Over the past 26 years we have witnessed a tremendous rise in the number of women becoming doctors. These women are contributing to the bottom line of the family income and in many cases they are the primary bread winners. According to Pew Research Center the percentage of married couples in which the women earns more that the man has risen from 6.2% in 1960 to almost 30% in 2011 and is bound to increase.
This is wonderful, however, the reality is with greater income there are many financial issues that women in medicine must deal with, including protecting their income and their families future. For professional women Disability Insurance is must. According to the Bureau of Labor Statistics, Women are more than twice as likely to claim disability while working. Unfortunately, due to this fact they face higher premiums than their male counterparts. The increasing trend of women being the primary bread winners makes having a strong disability policy all the more important. There is no substitute for making sure you and your loved ones are protected from the financial disruption a disability can cause. However, this doesn’t necessarily mean you have to pay top dollar for the best coverage. For most female residents there are association discounts and Uni-sex rates available, making the premiums much more affordable. That said, there are some programs more suitable than others. When you are looking into a disability plan make sure that it contains all the crucial clauses needed to provide the best protection for women in medicine. Should you already own a policy but are unsure if your protection is going to provide what you need, it never hurts to get a second opinion from a specialist either.
Indeed women are working more and earning more than in years past, which means they must take on more of the responsibility for securing their families lifestyle. It is no longer just the man’s job. Having the right disability policy can make the difference between maintaining a standard of living or facing major lifestyle changes for the entire family.
Written by:
Stacia Musleh, Vice President
