Transitioning from residency to an attending role is stressful and time consuming. With so much to do in so little time, it’s tempting to put off things until the last minute, but purchasing a disability insurance policy should not be one of them.
Why?
If you delay purchasing disability insurance until you start your attending role, you are likely to miss out on thousands of dollars in savings over the lifetime of your policy.
For medical residents, the cost-saving benefits of securing disability insurance early cannot be overstated.
An analysis of more than 5,000 policies secured through Pattern found that on average, for every $1,000 in benefit amount, doctors who purchased their disability insurance policy as an attending pay 18% more in annual premium compared to doctors who purchased their policy as a resident. In terms of dollars, purchasing a policy as a resident saves you on average $449 per year.*
So why the difference? First, your age, gender, health, occupation, and medical history are all factors insurance companies take into account and may have an impact on your policy premium. Second, the training discounts that are only available to medical residents and fellows can save you thousands of dollars over the lifetime of your policy – even if you increase your policy as an attending.
Essentially, the younger and healthier you are, the more affordable your premium will be. And in the eyes of the insurance carriers the longer you wait to purchase a policy, your likelihood of disability increases.
As you can see, time is of the essence when it comes to protecting your income from disability and making that protection more affordable.
Pattern has helped thousands of doctors find the right disability insurance coverage, so we understand that time is a scarce resource, especially for busy medical residents. There’s just not enough time to understand the nuances of disability insurance.
It’s why we’ve made educating medical professionals and making the shopping, comparing, and buying process quick and easy our top priorities. Instead of spending days or weeks of your life trying to find a policy on your own, Pattern can help you make an informed decision about your financial future so you can check this off of your to-do list in minutes.
Securing a disability insurance policy is as easy as completing a free quote request in five minutes, comparing policy options from major carriers with an unbiased expert, and purchasing a policy with confidence.
*Note: These figures are averages of premiums on closed policies, not a policy quote. To determine what your annual premium could be, complete a free quote request and compare your policy options with a Pattern advisor. Age, gender, health, occupation, and medical history can all have an impact on policy premium.