5 Reasons Why Training Is the Best Time to Purchase Disability Insurance

Disability insurance replaces your income if you are unable to work due to illness or injury.

But when you are in training it may seem like the wrong time to protect the income you do not have yet...

So why is training the best time to purchase a disability insurance policy? Keep reading to find out.

1) You Can Save up to 45% With Training Program Discounts

We will be upfront about this. The biggest reason to purchase while you are in training is because of the unbeatable SAVINGS. By purchasing your policy prior to finishing training, you can save significantly now and in the future.

Medical residents are eligible for discounts that are set by firms 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.

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

2) Your Future Income is Your Most Valuable Asset

Your most valuable assets at the end of residency are your education and your ability to earn an income in the future. This future income reflects an enormous investment of time, cost of education, and postponed income due to time spent in training.

Any negative impact on your health such as:

  • a back injury;

  • vision loss;

  • or hand injury

will threaten your assets. Purchasing disability insurance while still in residency will protect your investment.

Disability insurance is important in many careers, but it is especially essential for physicians as they have higher rates of mental and nervous conditions and musculoskeletal disorders than those in other professions.

The U.S. Social Security Administration Fact Sheet stated in 2013 that each person has approximately a one in three chance of losing future income due to injury or illness. With these statistics, you can see why it is wise to plan ahead for any unexpected circumstances.

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.

3) Full Protection From the Impact of Future Injuries or Illness

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.

If you buy disability insurance now, you'll make sure that you're covered throughout your career.

4) Protection From The Market Place Changes

What disability insurance claims pay-out is based on what's in the insurance contract that exists between you and the insurance company.

There currently exist favorable contracts specifically available to residents that protect their 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.

5) Getting Disability Insurance as a Resident Will Keep Your Premiums Low

Because rates are based on age and health status, a good reason to purchase disability insurance now is that the younger you are, the lower your premiums are likely to be.

The older you get, the more expensive this type of insurance becomes, as your likelihood to use it increases.

Since disability insurance rates never change, you want to secure your policy as early in your career as possible. Not only may you get a lower rate because of your age, but you may also be less likely to have health conditions that could result in policy exclusions of coverage.

The plans with non-cancelable and guaranteed renewable provisions will keep those rates stable for the remainder of the contract, usually to the end of your career.

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.

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, fill out a quote request here!