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- Apr 21, 2016
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Hi everyone,
I just wanted to make everyone aware that a lot of hospital residencies are offering group disability insurance to residents that can be converted to your own individual policy with no medical underwriting, own-occupation, non-cancelable, guaranteed renewable and portable upon graduation from residency.
If you get disabled DURING residency, then it's unfortunately only own occupation for 2 years and then converts to any duties of a physician. However, you'd probably want to change course and do something you could actually DO that early in your career. But, once you graduate it becomes an individual policy that you pay premiums on, and it is own-occupation, non-cancelable, guaranteed renewable and portable and not taxable.
Check to see if your hospital offers this. Do yourself a favor and SAVE money on premiums during residency and then convert the plan to individual when you graduate.
Disability Insurance agents out there are making TONS of money off of selling you individual policies (many get 100% of your first year's premiums as commission), so they have a vested interest in trying to sell you something you don't need. They don't want people to know about this plan that hospital systems offer, and the agent I was working with was adamant that his policy was the only way to go. Luckily I got in touch with my program's benefit office and figured this out. So glad I figured this out before forking over ~$130 a month to (name of insurance company omitted).
Cheers!
I just wanted to make everyone aware that a lot of hospital residencies are offering group disability insurance to residents that can be converted to your own individual policy with no medical underwriting, own-occupation, non-cancelable, guaranteed renewable and portable upon graduation from residency.
If you get disabled DURING residency, then it's unfortunately only own occupation for 2 years and then converts to any duties of a physician. However, you'd probably want to change course and do something you could actually DO that early in your career. But, once you graduate it becomes an individual policy that you pay premiums on, and it is own-occupation, non-cancelable, guaranteed renewable and portable and not taxable.
Check to see if your hospital offers this. Do yourself a favor and SAVE money on premiums during residency and then convert the plan to individual when you graduate.
Disability Insurance agents out there are making TONS of money off of selling you individual policies (many get 100% of your first year's premiums as commission), so they have a vested interest in trying to sell you something you don't need. They don't want people to know about this plan that hospital systems offer, and the agent I was working with was adamant that his policy was the only way to go. Luckily I got in touch with my program's benefit office and figured this out. So glad I figured this out before forking over ~$130 a month to (name of insurance company omitted).
Cheers!
