Disability Insurance for Resident Physicians
Physicians probably make up the largest group of individual disability insurance policy owners today. As highly trained professionals with higher than average incomes, the loss of income due to illness or injury could be devastating. For that reason, resident physicians begin to learn about disability insurance early in training.
We appreciate the amount of time that goes into your training and, in our experience, you don’t have a lot of spare time to devote to learning about disability insurance, or other financial planning subjects. For that reason, we have devoted a section of this Website to medical residents and fellows, so you can learn about this highly-specialized insurance, in whatever spare time you have.
When you are ready to research companies and policies, we can provide you with quotes from the major disability insurance companies that offer high-quality, individual own-occupation disability income policies. Our quotes are presented in an easy-to-follow side-by-side comparison of important policy features, financial ratings and premiums. This comparison takes the guess work out of the decision, one that becomes much easier when you are armed with the right information.
As national insurance brokers representing the major companies offering disability insurance, we are not bound to a single company. Our focus is always on finding the best policy fit for our clients, based on coverage and cost. We will never push any one company over another and will always present you with all the information you need to choose the right policy for you...without any sales pressure.
Questions? Feel free to call us any time at 866-691-0100 ext. 105
Why get disability insurance now?
You are working as hard as you are now as a medical resident to establish yourself in your specialty. It is extremely important that you protect your present and future income in the unfortunate event of a sickness or injury by locking in a disability insurance policy with special provisions just for you. By doing so, you will ensure that future income will be there no matter your future health.
You have your whole future income in front of you that you’ve worked so hard for (and are really working hard on now). By getting started with your disability insurance policy now, you guarantee lower costs because disability insurance rates from the right insurance companies are guaranteed based on your starting age until age 65.
Are there special amounts of disability insurance coverage for resident physicians?
Yes, there are special disability insurance policies for medical residents and special higher limits of coverage for resident physicians and interns. The better disability insurance companies understand your current situation and where you’re going financially in your career. Since your income will be substantially higher when you go into practice there are special higher limits of disability insurance that are offered while you’re a resident. One of our recommended disability insurance companies will issue residents up to $5,000 per month of disability insurance while still in training (and if you choose, you can have options for substantially more). Your premium and benefits will be locked in until age 65.
To learn more about the attributes of quality disability insurance plans for physicians click here.
To get a quote for disability insurance click here.
Is there a way I can save even further on cost?
Disability insurance policies for physicians typically have guaranteed level premium cost to age 65 but to save money especially during your years of residency and early years of practice you can get what’s called graded premium disability insurance. This program has the same benefits as level premium policies but the premium starts lower and increases each year.
You can change this kind of disability insurance policy later on to one with guaranteed level premiums. (This right to change to level premium is guaranteed to you in the policy – all the way to age 45)
The initial difference in cost by taking a graded premium disability insurance policy can be as much as 25% less.
Getting a graded premium disability insurance policy gives you a way to guarantee your insurability and get the most possible insurance at the lowest possible cost. This can be an option for you that works until you are established in practice at which point you can decide to change to level premium when and if you choose to do so.
Are there special discounts for residents/fellows?
Most of the insurance companies offer discounts to residents and fellows. Prior approval of the program is required. If your program is not currently being offered these discounts contact us so we can get the program approved for you.
How much disability insurance can I get if I’m in my last year of training?
In your last year you can acquire the resident amount of $5,000 a month no matter your current income. Also, you may have a written employment agreement that shows what your first year income will be after residency. If so, an insurance company can use that contract as income verification to give you a larger amount of disability insurance without waiting. Often in the second quarter of the final year of residency, residents will have these contracts and we can often get much more than the $5,000 special resident limit.
Is there a special program when I’m in my first year of practice?
All the insurance companies have special first year practice limits. One of our preferred insurance companies offers up to $7,500 per month of disability insurance for physicians in their first year of practice.
The following are representative of one of our leading disability insurance companies:
Residents: $5,000 per month
Interns: $2,500 per month
First year physicians: $7,500 per month(for select specialties)