Important Information for Graduating Medical Residents and Fellows–Disability Insuarance at Discounted Rates and No Medical Questions
Apr 11, 2023
Jamie Fleischner

Jamie Fleischner

11 Apr, 2023

Should graduating medical residents and fellows purchase disability insurance prior to graduation?

Graduating medical residents may purchase up to $7500/month of individual disability insurance regardless of income or group disability insurance in force AT DISCOUNTED RATES.

To qualify for the discounted rate, applications must be submitted prior to graduation.

What to look for in a disability policy for medical residents and physicians:

  • Specialty specific language. Also known as “own occupation.” This means the policy will pay you benefits if you cannot work in your medical specialty, even if you can work in another specialty or occupation.
  • Non cancelable, guaranteed renewable .This means that once you have your policy, the company can never raise your rates or modify your policy. Most association plans do not have this feature, leaving the premiums precarious to large premium increases in the future.
  • Increase options. This will allow you to purchase more benefit in the future without any further medical questions.

There are several advantages for medical residents to purchase a policy prior to graduation:

  • No financial requirements. Once residency is complete, physicians must prove income with financial documentation and the benefit amount is limited to income and any group disability benefits are in force. This may reduce the amount of available benefit.
  • *Discounts. If you are working for a hospital that has an available discount, you may lock in your discount prior to graduation and carry it with you throughout your career.
  • If you are going on to a riskier specialty, it is best to purchase your benefit while still in residency. For example, if you are finishing your residency in general pediatrics and are moving on to a riskier specialty such as cardiology, you will save significantly if you purchase your policy when you are still working as a general pediatrician. Even though you will be paying a lower rate, the policy will still cover you in your subspecialty at the time of claim.

At Set for Life, we offer GUARANTEED STANDARD ISSUE (GSI) policies allowing residents to purchase a policy at discounted rates with NO MEDICAL QUESTIONS.

If you apply for a policy and are declined or have a medical exclusion, you are not eligible for the GSI policy.

  • Set for Life has GSI policies available through multiple insurance companies at numerous hospitals around the country. Here is a partial list of the hospitals where Set for Life has a GSI policy available:
·        Mayo
·        UConn
·        UPMC
·        Cleveland Clinic
·        Kaiser CA
·        UNC
·        Wake Forest
·        HSS
·        Wisconsin
·        Univ Buffalo
·        Univ Florida
·        Prisma Health
·        Mt. Sinai
·        Cedars Sinai
·        Iowa
·        Kentucky
·        Tufts
·        Univ South Florida
·        Emory
·        Temple
·        PCOM
·        Thomas Jefferson
·        Einstein Hospital
·        Washington University
·        Virginia Mason
·        Mt. Sinai
·        Univ Minnesota
·        Alabama
·        Ohio State
·        SUNY
·        LSU
·        Piedmont
·        UCF
·        Vermont
·        Yale
·        Mt. Sinai
·        NYU
·        Alameda Health
·        Allegheny Health
·        Atlantic Health
·        Cahaba
·        Eastern Virginia
·        Emory
·        Florida State
·        ICahn
·        Indiana U
·        JPS
·        Loma Linda
·        LSU
·        MUSC
·        Methodist
·        Mountain Area
·        Ochsner
·        Ohio State
·        Oregon State
·        Rutgers
·        Stony Brook
·        Texas Tech
·        Tulane
·        Union Hosp
·        Unity Point
·        U Central FL
·        U New Mexico
·        Univ Oklahoma
·        Case Western
·        Univ Arizona
·        Univ CA Davis
·        UCLA
·        UC Irvine
·        UC Riverside
·        UC San Fran
·        Univ IL
·        Univ IA
·        Univ Louisville
·        UMass
·        U Nebraska
·        U South Al
·        Univ TX
·        Univ VA
·        Univ WA
·        UT Houston
·        Virginia Commonwealth
·        WellSpan York Hosp
·        WellStar Health
·        West Virginia Univ
·        Westchester Med Center

*Discounts are available through Set for Life Insurance from multiple companies. These discounts offer between 10-30% depending on the company . To receive the Set for Life Insurance discounted rates, applications need to be submitted through Set for Life Insurance while still employed at the discounted institution.

These include (but are not limited to):

  • EMCAre
    Avante Medical Group
    University of Alabama
    University of Arkansas
    University of Arizona
    University of Arizona
    Alameda Health
    Cedars Sinai
    Sutter Medical
    UC Davis
    UC San Diego
    University of the Pacific
    Santa Rosa Memorial
    St. Joseph’s Hospital
    Children’s Hospital
    Univ of Colorado
    Children’s Hospital
    Greenwood Dental
    KKO Law Firm
    Univ of Colorado
    Denver Health
    Perfect Teeth
    Yale University
    Christiana Health
    Georgetown University
    Bayfront Hospital System
    University of Miami
    Jackson Memorial
    Augusta University Medical Center
    DeKalb Medical Center
    Medical College of GA
    Georga Regents University
    Medical College of GA
    Wellstar Health
    University of Iowa
    Iowa Health
    St. Luke’s
    Aurora Care
    Carle Foundation
    Loyola University
    University of Chicago
    Northwestern University
    University of Illinois
    Indiana University
    Dr. Neena Patel
    Via Christi Health
    KU School of Medicine
    University of Kentucky
    University of Louisville
    University of Louisiana
    Catholic Health East
    Tufts University
    Massachusetts General
    Harvard University (Mass General)
    Boston Children’s (Mass General)
    Johns Hopkins
    University of MD
    Maine Medical Center
    Portsmouth Regional Hospital
    Henry Ford Hospital
    University of Michigan
    Beaumont Hospital
    Michigan State
    Allina Health
    Mayo Clinic
    University of Minnesota
    Washington University in St. Louis
    St. Anthony’s
    St. Louis University
    Forest General
    Duke University
    Wake Forest University
    University of North Carolina
    University of North Dakota
    University of Nebraska
    Speare Memorial Hospital
    Portsmouth Regional Hospital
    University of New Mexico
    Cooper Health
    Long Island Jewish
    Princeton University
    Rowan University
    New Jersey Dental School
    New Jersey Medical School
    Robert Wood Johnson Medical School
    Saint Peter’s University Hosptial
    Bronx-Lebanon Hospital
    Einstein Medical Center
    Kings County Hospital
    Kirkland & Ellis
    New York Presbyterian
    Kings County Hospital
    New York Presbyterian
    St. Luke’s Roosevelt
    Unviersity of Rochester
    Case Western Reserve
    Children’s Hospital of Columbus
    Cleveland Clinic
    Ohio State University Medical Center
    University of Cincinnati
    Ohio State University
    Children’s Hospital of Columbus
    Wright State University
    Cherokee Nation
    Chickasaw Nation
    University of Oklahoma
    Oregon Health Sciences
    Carnegie Mellon
    University of Pennsylvania
    Good Samaritan
    Hershey Medical Center
    Pennsylvania State University
    St. Luke’s
    Drexel University
    University of Pennsylvania
    University of Pittsburgh
    St. Clair
    Medical University South Carolina
    South Dakota
    East Tennessee University
    University of Tennessee
    Baylor University
    Dell Medical
    Texas A&M Health Sciences
    Texas Tech
    University of TX
    University of Texas Medical System
    University of Texas at Houston
    University of UT
    EVMS Eastern Virginia Medical School
    University of Virginia
    Virginia Commonwealth University
    University of Washington
    West Virginia University
    Medical College Wisconsin
    University of Wyoming
    SUNY Downstate
    University Hospital of Brooklyn
    Coney Island Hospital
    Woodhull Medical Ccenter
    Bellevue Hospital
    Harlem Hospital
    Metropolitan Hospital
    Jacobi Medical Center
    Lincoln Medical
    North Central Bronx
    Elmhurst Hospital
    Queens Hospital Center
    Long Island Jewish
    Beth Israel Medical Center
    Roosevelt Hospital
    St. Luke’s
    Albert Einstein College of Medicine
    North Shore Long Island Jewish
    Bronx-Lebanon Hospital
    Montefiore Medical Center
    Sea View Hospital

If your program is not listed, please contact Set for Life to learn about setting up a discount at your program.

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


Related Posts

UChicago GSI Guaranteed Standard Issue Now Available

UChicago GSI Guaranteed Standard Issue Now Available

  Launched on January 1, 2024, The Guardian Life Insurance Company of America (Guardian) is making a special offer to the Residents and Fellows training at The University of Chicago. You may obtain Individual disability insurance coverage through Guardian on a...

We’re here to help

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!