Set for Life Insurance, a nationally recognized disability insurance brokerage, offers special discounts on disability insurance for physicians, medical residents and fellows at Carolinas Medical Center.
Disability insurance can be very expensive. The typical cost is around 1-3% of gross income for males and 2-4% for women, assuming the policy is purchased while you are healthy and still in your early 30’s. Therefore, whenever possible, it can be a great advantage to obtain a policy at discounted rates.
Women pay around 40% more on their premiums than their male counterparts. With the discounts, women will save approximately 55% on their premiums. For men, the savings is around 15%.
These discounts are permanent and apply to any future increases regardless of place of future employment. Please note some companies offer discounts on the initial policy, but only apply to future increases if you are still employed by the discounted employer.
The discounted policies have a true own occupation definition of disability, covering you in your medical specialty.
To obtain the discounted policy, you must submit your application prior to graduation. For more information and to start the process, please contact Set for Life Insurance today.
As a resident or fellow, you may purchase a policy between $1000-$5000/month benefit regardless of income or group benefits in force. The policy has an option allowing you to increase the benefits up to $15,000/month benefit without future medical underwriting.
Graduating residents in their last 180 days of residency may also purchase up to $5000/month. The following medical specialists may purchase up to $7500/month benefit:
- Cardiologists (General Cardiology and Interventional Radiology)
- Diagnostic Radiologists
- Interventional Radiologists
- Orthopedic Surgeons
Physicians in their first year in practice may purchase up to $6500/month without financial underwriting.
For more information about obtaining a policy at discounted rates, please contact the Set for Life Insurance office today!