Graduating medical residents who wish to take advantage of special discounts need to submit their applications prior to their graduation. For most residents, this day is June 30th.
Policies do not need to be approved prior to June 30th, just signed and submitted.
There are several advantages of purchasing your policy while still a resident:
1) Discounts. If you are affiliated with a discounted hospital, you may take advantage of the discount and it will be on the policy permanently throughout your career. Make sure your discount is permanent. For some policies, it is only available on the base policy and not on future increases. These discounts are especially significant for women as the rates are unisex.
2) As a resident, you are eligible to purchase up to $5000/month regardless of income. Some specialties such as orthopedic surgery or urology may purchase up to $7500/month benefit regardless of income.
First year physicians in their first year out of training may purchase up to $7500/month benefit regardless of income. However, you may not be eligible for avaialble discounts.
For more information about disability insurance for medical residents or to request a quote comparison, contact Set for Life Insurance today!