The Best Way For Physicians To Save On Disability Insurance

4 minute read

Time is everything when it comes to important decisions. Usually making a financial protection purchase (like disability insurance) involves some research and shopping around in hopes to land the best policy with the lowest price. However, if you are wrapping up your training program time is not on your side, and here’s why. 

TRAINING PROGRAM DISCOUNTS

Training program discounts are discounts that insurance companies offer to medical professionals who are in training. But after you graduate from training, your discounts disappear. 

This is why it is important to act quickly to secure your discounts before they are gone.

With limited time, how do you know that you're finding the best disability insurance policy for you? We'll run through the benefits of getting disability insurance now and how to choose the best program.

WHY GET DISABILITY INSURANCE DURING TRAINING?

To say that life as a resident or fellow is busy would be a gross understatement. You're putting hours of hard work into completing your residency each day and the last thing on your mind could easily be financial planning. It may be difficult to picture what your post-training life will look like, but you will most likely have a large number of liabilities balanced out by your future earnings potential.

Clearly, you'll want to protect the time and cost that you have put into your training, but waiting until you're an attending to get disability insurance means that you won't have access to the large discounts available to those in training. It may be difficult to picture what your life, post-training, will look like, but by looking at physician disability insurance now you can take advantage of training program discounts that will save you considerable money over the life of your career.

SO WHAT TRAINING PROGRAM DISCOUNTS ARE AVAILABLE?

If you get disability insurance while in training you're saving money that will be extra money in your pocket once you start your new career. This extra money is not just a one-time benefit, but the training program discounts benefit you the life of your career as opposed to spending money to purchase disability insurance once in your new role. 

For a hypothetical example, a 29-year-old woman in the fourth year of her residency is able to access discounts that would decrease her monthly premiums by 40 percent. These discounts include a unisex rate discount worth 10 percent, a multi-life discount worth between 10 and 20 percent, and training school discounts available based on your agent's relationship with your training school. She would then be paying $150 on a monthly premium worth $250! The best part is, your 40 percent discount would follow you throughout your career.

HOW DO YOU GET STARTED?

Insurance policies, especially disability insurance policies, can be really confusing. That’s why we compare all your options side by side with one form. We do the legwork to get your personalized quotes from each of the Big 6 own-occupation insurers.

You’ll then be able to see a custom report that compares your options side by side so you feel confident that you’re making the right choice to protect your biggest financial asset: your income.

Our simple three-step process makes getting disability insurance quick and easy so you can have one fewer thing on your to-do list!

If you are ready to get started with your personalized policy, fill out a quote request today!