As a medical student, the thought of disability insurance might seem premature. After all, you’re not earning full time income yet, and your primary focus is getting through exams, rotations, and residency applications. But what many students don’t realize is that this stage of your career is actually the ideal time to consider protecting your future income.

Why Disability Insurance Matters for Medical Students

Your greatest asset is your future earning potential. If an illness or injury prevents you from completing your training or practicing medicine, the financial impact could be enormous. Disability insurance acts as a safety net, providing monthly income if you become unable to work due to a qualifying disability.

Starting early allows you to:

• Lock in lower premiums while you’re young and healthy.

• Qualify without medical underwriting through Guaranteed Standard Issue (GSI) policies available at certain schools.

• Start building financial protection as you transition into residency and beyond.

• Lock in a lower rate before you declare a medical specialty. As a medical student, you can purchase your policy at the occupational class of an internal medicine physician. Even if you decide to change specialties in the future to something considered more risky such as surgery, you will be paying rates as an internist even though the coverage will cover you in your medical specialty at the time of claim. This can save you up to 30% in the future.

How Much Coverage Can You Get?

Most insurance carriers allow medical students to purchase between $1,000 and $2,500 per month in disability benefits, depending on your year in school and the provider’s guidelines. While this amount may seem modest, it ensures you can cover essentials like rent, food, and student loan payments should the unexpected happen.

Features to Look For

Not all disability insurance policies are created equal. When evaluating options, prioritize:

• Own-Occupation, Specialty-Specific Coverage: Ensures you receive benefits if you can’t work in your chosen specialty, even if you can work in another field.

• Future Increase Options (FIO) or Benefit Purchase Riders: These let you increase your coverage later without new medical exams, reflecting your higher earnings post-residency.

• Non-Cancelable and Guaranteed Renewable Terms: Lock in your policy terms and rates for the life of the contract. Lock in your rates at your current age.

• Discounts. Look for discounts that will not only discount your policy now but for all future increases.
• Work with an independent brokerage such as Set for Life Insurance where they will shop around and compare policies from all of the available companies.

It’s Not Just About Insurance—It’s About Peace of Mind

Disability insurance is one of the most overlooked but essential financial tools in a physician’s career. As a student, you’re investing years of time, energy, and money into a career that promises significant rewards. Protect that investment early. Your future self will thank you.

Need Help Finding the Right Policy?

At Set for Life Insurance, we specialize in helping medical students and residents secure discounted, high-quality coverage. We shop the market to find the most suitable policy for your unique situation—at no cost to you.

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