Disability Insurance for New Physicians

Lock in your medical insurability and rates now. As twenty and thirty-somethings your ODDS of becoming disabled for 90 or more days are at their highest.* This page is designed to help residents and fellows understand the need for disability insurance and the importance of getting it now rather than later. Explore what is available for physicians on the disability insurance market today.

What type of coverage is available for residents and fellows?

Most carriers offer special limits for residents and fellows with guaranteed issue limits without financial documentation. They also offer a future purchase option which allows you to lock in your medical insurability today and gives you the option to increase your coverage when your income grows.** Depending on the carrier there are different limits. There also is an option to have a “graded” premium while in residency to keep the cost lower until you can afford to level your premium. Make sure to talk to your agent about this option.

What are the benefits to getting coverage now as opposed to after I complete my residency?

The most important reason to lock in your coverage now is to obtain coverage while your health is not an issue. Most of us are in our best health between the ages of 25-35. By placing your policy in force now, you are making sure you have the best coverage in the future. Keep in mind premiums are based on age. The younger you are, the less expensive your policy will be.

Another important factor is the strength of the contract now. Today’s market offers excellent coverage for physicians. Some carriers offer “medical specialty” language on top of your traditional “own-occupation” language. By getting a policy now you are guaranteeing yourself the best definitions of disability for physicians available today. Insurance companies can change their policies and may change their definitions. If you wait, the medical specialty language may not be there. If you wait the limits may change. You want to make sure you are getting the best policy while it is available.

If I have coverage with my residency program/fellowship can I still purchase additional coverage?

Yes you can.

*http://www.disabilitycanhappen.org/

**Future Increase Option will be financially underwritten taking into consideration the insureds earned income and disability insurance in force or applied for.