Understanding GSI Disability Insurance: A Must for Medical Residents and Fellows
Dec 26, 2023
Jamie Fleischner

Jamie Fleischner

26 Dec, 2023

The journey of a medical resident is marked by hard work, dedication, and, unfortunately, a level of unpredictability. This is where Guaranteed Standard Issue (GSI) Disability Insurance comes into play, offering a safety net that is often overlooked but crucial for medical professionals at the early stages of their careers.

What is GSI Disability Insurance?

GSI Disability Insurance is the same as other individual disability insurance, with EXTRA BENEFITS, most notably, NO medical questions.  If you ask anyone who has been through the medical underwriting process when applying for disability insurance, they will tell you that it can be an arduous process taking 3-6 weeks. In more than ⅓ of situations, policies come back either declined or with some kind of exclusion.  With GSI, there are NO medical questions – a game-changer in the world of insurance.

Why is it Important for Medical Residents and Fellows?

  1. Early Career Vulnerability:   Most residents and fellows have a long financial road ahead of them with loans to pay off and a late start to wealth accumulation. All it takes is a sickness or injury to preclude them from being able to work and earn an income. 
  2. High Risk of Disability: The medical profession, especially during residency, is demanding. Long hours and high-stress environments can take a toll on physical and mental health. The risk of disability – whether due to workplace injuries, mental health issues, or other health problems – is not negligible. According to https://disabilitycanhappen.org/, residents have a 1 in 3 chance of experiencing a disability or period of time when they can’t work. 
  3. Own Occupation: GSI policies often come with ‘own occupation’ definition of disability. This means if a resident is unable to perform their specific medical specialty due to a disability, they will still receive benefits, even if they can work in another specialty or occupation. 
  4. Discounts: GSI policies are available at up to 30% discounted rates both initially and for the life of the policy. That means all future purchases will be at the discounted rate saving you throughout your career.
  5. Easy Application Process: The simplified application process without medical underwriting removes a significant hurdle, making it easier for residents to obtain coverage. Start HERE

For those interested in applying for GSI Disability Insurance, the process is straightforward. Each participating institution has its guidelines and application portals. Links to the plans can be found here for 

Mayo Clinic

University of Rochester

WashU/Barnes Hospital

University of Chicago

NY Presbyterian.

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