4 Things We Would Tell Residents and Fellows About Purchasing Disability Insurance

4 minute read

As a resident or fellow, you are likely to experience sleep deprivation and financial troubles. It is important that your future practice and finances do not fall apart due to these factors.

By purchasing disability insurance now you can save money, ensure the longevity of your career as well as provide peace of mind for yourself in case something unexpected arises during training.

Don't Wait Until Policies Change

With each year passing, it is important to get your disability insurance policies quoted. Insurance companies change their premiums and deductibles frequently so you don't want to miss out on finding affordable coverage for yourself!

The policies that are available at any point in time may not be those best suited for you. To make sure this doesn't happen and gain access to the most beneficial policy as soon as possible, get your disability quotes now!

Discounts Available for Residents and Fellows

Are you a resident or fellow? If so, it's important to get physician disability insurance now. Not only do residents and fellows have the opportunity to lock in discounted rates before they're more expensive but waiting also comes with plenty of risks too. In fact, if you wait years into your career then premiums will be exponentially higher than when you first started out which is exactly how premium prices go up for life insurance as well! The bottom line: don't let yourself become one who makes this mistake by waiting and end up paying more for physician disability insurance.

Physicians Disability Insurance Mitigates Risk

With a 30% chance of losing income due to sickness or disability, purchasing physician insurance is one of the best ways to help protect yourself in the long run. By taking advantage of your current age, health and buying now you can reduce risk and ensure your savings are enough in case something happens down the road.

This is not to mention the fact that the stress and tiredness you feel now will likely remain in varying intensities throughout your career, but there are ways to protect yourself and have peace of mind for later on down the road. We hope it doesn't come into play at all, though- just having disability insurance should give some relief knowing we're covered if something goes wrong with our health or mental wellbeing.

Don't Wait Until You're Sick to Buy Disability Insurance

You never know what the future holds for your practice or even your own health; ten minutes from now you may not be as healthy as you are right now. This is why it's important to buy physician disability insurance, like in spite of age and current state-of-health discounts - when premiums will likely remain lower than at any other time in life (e.g., retirement).

The ugly truth is younger people are generally healthier than older ones. This is why disability insurance carriers prefer younger applicants and are more likely to deny applications from those who are closer to retirement age.

With a small investment today, you can get up to 45% off your total physician disability insurance cost after going through the residency and fellowship programs. But once this period is over, there's no guarantee that these offers will still be available for people who are not residents or fellows anymore.

The opportunity to take advantage of discounted physician disability insurance may never come again, so act now... Request your quotes today.