Disability Insurance for Medical Residents: Signs You Are Getting Bad Advice
May 16, 2014
Jamie Fleischner

Jamie Fleischner

16 May, 2014

Medical residents are bombarded by insurance professionals to motivate them to purchase their disability insurance policies before they graduate. If you are a medical resident reading this, you are probably chuckling.

So with all of the information out there and the people chasing you for your business, how do you know you are getting the right information?

At Set for Life Insurance, we have specialized in working with medical residents for the last 20 years and have seen residents come to us time and again with all different pieces of advice. Sometimes it is hard to sift through right from wrong.

Here are some signs you are getting bad advice.

1) You are told that one policy is significantly better than others. If you are told that one company or policy stands apart from all the rest, you are being fooled. There are subtle differences between the policies, but nothing that significant. Chances are you were approached by an agent of a company who has a financial incentive to only write that company. Or, as we see often, you are working with an agent who simply only has knowledge of their own company’s policy and know little about others.

2) You are told that you need to sign your application prior to graduation or else… While there are advantages to purchasing your policy prior to graduation, especially if you can obtain discounts, you should not be in a rush! If you are being pressured, back off. You don’t want to rush your decision or make the wrong one.

3) You are told that your GME policy is superior and you must sign up for coverage. GME policies are convenient, but may not be the best fit for you, especially if you are healthy. If you are healthy, you may be able to save substantially elsewhere and obtain a policy that will allow you to increase much more in the future.  These salespeople are under pressure to sell a significant number of graduating residents. Take your time, shop around and find out all of your options.

4) You are being threatened to sign up NOW! I’ve had clients come to me complaining that some salespeople told them they needed to complete the paperwork from their university program or they couldn’t graduate!  If you are being threatened, run! These policies have nothing to do with your ability to graduate. Clearly these salespeople do not have your best interest at heart.

5) You are told you need to purchase $5000 or $7500/month benefit and you still have years left in your training.  If you still have several years of training, chances are you are on strict budget. Don’t over insure if it is unnecessary. And if someone tells you that you need to purchase this amount during training, again, they most likely aren’t considering what is best for you. As a resident, you can start with as little as $1000/month and it won’t break your budget.

6) Someone tells you that if the premium is too low, it must not be a good product. We work with a lot of women and help them obtain unisex rates. This can lower the premium between 60-150%. The only difference is that they are not paying female rates.  Look at the policy provisions and compare the rates.

For more information about disability insurance for medical residents or to request a quote comparison, contact Set for Life Insurance today!

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!