Special Benefit Limits for Young Physicians
The path to a successful career in medicine is an arduous one. After years of hard work and higher education, new doctors usually venture out of medical school on a truly advantageous path, but with mountains of debt and school loans to repay. After graduating medical school, the next long journey begins, working many intense hours on a daily grind in a hospital setting as interns and then as residents for several years before they are ever able to join or start their own lucrative medical practices.
They are in the prime of their lives, many considering starting families and wanting to establish some adult foundations by making first-time purchases like a new home or a car. Yet, the earnings and incomes of these medical professionals hardly allows them to begin repaying loans on a substantial basis let alone splurging in celebration of their ongoing hard work. Average salaries for young doctors seem to land in the mid-five figure range for both specialists and general practice physicians.
But the future is bright for these individuals as highly-skilled practitioners of medicine. It is common knowledge that successful private practice physicians and surgeons make well into the six and seven figures throughout the country. So from an income protection, disability insurance standpoint, the disparity in income level from learning physician to practicing specialist is highly unfavorable to younger doctors. 65% of income protection for a medical resident will hardly be useful or sufficient when considering the anticipated massive earnings growth a young physician stands to receive in time in private practice.
Petersen International is sympathetic to this grave financial situation and offers special disability benefit limits for young physicians that are significantly higher than what 65% of their current annual earnings allow. The Petersen plans also boast specialty-specific, own-occupation policy definitions. Monthly benefits are even available to final-year medical students who have yet to receive any regular income.
Similar increased benefit limitations are also available to other highly-educated professionals early in their careers such as dentists, optometrists, veterinarians, pharmacists and chiropractors. Contact Petersen International at (800)345-8816 to learn more about our increased disability insurance limits on physicians and surgeons in the early stages of their careers.