It’s definitely worth getting disability insurance if you’re a pharmacist. With the right policy, disability insurance can protect your income if you’re suddenly unable to work as a pharmacist, even if you can never work again.
This makes a good long-term disability insurance one of the most effective — and affordable — ways to protect your income.
Why pharmacists need disability insurance
If you’re a pharmacist, that means you’ve been through years of schooling related to your career, and disability insurance is a way to protect that investment.
Disability insurance is like an extra safety net for when the unexpected happens. If you’re hurt or sick and can no longer work as a pharmacist, your disability insurance will pay out so you can keep up with your expenses while you’re not working.
Short-term disability insurance will cover you for a few weeks or months, usually up to a year
Long-term disability insurance can cover you for a year or longer, you can even get a policy that will pay out up through retirement age if you’re never able to work as a pharmacist again
You can use your disability insurance payments just like you use your regular income, like on your mortgage or rent, pharmacology school loans, childcare, travel, and groceries.
What pharmacists need to know about disability insurance
An own-occupation disability insurance policy provides you with the most protection if you can’t work as a pharmacist anymore. Own-occupation means you can still collect benefits even if you get another, non-pharmacist job.
For example, say that after an injury you can’t work as a pharmacist, but you’re able to get another job in a related field. You can still collect disability benefits if you have an own-occupation policy, even while working at the other job.
Should pharmacists get disability insurance while in school?
It’s a good idea for you to buy disability insurance while you’re a pharmacy student because disability coverage is cheaper the younger you are when you buy it. You can lock in low rates early on and protect your future income.
You can also get a policy with graded premiums, which start cheaper and get more expensive as you age. Graded premiums are a good idea while you’re studying pharmacology because your rates will be low while you’re not making very much money.
Should pharmacists get short-term disability insurance?
Yes, you should consider getting short-term disability insurance as a pharmacist, especially if you can get a policy for free through your employer. That said, while it’s worth having as extra protection, short-term disability insurance isn’t enough on its own to fully cover your income if you’re unable to work ever again.
You might also want to get supplemental disability insurance to boost the protection of an employer-sponsored policy.
Disability insurance riders for pharmacists
There are some useful disability insurance riders, or extra coverage options, that are worth having as a pharmacist.
Cost of living adjustment (COLA): Increases your monthly benefit to keep up with inflation.
Future increase rider: Lets you add more coverage if your income increases without having to go through another medical exam.
Non-cancelable/guaranteed premiums: Keeps your policy active at the same rate as long as you make payments on time.
Partial disability benefit: Pays out benefits when you lose part of your income, instead of your entire income, because of an injury or illness.
Retirement protection: Replaces the retirement contributions you made while you were working.
Student loan rider: Continues making payments to your student loans while you’re disabled and can’t work.
Cost of disability insurance for pharmacists
The cost of disability insurance depends on your age, health, hobbies, and income. The more money that you make as a pharmacist, the more coverage you need and the higher your disability insurance premiums will be.
Most of the time, disability insurance costs about 1% to 3% of your income. Since the median annual income for pharmacists is $132,750, you may pay between $110 to $332 a month for disability insurance. 
Best disability insurance companies for pharmacists
The best disability insurance companies for pharmacists offer helpful riders, and have experience working with people who have a high-net worth or a specialized career. Some top companies include:
What we like …
Includes a survivor benefit for your beneficiary.
Includes a vocational training benefit.
Offers lifetime continuous benefits for total disabilities, even after the policy expires.
Offers coverage for disabilities related to mental health, drugs, and alcohol.
Offers a future insurability rider that's good until your 60th birthday.
Specializes in coverage of people with very high-risk jobs and severe medical history.
Offers a lump-sum payment of $62,400 in addition to regular benefits if you're presumptively disabled.
Includes a family care benefit if you have to take care of a sick loved one.
Shopping for disability insurance can be confusing, so if you’re not sure where to start, talk to a disability insurance broker at Policygenius to ask questions, get quotes, and get covered.
How to get disability insurance for pharmacists
You can find the best disability insurance for pharmacists by following these steps: