Purchase Disability Coverage While in Residency or Fellowship

Q: Why should I purchase disability insurance while I’m still in residency or fellowship?


A:  A good reason to purchase disability coverage while in residency or fellowship is because rates are based on age and current health. Those premiums are locked in for the duration of the policy and will often provide substantial discounts to residents/fellows. This is the most crucial time to protect what you have invested years and countless hours to obtain: your investment in medical school, residency and/or fellowship; most importantly this will protect your future income for which you have worked so hard to establish. Often, fellowship and residency programs will offer a Gender Neutral Guarantee Issue plan meaning the coverage is guaranteed without any medical questions asked. This essentially means that everyone can apply for coverage without ever having to take a medical exam or answer any medical questions and receive a total of $13,000/monthly benefit when income. There will be no scrip checks nor will the company pry into previous medical records. Because of this, all preexisting conditions are waived and there can be no added exclusions to the policy.