By Jamie K. Fleischner, CLU, ChFC
If you are a professional in your first year in practice and didn’t purchase your individual disability insurance policy while in medical residency, dental school or law school, you may still have time to take advantage of company offerings.
These programs are designed for professionals and students who are expected to quickly attain a higher earnings and qualify for future benefit amounts.
The amounts vary from company to company. It is important to have a qualified experienced broker compare your options who is well versed with offerings from each company.
The advantage is that with these limits, there is no financial verification required. If you are a first year attorney and are starting your own practice, it may be difficult to show a record of consistent earnings. This allows you to waive that element in the process with the ability to increase benefits in the future.
This program is especially helpful if you are a locum physician who is working at various positions without a full time contract. This allows you to purchase a policy without proving a full time salary.
If you are a dentist in your first year and are opening your own practice or are still looking for a full time position, this program works well since you do not need to verify income.
Engineers and accountants will find this helpful if they are going solo and starting their own practice. Typically companies would want to see at least 1-2 years of consistent income. This will waive that part of the underwriting process.
CRNAs, Certified Registered Nurse Anesthetists working as independent contractors or starting their own corporation can take advantage of these offerings their first 2 years in practice.
In addition to the individual benefits offered, the companies will allow you to purchase overhead expense insurance. This type of policy is designed to pay business expenses if you are not able to work.
Here are some of the limits available for various first year professionals:
Architect: First two years as a business owner: $4,000/month individual benefit; $10,000/month overhead expense
Engineer First two years as business owner $4,000/month individual benefit; $10,000/month overhead expense
Attorney First two years in practice $4,000/ individual coverage $10,000/month overhead expense
Law student – third or fourth year $2,000/month individual coverage
Certified Public Accountant (CPA) First two years as business owner: $4,000/month individual benefit; $10,000/month overhead expense
Certified Registered Nurse Anesthetist First two years in practice $2,500/month individual benefit $10,000/month business overhead expenses.
Dentist D.D.S. specialists – first two years in practice (Orthodontist, Endodontist, Periodontist,
Oral and Maxillofacial Surgeon, Prosthodontist): $6,000/month individual benefit, $10,000/month business overhead expense
Dentist D.D.S. specialist residents/interns:
– Within 180 days of completing their residency program: $6000/month individual benefit
– $4,000/month during dental school or dental residency
General Dentists – first two years in practice $5000/month individual benefit, $10,000/month overhead expense insurance
Physician Specialists – first two years in practice (Gastroenterologist, Oncologist, Otolaryngologist, Cardiologist, Neonatologist, Urologist, Radiologist, Orthopedic Surgeon, Neurosurgeon)
$7,500/month individual benefit $10,000/month business overhead expense
Specialist residents/interns not within 180 days of completion:
Up to $5000/month benefit.
– Within 180 days of completing their residency program
Other M.D., D.O. – first two years in practice
$6,500/month individual $10,000/month business overhead expense
During residency: Up to $5000/month benefit.
Medical students – third or fourth year $2,500/month benefit individual
For more information about individual disability insurance benefits for physicians, dentists, CRNAs, accountants, engineers, attorneys, orthodontists, oral surgeons, medical residents, dental students, law students, please contact Set for Life Insurance today!
