Disability Insurance For Physicians in Training Is So Important, But Why?

4 minute read

As a physician in training, you most likely have heard about the importance of disability insurance. But the real question is, why is this so important RIGHT NOW

There are two main reasons why it is crucial to secure your physician disability insurance policy while you are in training or very soon after. 

  1. Risk Factors 

  2. Cost Efficiency


As a physician your largest financial asset is you. After spending countless hours and thousands of dollars on education, you, and your ability to perform your medical duties is essential to your income. 

This is where disability insurance comes in. 

The primary benefit of disability insurance is the replacement of income in the event that you are not able to work. If you become disabled, your disability insurance will provide monthly paychecks that will replace your income, ensuring that you are protected financially. 

As a physician, small changes in health or even small accidents can affect your ability to work, which is why it is important for doctors to get disability insurance. Shockingly, more than 1 in 4 20-year-olds become disabled before reaching retirement, and physicians have a 30% chance of missing out on income because of unexpected sickness or injury in their careers.

The diagram above demonstrates the need for disability insurance early on.

As a medical professional in residency or fellowship, your income and savings are lower and your risk of becoming disabled is higher, which is why it is crucial to secure your policy early on.


The second reason it is so important to purchase a disability insurance policy while you are in training is the price of the policy itself. Purchasing a disability insurance policy early in your career can save you THOUSANDS. 

When determining your premium, insurance companies consider how the following risk factors affect you:

  • Medical History

  • Age

  • Health 

To put it frankly, the younger and healthier you are, the lower your premiums will be. 

Securing your policy as early in your career as possible not only may help you get a lower rate because of your age, health, but also your ability to utilize discount options.

Medical residents are eligible for discounts that are set by insurance companies that have a relationship with the school of residency. These discounts can provide career-long savings of up to 45 percent of the normal rate.

This can end up saving you a large amount over the lifetime of the policy, which is why it is so important to take advantage of those discounts when you are in training!

To obtain the discounted rates, you need to submit your application prior to your graduation date.

Disability insurance rates never change. This is a huge incentive to lock in your lower rates while you are young, healthy, and can secure discounts. 

If you are ready to save on your policy, secure your training discount rates and protect yourself and your income. Get started with the best disability insurance policy for you by filling out a quote request here!