Individual disability insurance should be customized to fit your needs. This includes your current needs, future needs, budget and many other factors.
I recently worked with an orthopedic surgical medical resident (Dr. Macintosh) who is preparing to graduate in 2013 at a hospital in Florida and moving to Texas. He told me that an agent met with his graduating class, told them about their special resident package deal and encouraged them to sign the application on the spot. This made him uncomfortable and his colleague suggested he contact Set for Life.
After speaking to Dr. Macintosh, we discovered some important information that required customization for his situation. Dr. Macintosh was moving across the country where the disability insurance rates would be less expensive. Since he would be leaving Florida and moving to Texas, he would have access to Texas policies that did not have some of the restrictions that Florida has such as mental nervous limitations. Secondly, Dr. Macintosh had a family, significant student loans and a high earning potential. He needed to purchase more than one policy from more than one company so he would have the potential to increase his policy up to $25,000/month benefit. And lastly, the Texas hospital where he is going to work has special discounts through Set for Life. This will save him even more on his premiums.
As a medical resident, it is important to do your research and work with an independent, objective broker who can listen to your situation and create a personalized policy that will be suitable to your current and future needs. One size does not necessarily fit all.
For more information about medical resident disability insurance, contact Set for Life Insurance today!