Today I worked with a medical resident who recently started their training in emergency medicine. They have several years to go until they are done training but were curious about how and if they should purchase a disability insurance policy while early in their training.
There are 3 main reasons to purchase an individual policy early in your medical residency training:
1) Protect your insurability. If you are healthy and can qualify for a policy, get it as early as possible. If your policy is set up properly, you will only need to go through the medical underwriting process once. If you are healthy, purchase the policy now with as much room to increase the policy in the future without further underwriting. Ideally, you should be able to increase your policy up to $15,000/month benefit in the future without further medical questions. You will most likely not make any changes on the policy until you are done with your training and have your larger paycheck.
2) Discounts. If you are eligible for discounts, get your policy while still in training to lock in the discounted rate. Not all discounts are created equal! Make sure you have a contract that is adjustable so the discounts will apply to any future increases. Most companies only offer discounts on the base policy and all future increases are more expensive!
3) Unisex rates. This is especially important for female physicians. Obtaining a policy at unisex rates may save you up to 55% over the course of your entire career!
For more information about why medical residents should purchase their individual disability insurance policy early in their training or to request a customized quote comparison, please contact Set for Life Insurance today!