The Benefits of Purchasing Disability Insurance as a Resident or Fellow

disability insurance for resident

As a resident or fellow, you’re working hard to lay the foundation of your medical career. At this formative time, it’s important to consider your long-term financial goals alongside your career ambitions. One important step that you can take at this time is purchasing life and disability insurance. While it may seem early in your life to invest in an insurance policy, doing so will provide long-term stability and numerous other benefits.

1. Get a Better Rate on Premiums

When you’re a resident or a fellow, you’ll get a far better rate on your insurance premiums than if you were to wait until later in your career. Insurance is simply less expensive for younger, healthier individuals. This is because you’re at less of a risk for illness, injury, and disability when you’re young. Premium rates will only continue to get higher as you get older, but by getting insured at this time in your medical career, you can secure the best possible rate on premiums. Additionally, you can begin a long-term relationship with your insurance agent, developing the trust and understanding of insurance that will benefit you throughout your life.

2. Prepare For The Unexpected

As a medical professional, you’re well aware that an accident, injury, or illness can strike unexpectedly. Hopefully, you’ll never have to take a leave of absence for a medical emergency. But, if you do, disability insurance will protect you from financial hardship due to a loss of income.

While a disability may seem incredibly unlikely now, it’s wise to prepare for the possibility of one as soon as possible. An accident or injury that prevents you from being able to work could create financial instability, especially if you’re the main breadwinner in your family. Don’t be subject to this risk – protect your income with insurance.

3. Your Premium Will Reflect Your Current Income.

Residents and fellows are often concerned over the monthly cost of disability insurance and whether it can fit into their current budgets. But, know that the cost of your disability insurance premiums will be proportionate to the amount of money that you’re currently making. So, while the idea of purchasing insurance may seem overwhelming, the cost won’t be as high as you fear. As your medical career progresses and you earn a higher salary, you’ll be able to increase your coverage according to your evolving needs often without having to repeat the approval process. This is extremely important being that the insurance companies cannot deny additional coverage or exclude health concerns that may have come up since your original purchase date of the policy.

4. You Can Receive Special Discounts and Benefits.

Many insurance companies provide discounts and benefits to residents and fellows that aren’t available to practicing physicians. These discounts remain on your policy even after completing training. Medical students, residents and fellows can get disability insurance benefits under “starter limits” that insurance companies offer. It makes sense to take advantage of these perks now, while you still qualify. If you wait to get insured, you’ll miss out on these benefits and will have a gap in coverage.

Purchasing insurance as a resident or fellow is an excellent step to take as your career progresses. Your ability to earn an income as a medical professional is an enormous asset, and it deserves to be protected. Click the button below to request a personalized disability quote.