Disability insurance for graduating medical residents:
It’s the home stretch where graduating medical residents are finishing their training, moving, and shopping for disability insurance. You are about to make the transition from training to attending and one of the first things that comes to mind is: How can I protect my new income? What is the best way to approach disability insurance?
If you are a graduating medical resident shopping for disability insurance at the last minute, here is a guide to help make the process as simple as possible.
1) Request a quote comparison of the top disability policies for your specialty. This will save you the time from getting quotes from multiple places.
2) Make sure the policy will cover you in your medical specialty. This is called own occupation, regular occupation, your occupation and/or transitional occupation depending on the company.
3) If your hospital has available disability insurance discounts, your application needs to be submitted prior to your last day. However, it does not need to be approved by that time. Obtaining a discounted rate can save you significantly. This is especially significant if you are a woman and can obtain a unisex discounted policy where the increases will also be at the discounted rate. Over the course of your career it could save you over $100k.
4) Ensure your policy has the ability to increase benefits in the future without having to go through further medical underwriting.
5) Since time is of the essence, work with a professional who specializes in working with medical residents who can advise you.
6) If you are moving to another state, it is important to determine the best course of action. Will it make more sense to purchase prior to your move or after? Consult with an insurance broker to determine what will be most favorable to you.
For more information about disability insurance for medical residents or to request an individual disability insurance quote comparison, contact Set for Life Insurance today!