15th Mar

2018

The Road To Becoming A Doctor – Residents and Fellows

A physician’s residency or fellowship is often the perfect time to purchase an individual disability insurance policy. You have the attention of the insurance providers because you are young, projected to earn higher than average incomes and are most likely healthy. These are all advantages for qualification and lower premium costs. The single biggest obstacle to qualifying for individual disability insurance is medical underwriting. Purchasing while younger often reduces the chances of unfavourable medical underwriting.

Medical school debt can be daunting for many young physicians. You’re probably more concerned about paying that off than adding another expense to your monthly bills. But here is the beauty of purchasing insurance when you are young – you qualify for cheaper premium, which cannot be changed as you progress throughout your career.

Tips When Planning As A Resident Or Fellow

  • Look for Resident Discounts – Students and residents may often be able to save money with potential student discounts associated with your medical school or fellowship employer. Some discounts may be offered through approved advisors at particular schools, and some schools offer group-rate discounts under a multi-use or multi-life umbrella policy. Other schools may sponsor a Guaranteed Issue program, which may fit best with students/residents with known health conditions. Savings also may come from unisex coverage, which offers the same rates to males and females. This can be an important factor for women, who often pay as much as 40-50% more in premiums than men. Always consult a disability specialist to explore all of your options
  • Policy Details – This is actually the biggest factor to consider when purchasing a policy. Make sure any policy you purchase will cover them down the road if medical conditions develop. Can you adjust the terms of coverage amounts as you progress in your career? Consider stacking multiple policies to maximize your future ability to activate increases in coverage without medical insurability. This will allow for future income protection decisions to be made financially, instead of medically when chronic illness arise.
  • Understand How the Policy is Constructed – It is vitally important to understand how your policy works. Find out under what conditions the policy kicks in and evaluate if that is what you need and expect. Protecting your medical specialty may be a necessity depending on your future goals for your practice and career. Compare the language and make sure. Consider purchasing two different policies to cover all of your needs and ensure there are no insurance gaps. Always review and update employer based disability coverage. Because these policies are not controlled by you, changes can easily be made by the employer, which may leave you unknowingly exposed.
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