4 minute read
4 minute read
Medical residency and fellowship can be a very difficult time in your career. From lack of sleep, to a demanding schedule, to tight finances, many pressures compete for your attention. The temptation can be to focus on only the present; however this is actually the perfect time to think about your future practice and what you need to secure its longevity, like getting physician disability insurance. While disability insurance isn't the most exciting topic, the discounts you can qualify for by acting today are worth considering.
Don't Wait Until Policies Change
Since 2012, we've seen disadvantageous changes to available policies come into effect at the beginning of the year. Insurance companies often make changes to policies at this time, and these changes are never to the benefit of policy holders!
If you're interested in getting disability insurance, getting your policies quoted now will make sure that you don't end up missing the window on the best policy for you.
Discounts Available for Residents and Fellows
Residents and fellows have a unique opportunity at this stage in their careers to get discounted physician disability insurance. Think about buying physician disability insurance now like buying term life insurance at a young age. By acting early, you can lock in lower rates while also taking advantage of disability insurance discounts. By contrast, if you wait a few years to buy physician disability insurance, you'll pay exponentially more in premiums, just as you would if you wait until you are older to purchase term life insurance. If you're a resident or fellow, do not allow yourself to fall into the trap of putting off, and paying more for, physician disability insurance.
Physicians Disability Insurance Mitigates Risk
Simply put, purchasing physician disability insurance is one of the best ways to help protect yourself for the long run. Statistically, physicians have a 30% chance of losing income due to sickness or disability during their careers. By taking advantage of disability insurance discounts and purchasing disability insurance now you can help protect against this risk. This is also not to mention the fact of heightened stress levels while running a practice. The tiredness you feel now will likely remain in varying intensities throughout your career. The hope is that you never have to use the disability insurance, but it is one of the greatest ways to protect yourself and your future.
Don't Wait Until You're Sick to Buy Disability Insurance
You are never going to be any younger than you are now. The ugly side of disability is that things like student loans do not go away if you're disabled; you will have to repay them regardless of your health. Physician disability insurance operates on the principle that younger people are generally healthier people. You never know what the future holds for your practice or even your own health; ten minutes from now you may not be as healthy as you are right now. This is the best time to act in buying physician disability insurance as you can take advantage of discounts while you are young and healthy and lock in lower rates for your disability insurance. By acting now, you have the potential of getting discounts of up to 45% off that will last for the duration of your career. However, once you're no longer a resident or fellow the opportunity for discounted physician disability insurance may no longer be available.
If you're interested in more information, click below to download our free guide to disability insurance written specifically for physicians!