• Too busy
• It’s a pain
• Procrastination
• Don’t know where to go or who to trust.
• They think their employer plan is sufficient
• They think they are unlikely to become disabled

But, the #1 reason people don’t buy disability insurance during medical residency is typically the cost. Medical residents often face a significant amount of student loan debt and have relatively low incomes during their training years. Disability insurance premiums can be expensive, and residents may prioritize other financial obligations, such as repaying student loans, covering basic living expenses, or saving for the future. It’s crucial to note that disability insurance can provide valuable financial protection in the event of a disabling injury or illness, especially for individuals in high-income professions like medicine. While it may be a financial challenge during residency, many insurance providers offer policies with lower premiums for residents, making it more accessible.
Here are some considerations to overcome the cost barrier:

1. Look for a policy with a discounted rate. Resident discounts vary from 10-15%.
2. Shop around to find the best policy. Work with a broker like Set for Life Insurance that will shop around and find the best, most affordable option.
3. Consider starting with a smaller policy such as $2000/month. Be sure you will still be able to increase in the future up to the maximum amount without further medical questions.
4. Some companies offer a “graded” or increasing premium option. This significantly reduces the premium initially and you may lock in your rate at a later date.