resident & disability

[TorpedoSN18]

Dear SDN,

When should a healthy resident/fellow purchase supplemental disability? I've heard rumors you do this before graduation. Any advice appreciated!

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[deleted162650]

You can lock in the best rates if you purchase a policy before you graduate. You can have the effective start date be graduation day or later if you want so you aren't paying the premium on a resident salary if you don't want. Many carriers will have riders that allow you to increase the benefit without a medical exam if you purchase the policy as a resident as well.

 

[Guillemot]

Should you purchase disability insurance if you are healthy? Maybe... If you buy it when you are unhealthy the disability insurance will not cover disability as a result of your preexisting condition. Depending on the condition they may also elect to decline coverage. So depends upon how much risk you would like to expose yourself to and how averse you are to paying the monthly premium.

 

[pgg]

Should you purchase disability insurance if you are healthy?

Yes. In fact, that's the best time to get it.



My opinion is that everyone should get a policy as a resident (or fellow). If you join a group or take an employed position somewhere that has a group disability policy that turns out to be a better deal, you can always cancel it. It'll only cost more and be harder to get a policy if you wait until you're older and out of training.

When I was a resident, I was active duty military and no one would insure me. Eventually one company (Mass Mutual) relaxed that requirement, but since I was older and out of training, I ended up with a fairly expensive policy. I'm still a perfectly health nonsmoker, but I still pay the premium and hope to never need it.

 

[OB1🤙]

Let me WCI that for you...

What You Need to Know About Disability Insurance

Disability Insurance Introduction