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Disability Insurance for Medical Residents

Disability Insurance for Medical Residents

July 02, 2019

If you are a medical resident, why is it especially important that you consider disability insurance?

Demands of the Job

There is a higher likelihood of emergencies and accidents among physicians than there is among other professions. When this is coupled with the physically and mentally demanding nature of the job, residents would be wise to purchase a disability insurance policy to protect their income. Many residents have a relatively low or even negative net worth because of student loans; resident disability insurance can ensure that those loans get paid even if you suffer an illness or accident and are physically unable to work.

Get Coverage for Your Specific Occupation

One of the main benefits of resident disability insurance plans is that they cover you in your own specialty, instead of under the umbrella category of “physician.” You will be eligible to receive benefits if you cannot perform your specific job within the medical field, instead of the job of a generalized physician. This means that if you are a surgical resident, but injure your hand, you can still receive full benefits, even if you change your residency focus. Since the term “disability” often covers a large gray area, the more specific definition on your insurance policy, the better.

Protect Your Earning Potential

As a resident, you will want to protect not only your current income, but your earning potential. After all, one of a medical resident’s valuable assets is their future earning ability. Many residents are offered group disability insurance through their program. Group policies tend to be less expensive than individual policies, but they are sometimes limited in how much coverage they can offer. There are also various riders you can add to many policies, such as the student loan rider. This rider will cover your student loan payments while you are disabled up until a designated period.

By purchasing a policy while you are young and healthy, you will be achieving the best possible rates. If you are a medical resident seeking to protect your income and earning potential, an advisor can help you find the policy that is best for you. You can contact us here if you have further questions about applying for resident disability insurance policy.

This blog post was originally posted on our dedicated insurance site, 1752 Insurance