Disability Insurance for New York Physicians

Think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury.

Cost of Living in New York

According to 2024 data from Forbes Advisor, the annual cost of living in New York is $49,623. Below are some typical costs seen for key expenditures. 

 

      • Monthly Mortgage Cost: $2,638
      • Monthly Rent: $1,745
      • Other Monthly Housing Costs: $1,669
      • Annual Food Cost: $4,696
      • Annual Transportation Cost: $4,769
      • Annual Healthcare Cost: $13,012

Average Base Salaries in New York

The average salary in New York is $74,870. Below are average salaries for medical professionals based on data from Indeed in 2024.

 

Understanding Long Term Disability (LTD) Insurance for New York Physicians

Definition and Coverage: Long term disability insurance provides financial support when you are unable to work for an extended period due to serious illness or injury. LTD benefits commence after STD benefits are exhausted.

Key Features:

  • Duration: Can last from several years up to retirement age, or even for life, depending on the policy.
  • Coverage Amount: Typically replaces 50-70% of your salary.
  • Waiting Period: Often has a longer waiting period, ranging from 90 to 180 days.
  • Common Uses: Covers chronic conditions, severe injuries, or long-term illnesses that prevent you from working for an extended time

 

Why Own-Occupation Coverage Matters

Own occupation disability insurance provides coverage if you become unable to perform the duties of your specific occupation, regardless of your ability to work in another field. For physicians and dentists, this means that if you can no longer practice medicine or dentistry due to a disability, you can still receive benefits even if you are capable of working in a different capacity.

This type of policy offers the highest level of protection because it recognizes the unique skills and training required for specialized professions like medicine and dentistry. It ensures that if you’re unable to continue your current practice, you won’t lose your income abruptly, allowing you to maintain your standard of living and focus on your recovery without financial stress.

Ready to secure your future?

Request a free quote for disability insurance today and take the first step towards safeguarding your career and peace of mind. Your future self will thank you.