4 minute read
4 minute read
We all like to get a good deal! But usually we like to shop around and really take our time deciding which purchase yields the best value. If you're finishing up your training program, however, you need to move quickly to take advantage of your training program discounts.
These training program discounts are something you'll benefit from for the rest of your career. But 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.
Do you really need disability insurance?
As a medical professional you definitely know that there is no way to truly prevent a disability—but there are ways to eliminate the devastating financial consequences that can occur as a result of a disabling injury. If you're not protected, a disabling illness or injury can create financial issues, including increased debt. No one wants to consider the possibility of such an injury, but considering disability insurance while in training has tangible benefits.
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 amount 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 know which is the best policy for you?
Insurance policies, especially disability insurance policies, can be really confusing. It's best to work with an independent advisor who can examine the policies offered by the best insurance companies in order to find you the best premium and coverage for your life. If you're looking to purchase physician disability insurance and have questions about training program discounts or even things like true own-occupation coverage, make sure to find an unbiased advisor who can help you wade through the maze and find the coverage that best meets your needs.