Disability Insurance for Washington 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 Washington

According to 2024 data from Forbes Advisor, the annual cost of living in Washington is $47,231. Below are some typical costs seen for key  expenditures. 

 

      • Monthly Mortgage Cost: $3,450
      • Monthly Rent: $1,553
      • Other Monthly Housing Costs: $1,809
      • Annual Food Cost: $5,141
      • Annual Transportation Cost: $6,225
      • Annual Healthcare Cost: $8,939

Average Base Salaries in Washington

The average salary in Washington is $72,350. Below are average salaries for medical professionals based on data from Indeed in 2024.

 

Disability Prevalence & Impact in Washington

      • Overall Rate: As of 2005, approximately 16% of Washington State residents aged five years and older reported living with a disability.
      • Employment Rate: In 2019, about 25% of Washington’s students with disabilities did not find employment or enroll in higher education within a year of leaving high school.
      • National Comparison: Nationally, in 2023, 22.5% of people with a disability were employed—the highest recorded ratio since comparable data were first collected in 2008.

Washington Physicians Should Look for These Key Features in a Disability Insurance Policy

 

1. Own-Occupation Coverage: This type of policy ensures that you receive benefits if you are unable to work in your specific occupation as a medical professional, even if you can work in another capacity.

2. Residual or Partial Disability Coverage: This provides benefits if you can work but your disability limits your capacity, resulting in a reduction of income.

3. Non-Cancellable and Guaranteed Renewable: These policies guarantee that your coverage cannot be canceled, nor can the premiums be increased, as long as you pay the premiums.

4. Future Increase Option: This feature allows you to increase your coverage amount as your income grows without needing to undergo additional medical underwriting.

5. Cost of Living Adjustment (COLA): This rider ensures that your benefits keep pace with inflation, maintaining your purchasing power over time.

    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.