Medical Fellow Disability Insurance
As a medical fellow disability insurance you are furthering your area of expertise. This takes an extra amount of time and effort. As a result, it is even more critical to choose an individual disability policy that will cover you in your medical sub specialty.
What should you look for as a medical fellow when it comes to disability insurance?
- Definition of disability. This is the most critical part of a disability policy as this is the only way contractually a policy will pay you benefits. The most important language for a medical fellow is one that will cover you if you can’t work in your occupation. Policies will deem your occupation to be your medical specialty, even your medical subspecialty. It is not necessary for the company to have special language. The policy will pay you even if you can still work in general cardiology doing clinical work or research.
- Timing. Your policy will be set up based on where you are at the time of the application and will pay your claim based on where you are at the time of claim. You premiums will be based on the occupational class and state where you are residing at the time of application (along with other factors such as age, gender, etc…). Once you purchase your policy, it is set. For example, if you purchase your policy while doing internal medical as a resident living in Illinois, the policy will be priced as such. If you later go on to do an interventional radiology fellowship in Texas, you will still be paying Illinois rates and non surgical rates even though the policy would cover you while living in Texas practicing interventional radiology.
- Medical Fellow Limits. Graduating medical fellows and first year physicians may purchase up to $6500/month benefit regardless of income or group benefits in force. After that first year your benefit eligibility will be based on your situation at that time (income and group disability benefits in force). Therefore, it may make sense to purchase $6500/month benefit prior to graduation.
- Disability insurance Discounts. Look for discounts that you may be eligible for prior to graduation. Not all discounts are the same. The best kinds of discounts are the ones that are permanent and apply to any future purchases.
- Objectivity. Be sure to work with a broker such as Set for Life that can shop around for you to find the most suitable policy for your needs and can compare policies. If you choose to work with an agent of a company, you may only be given one choice which may or may not be the best for your situation.
For more information about disability insurance for medical fellows or to request a quote, contact Set for Life Insurance today!