Most medical residents wait until the end of residency before they purchase their individual disability insurance. For one, they have been too busy during residency to think about it and two, they didn’t want to take on more expenses.
There are many reasons that medical residents should consider purchasing their disability insurance policy now even when they still have a lot of time in training.
1) When you purchase your policy, it is based on your age and health at the time of application. As such, you can lock in a rate that is less expensive and you can obtain your policy before you have any health conditions.
2) Purchasing a disability policy doesn’t have to be expensive. Some companies will allow you to purchase a policy with as little as $1000/month benefit and still allow you to increase it up to $15k or $17k/month (depending on the company).
3) If you are currently in a non-invasive specialty such as internal medicine or pediatrics and are planning to pursue a surgical specialty, you can lock in your rates now which can save you approximately 20%.
4) Discounts. If you are currently at a hospital with a discount program, you can lock in your discounted rates even if you plan to switch hospitals or employers in the future. This can especially help women as the discounted, unisex rates translates to about 60% savings on current and future premiums.
5) Regardless of income or group benefits in force, medical residents may purchase up to $5000/month benefit. Graduating residents in some specialties may purchase up to $7500/month.
For more information about disability insurance for medical residents or to request a quote, contact Set for Life Insurance today!