Should I Buy Disability Insurance While I’m a Resident Physician?

Absolutely!  Disability insurance for medical residents may be more important than it first appears. Its basic importance is easy to comprehend – your student loans and living expenses will not go away should you become disabled while you’re a medical resident.

And although you’re not yet in the upper income bracket, a monthly income benefit of $2,500 to $3,500 would certainly cover a financial gap should you become disabled while perfecting your abilities.

However, by getting disability insurance for resident physicians while you’re in residency, you may be giving yourself protection for the foreseeable future also. By adding one or more options that may be available, you might guarantee your future insurability and earnings.

Should You Consider an Individual Medical Resident Disability Insurance Policy Even If You Have Group Coverage?

Group coverage, paid for by your employer or medical school, is a nice benefit to have. The pros are obvious: It may cost you little or possibly nothing to get disability income protection while you are working overwhelming hours as a resident physician. However, there are some important reasons to consider purchasing individual disability insurance for medical residents.

  • Future Increase Options (FIO) are generally not available with group insurance. An FIO normally guarantees your future insurability and allows you to increase your monthly income benefit as your income rises.
  • Portability. Once your medical resident’s obligations are completed, you’ll probably move on. Once you do, your current group benefits will cease and you’ll have to consider purchasing an individual disability insurance policy anyway. If you do it now, while you’re a resident physician, it may cost you less and provide more protection than applying for new coverage in the future. This issue can become particularly troublesome if your medical history changes for the worse during your residency period.

These are only a few important reasons to consider getting individual disability income insurance for resident physicians coverage. Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.


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