Most people rely on one source of income to live their life to the fullest. Securing your income means going to work every day and knowing that you will see funds deposited on a rolling basis. But what do you do when the unexpected occurs? If you find yourself unable to work for any reason, you may rely on disability to help support your income while you cannot work. This is one of the many reasons why disability insurance is important to have. If you’re not sure where to start, here are some ways Guardian Disability insurance can help.
What is Disability Insurance?
Before we get into the benefits of Guardian disability insurance, it’s important to understand the basics of disability insurance.
Disability insurance is a type of insurance policy that covers your income if you are prevented from working due to a disability. This type of insurance is available from public and private providers. Each policy depends on how much coverage an individual may need to make up for their income loss. Disability insurance policies differ from one provider to the next. Most policies require proof of disability that prevents you from continuing to work at your current position.
Guardian Disability Insurance
While there are many different options when it comes to disability insurance, physicians and high-income earners can benefit from working with Guardian and their disability insurance policies.
Guardian is one of the country’s long standing and largest insurance providers. In addition to disability insurance policies, they also offer life, vision, dental, and many other types of insurance.
One of the ways Guardian disability insurance can help protect your income and security is with its flexible plans. No two disability insurance cases are the same.
The first type of plan Guardian offers is a short-term disability policy. Short-term policies come into play if you find yourself sick and unable to work for a temporary amount of time. Short-term policies are usually offered by employers as a group policy. If you are an employer of physicians, you can offer short-term policies. Short-term policies are also helpful if you are having an operation or if you are suffering from an illness that is 6 weeks or less.
Opting for a short-term policy as an employer or an employee gives you a safety net when a medical emergency occurs. No one wants to have an operation or a prolonged illness, but in the case that it happens a short-term plan will cover your income while you recover.
A benefit of working with Guarding for short-term plans is that they offer customizable plans for businesses that have more than 10 employees.
Long Term Plans
Long-term plans help protect an employer’s income and security when their short-term plan runs out and they are still unable to work. Long-term plans with Guardian are completely customizable and can help round out benefit packages for employees.
Varying Payment Options
Physicians may find themselves at varying steps in their careers, which can affect how much they can afford on their insurance policies. Guardian offers three payment levels to fit any employee’s budget. Physicians that have been working for a long time can benefit from using a level premium. A level premium is making the same payment amount every month.
You can also offer a graded premium which is great for younger physicians. They can opt-in to pay less now per month, and more later. The option of different payment systems helps employees protect their current income if they can’t afford a consistently high monthly payment.
Additional Individual Plans
In addition to securing income, Guardian offers additional individual plans for those that want extra coverage on top of their employer’s plans. Having extra options for coverage further ensures your security if you cannot work for an extended period.
An individual plan also doesn’t rely on your current employer. If you switch jobs you can take your policy with you. Being unable to work can make it feel like your future is not secure. But having a flexible disability insurance policy that you can take with you helps your sense of safety moving forward.
Physicians and high earners have a lot riding on their ability to do their jobs. In the unlikely event that you are unable to work, you don’t have to worry about your income and security being impacted. With a flexible disability insurance plan, you’ll be able to take the time you need to recover without worrying about an effect on your income or career.