there are two types of disability policies – short and long term. Short-term policies generally range from 1-5 years whereas long-term policies are generally greater than 5 years. If you have many working years ahead (e.g. >5 years) then you should definitely consider a long-term disability insurance policy up to your planned retirement age. Depending on when the coverage kicks, this could negate the need for a short-term policy.
Although your employer may offer some level of insurance, it may not be enough. Plus they may not offer own occupation coverage. True own occupation coverage is exactly what it seems. If you become disabled and are not able to work as a pharmacist, you would be entitled to your benefits.
Also, if you leave your job you may need another health evaluation if your policy is not portable and you might be as healthy as you are today potentially resulting in much higher premiums.
That’s why we recommend you consider purchasing privately. We have partnered with Policygenius, an online independent broker so you can quickly shop multiple companies to find the policy that’s best for you. Their interface is awesome and easy to use and can get a long-term disability insurance quote in about 2 minutes.
What’s great about their service is that they work with the top companies in the industry but you only work with them. You get a single point of contact that guides you through the process. So you don’t have to worry about getting tons of calls and emails from multiple companies.
The amount of coverage you need depends on your current income and how much you need to maintain a desired lifestyle in the event of your inability to work.
A general rule is to consider 60% of your gross income as this would be pretty close to your take-home pay after taxes. If you pay your premiums out of pocket, and not through your employer, your benefits will be tax-free. For more information, you can check out the Ultimate Guide to Disability Insurance.
