Now that you are officially matched and on your way to the next step of your medical training it is the most important time to protect yourself, your career, and your future income! The best way to secure yourself is by purchasing disability insurance.
Disability insurance is key for financial security. Disability insurance is a type of insurance that provides income in the case that you are unable to work due to an injury or illness. A disability ranging from a long-term illness to a disabling accident could take your career and your financial stability. To protect yourself and those who depend on you, it is important to have disability insurance to cover the loss of income you would face in these unfortunate circumstances.
You may be asking yourself if now is really the right time to purchase an income protection insurance plan when you are still earning way less than your maximum potential. However, that is one of the reasons why purchasing disability insurance during training is the best choice.
There are four main factors that make training the best time for purchasing income protection.
Purchasing a policy early on in your career will ensure you are protected from the beginning until the end. Why insure only half of your career when you could have confidence that you and your income are protected throughout the entirety of training all the way through your attending career. By purchasing disability insurance at the beginning of your career you are providing a safety net for yourself the entire time, and maybe even the most crucial time of your life.
With any type of insurance, there are hoops and requirements you have to go through. However, purchasing coverage early on in your career can help you avoid some of those hurdles and even be approved for income protection with very few steps. When applying during the beginning of your career, you can be accepted with little to no health questions to answer and are immediately eligible for up to $2,500 in monthly benefits.
A huge benefit of purchasing coverage during training is receiving training discounts.
Training discounts are huge because they can range anywhere from 10-40% of the premium and they will last the life of your policy.
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!
Most residents don’t consider their current health as a potential obstacle to qualifying for disability insurance since they are generally young and healthy. But injuries and/ or chronic conditions could prevent you from getting covered in the future.
By purchasing a disability insurance contract now, you protect not only your current income but the opportunity to purchase more coverage in the future, even if your health changes. A terribly unfortunate situation for any person to be in is to have a change in health and not be able to get disability insurance when they need it.
We all deserve to be safe, and there’s no reason that you can't get started on this important journey today.
Fulfilling your duty as an individual towards yourself means securing disability insurance coverage so as not to leave any gaps in protection should disaster strike!
Start protecting yourself now by filling out a quote request with us here - we'll help guide you through every step of the process without question or pressure from start-to-finish