Both dental and medical students often graduate from college with immense debt. This makes graduation bittersweet in many cases. Since debts are so high, it can be hard for these professionals to make ends meet after college even though they tend to have relatively high incomes.
A 2008 study conducted by the Association of American Medical Colleges showed that student loan debts average in excess of $155,000 for medical students. This is from tuition alone.
The typical income for residents is somewhere between $46,000 and $55,000 annually. It can be difficult to pay off student loans during this period. It usually has to wait until an individual becomes a practicing dentist or physician and thus begins to earn more.
If these people are able to achieve an income that allows them to pay off debt successfully, they will be alright financially. However, this does not happen in every case. For some people, injuries or health problems keep them from earning as much as they normally would be able to. Unfortunately, many young medical professionals do not foresee this undesirable possibility.
If they choose to buy a long term disability insurance policy, however, they will be provided with income protection. Both doctors and dentists should carry income protection insurance policies that apply directly to their perspective training. There are disability insurance policies that benefit people who switch to a different job within the medical field.
The best way to figure out which type of income protection insurance is best for you is speaking with one of our income protection insurance specialists who can offer you professional advice. Remember that protecting your income is essential for both doctors and dentists alike.
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