You might not think you need disability insurance if you work a white collar job. But most disabilities are the result of illness, not injury — meaning it’s important for everyone to be protected, as any of us can get sick. And if you’re in a job where you’re more susceptible to injury, it makes disability insurance even more important.
That happens to include chiropractors. Chiropractors invest a lot into their career and it’s a relatively physically demanding job, but there are some unique challenges that make finding the right long-term disability insurance company for chiropractors even more important.
Why chiropractors need disability insurance
It’s not cheap to become a chiropractor. According to Doctorly, tuition (not including any other attendance costs or the cost of an undergraduate education) for four years of postgraduate education to earn a Doctor of Chiropractor degree is around $120,000. Part of this is due to supply and demand; the Bureau of Labor Statistics notes the projected growth rate of chiropractors over the next decade is above average, but there are only 15 Doctor of Chiropractic programs accredited by The Council on Chiropractic Education.
But there’s a financial upside. The median annual salary for chiropractors in 2016 was $67,520 per year, with the top 10% earning more than $140,000. That means the ability to protect income and pay bills and debt should be top of mind for all chiropractors.
Best disability insurance companies for chiropractors
|Company||30 years old||40 years old||50 years old|
|Assurity*||$120.09/mo | $1,380.33/yr||$189.00/mo | $2,172.38/yr||$288.30/mo | $3,313.79/yr|
|Guardian-Berkshire**||$179.12/mo | $2,149.39/yr||$262.08/mo | $3,144.94/yr||$413.75/mo | $4,964.97/yr|
|Mutual of Omaha***||$192.65/mo | $2,201.59/yr||$296.11/mo | $3,384.15/yr||$548.09/mo | $6,263.71/yr|
*Non-cancelable policies not available; own-occupation policies not available; residual benefit not available; 5-year maximum benefit period, $3,840 maximum benefit
**5-year maximum benefit period; required $1,500 SIS; future increase option not available; residual benefit not available
***10-year maximum benefit period; non-cancelable policies not available
Note that these are just sample rates. There are a variety of factors that go into disability insurance prices, and you should talk to a professional to make sure you’re getting the right coverage at the best price.
What chiropractors need to know about disability insurance
Coverage options are limited
You may have noticed something about that chart: There are only a handful of options when it comes to insurance companies that provide disability protection to chiropractors.
That doesn’t mean you can’t get covered — it just means you have to look in the right places. Don’t be discouraged if you can’t find coverage right away — focus on the companies outlined here to get your search started on the right foot.
Buy early to save money
If you purchase your disability policy while you’re still in school, you can lock in low rates based on your future earning potential. This can save you a lot of money in the long run.
You can also save by opting out of an own-occupation policy. Own-occupation means that you’ll receive your disability benefit as long as you can’t do the tasks of your job, even if you can do other work. It’s the most comprehensive form of protection, but also adds to the cost of your policy.
You need a degree
As a chiropractor, your options are limited. But they’re even more limited if you don’t have a degree. You’ll need one to get the best rates on your policy.