Does it make sense to purchase disability insurance before graduating (if not immediately practicing)?

[brokeasshemonc]

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I'm a physician scientist in a non-surgical specialty (medical oncology). I'm graduating fellowship at the end of the month. I've heard generic advice that physicians should sign up for disability insurance before graduating, because premiums skyrocket.

However, I'm in a bit of an unusual situation:

- My goal is to remain 80% research, even in a challenging funding environment.
- In a few weeks, I will be switching into a 100% research role as a postdoc. This was the most palatable option in this funding environment made possible by the external grants I've received, but also somewhat disappointing due to budgetary issues at my institution. However, this means that paying insurance premiums on a non-physician salary when I'm not seeing patients (unless I choose to moonlight) is completely unappealing.
- If the funding environment does not improve to the point where I can't establish my own lab, I am likely to go into industry, with academic clinical investigator as my next option. I am very unlikely to go into private practice.

I don't know the very basics about disability insurance. Does it make sense to reach out to one of the insurance companies that have been sending me unsolicited emails since I started residency? Or should I be viewing them with skepticism?

 

[mmmcdowe]

I would recommend having insurance (the caveat being they may not give you specialty specific insurance if you aren't working in the specialty). You've invested a lot to be taken out by random chance. I had a partner who had his tendons lacerated when a dog got tangled up with his dog while on a walk and they started fighting. You just never know.

That being said the whole premium skyrocketing thing in my experience is BS. They just want your money and they know you're very low risk statistically. It's like 5 percent cheaper as a trainee. Get quotes from Standard and at least one competitor and marke them fight it out. At the very least have enough to cover most of your current cost of living as a researcher when combined with job disability. The amount of coverage you get is tied to your current income (can't insure yourself for 5mil/yr and then accidentally lose a few fingers) and the cost is proportional. It really isn't all that much.

 

[brokeasshemonc]

I would recommend having insurance (the caveat being they may not give you specialty specific insurance if you aren't working in the specialty). You've invested a lot to be taken out by random chance. I had a partner who had his tendons lacerated when a dog got tangled up with his dog while on a walk and they started fighting. You just never know.

That being said the whole premium skyrocketing thing in my experience is BS. They just want your money and they know you're very low risk statistically. It's like 5 percent cheaper as a trainee. Get quotes from Standard and at least one competitor and marke them fight it out. At the very least have enough to cover most of your current cost of living as a researcher when combined with job disability. The amount of coverage you get is tied to your current income (can't insure yourself for 5mil/yr and then accidentally lose a few fingers) and the cost is proportional. It really isn't all that much.

Thanks. It sounds like I should get insurance, but no urgency to get get insurance in the last 1.5 weeks of fellowship?

 

[tartesos]

Yes. It will be way cheaper.

 

[tartesos]

I would recommend having insurance (the caveat being they may not give you specialty specific insurance if you aren't working in the specialty). You've invested a lot to be taken out by random chance. I had a partner who had his tendons lacerated when a dog got tangled up with his dog while on a walk and they started fighting. You just never know.

That being said the whole premium skyrocketing thing in my experience is BS. They just want your money and they know you're very low risk statistically. It's like 5 percent cheaper as a trainee. Get quotes from Standard and at least one competitor and marke them fight it out. At the very least have enough to cover most of your current cost of living as a researcher when combined with job disability. The amount of coverage you get is tied to your current income (can't insure yourself for 5mil/yr and then accidentally lose a few fingers) and the cost is proportional. It really isn't all that much.

Mine was 125 dollars more for not locking it during fellowship.

My bad 🤣

 

[mmmcdowe]

Thanks. It sounds like I should get insurance, but no urgency to get get insurance in the last 1.5 weeks of fellowship?

Imo no. They'll keep sending you emails offering you to grandfather you in for at least a few months.

That being said, doesn't hurt to start collecting quotes.