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How Much Could Suffering a Disability Really Cost You?

 
 

Most everyone has some sort of personal debt, such as car payments, credit cards, and mortgages. Even if you are one of the lucky ones that live debt-free you are responsible for the monthly expenses associated with the cost of living like car insurance, groceries, property taxes, etc. If you think you could maintain your current standard living if you were to fall victim to a sickness or injury that resulted in your inability to work for an extended period of time even assuming your disabling injury/sickness didn’t lead to an increase in medical bills, think again!

 

 
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According to the Council for Disability Awareness, 1 out of 4 of today’s workforce will suffer a long term disability at some point in their career. Your most valuable asset is your ability to earn an income.  Without your income nothing else is possible. How much could a disability cost you?

Since most of our audience is physicians we will take the National Average income for physicians within their first five years of practice. On Average physicians make approximately $290,000 per year. The national average for annual salary increases is currently at 2.8% a year. For this exercise, we are going to calculate how much a disability will really cost you based on an annual salary increase of just 1%. 

The Average US Physician Earns $290,000 Per year

 
 
 

Disabled at the age of 35

A disability will cost you $10,087,619 in lost income

 
 

Disabled at the age of 50

A disability will cost you $4,668,100

 
 
 

Disabled at the age of 40

A disability will cost you $8,190,528 in lost income

 
 

Disabled at the age of 55

A disability will cost you $3,034,042 in lost income

 
 
 

Disabled at the age of 45

A disability will cost you $6,385,511

 
 

Disabled at the age of 60

A disability will cost you $1,479,292

Could you afford to live the rest of your life if you were to lose out on all that earning potential?

Disability Insurance is cheaper than the cost of suffering a disability.

Physicians pay much more for disability insurance over most other white-collar professionals.  But the cost of owning an Own Specialty Disability policy is a lot cheaper than the cost of a Disability.  

  • The average 35-Year-Old Physician buying an Own Specialty policy today can cost approximately $2,700 a year.
  • The average 40-Year-Old Physician buying an Own Specialty policy today can cost approximately $5,500 a year.
  • The average 45-Year-Old Physician buying an Own Specialty policy today can cost approximately $6,300 a year.
  • The average 50-Year-Old Physician buying an Own Specialty policy today can cost approximately $7,800 a year.
  • The average 55-Year-Old Physician buying an Own Specialty policy today can cost approximately $8,300 a year.
  • The average 60-Year-Old Physician buying an Own Specialty policy today can cost approximately $9,800 a year.

 
 

Don’t get disabled without disability insurance,
you can’t afford it!

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