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Disability insurance replaces a portion of your income if you are unable to work due to illness or injury. When looking at protecting your income, it can be so complicated and expensive. So when you’re deciding when to purchase your policy training may not seem like the ideal time to consider that obligation.
With the end of training approaching we will cover the reasons why it is important that you obtain disability insurance before the end of your training program.
With the risk of injury or accident that could hinder your capabilities to perform your duties, disability insurance is vital to your financial security as it is the replacement of income in the event that you are not able to work.
Think of it this way: you have spent thousands of dollars and hours investing in medical school and your training. After all is said and done, your career is dependent on you.
Your career and your income are depending on your ability to work and perform your required duties. Disability insurance will give you the peace of mind that, if you have family or financial obligations, you will be able to meet those needs if you are unable to work.
Residency discounts can significantly bring down your disability insurance policy cost. If you are still a resident, you’re eligible for discounts of up to 40%. These discounts can save you thousands of dollars as they will last the lifetime of your policy.
This discount option is available in most cases to individuals who purchase their policy in medical school or training prior to graduation, which is why it is important to lock those discounts in before you graduate and become ineligible.
Do you still qualify for discounts?
Although these discounts are specific to individuals in training, some companies will give you a grace period of eligibility. These grace periods can range in length and are different for every company so it is important to get your quote request in as soon as possible to ensure that you will qualify for discounts and still have competitive options.
Thinking about the future, you most likely aren’t considering the events of your health as an obstacle or the event of injuries and accidents, however it is not good practice to rule these things out.
Health is something that can determine your cost as well. The healthier you are, the lower your cost will be. Injuries and/ or chronic conditions could prevent you from getting covered in the future.
This is why we recommend you eliminate bad habits like smoking or drugs before you apply.
There are currently favorable contracts specifically available to residents that protect your occupation and medical specialty. As we’ve seen recently, however, the insurance market may suddenly end the availability of certain plans, which further limits the options for medical professionals.
By getting a contract today, you get peace of mind that your provisions will not change, no matter the changes in the market.
Your age can be one of the most important determining factors for your disability insurance cost because typically speaking the younger you are, the healthier you are.
Since disability insurance rates never change, you want to secure your policy as early in your career as possible. As we mentioned above, disability insurance rates are based on your age, health, and income.
Not only may you get a lower rate because of your age, you may be less likely to have health conditions that could result in policy exclusions of coverage.
Don’t wait until you are in your forties or fifties to get disability insurance, since premiums will be much higher than in your twenties or thirties.
Getting a policy while you are still in training can save you a lot of money in the long run.
So when considering the best price and the best time to buy your policy, keep this in mind. By taking five minutes to fill out a quote request you can see what you would pay for your medical professional specific policy. If you are ready to get your quotes, fill out a quote request here!