When it comes to disability insurance planning for veterinarians, size does matter! Veterinarians working with large animals or zoo animals are classified two occupational classes below their small animal counterparts. This results in a larger premium.
One way to reduce your premiums as a veterinarian is to purchase your policy while still in veterinary school. Veterinary students in their last 2 years of school may purchase up to $2000/month benefit even though they are not yet earning an income. Most veterinary students have not yet declared small or large animal and as a result can obtain the small animal rates. Once the policy has been issued this way, all future increases apply at the small animal occupational class. Make sure you purchase a policy that is adjustable as opposed to one with increase options. If your policy has increase options, the increases may be based on your occupational class at the time of increase. If you later work with large animals, your increase will be significantly more expensive!
Veterinary residents, too, may purchase up to $2000/month benefit regardless of income. Residents most likely have declared small or large specialty and will need to purchase their policy as such. As a veterinary resident, make sure your policy allows you to increase your policy up to $15k or $17k/month benefit without having to go through additional medical underwriting. Some policies only allow you an additional $4k-$6k/month benefit with an initial policy of $2000/month.
If you are a veterinarian in your first 2 years of practice, you may purchase up to $4000/month benefit regardless of income. If you haven’t yet established yourself in practice, this is a good way to start covering your income without having to show proof. If you have settled into a job and are eligible for more benefit, you may purchase more with proof of income.
When veterinarians contact Set for Life Insurance for their disability insurance needs, make sure you mention if you are affiliated with a veterinary school, hospital or association. Set for Life Insurance has the largest portfolio of available discounts in the country.
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For more information about disability insurance for veterinarians or to request a personal quote comparison, contact Set for Life Insurance today!