Doctors have traditionally been a great market for disability insurance. This hasn’t changed. What has changed, however, is the face of medicine. Physician assistants, registered nurses and other medical professionals are taking on a vital role in the healthcare sector. They’re also demanding high incomes, and they have a definite need for disability insurance.
The Job Outlook of Doctors vs. Physician Assistants
BLS states that wages for physicians and surgeons are among the highest of all occupations. The median pay in 2020 was $208,000 or more. The job growth, however, is slower than average. Between 2020 and 2030, the number of positions is only expected to increase by 3%.
Physician assistants don’t make quite as much as physicians and surgeons. In 2020, the median pay was $115,390. But that’s still a very respectable income, and PAs have to get a master’s degree in order to earn it. They’ve invested in their career, and it make sense to protect it with disability insurance.
The occupation is also seeing tremendous growth. Between 2020 and 2030, the number of positions for PAs is expected to increase by 31%. That’s a lot of new PAs who need income protection.
The Demand for Nurses
Registered nurses earned a median pay of $75,330 in 2020, and the occupation is expected to have average job growth of about 9% between 2020 and 2030. These numbers make registered nurses a good market for disability insurance – but recent changes may be increasing the need for paycheck protection.
The pandemic has increased the demand for nurses, while pandemic-related stress has prompted some nurses to quit. This combination of factors has led to a shortage of nurses, and traveling nurses have emerged as the solution.
According to NBC News, before the pandemic, traveling nurses typically earned $1,000 to $2,000 a week. Now, they’re earning $3,000 to $5,000 a week. They can command this income because the demand for traveling nurses is so high. One health care staffing firm had 48,000 openings for traveling nurses. With such a huge surge in income, these traveling nurses may also need to upgrade their paycheck protection.
Other Medical Professionals
If you’re looking for new disability insurance markets, there are many other healthcare professions to consider. Here are a few:
- Dental Hygienists earned a median salary of $77,090 in 2020 and have an expected job growth of 11%.
- Chiropractors earned a median salary of $70,720 in 2020 and have an expected job growth of 11%.
- Dietitians and Nutritionists earned a median salary of $63,090 in 2020 and have an expected job growth of 11%.
- Clinical Laboratory Technologists earned a median salary of $54,180 in 2020 and have an expected job growth of 11%.
Looking Beyond Doctors
Doctors are still a great market for disability insurance. But they’re not the only hot market in the medical industry. When you sell disability insurance to doctors, don’t forget about physician assistants, traveling nurses and other medical professionals. As their numbers and incomes grow, their need for paycheck protection will grow, too.
Additional Resources
Learn more about the DI for Doctors Market and the DI for Medical Residents Market. DIS has top products and carriers to serve all medical markets and our seasoned team is available to guide you every step of the way. Contact us to learn more.
