When should we get disability insurance?

[afteranesthesia]

I'm a pgy2 in a procedural specialty. When should I be purchasing a policy?

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[gutonc]

I'm a pgy2 in a procedural specialty. When should I be purchasing a policy?

2 years ago.

 

[Neuronix]

It depends on the institution. We are covered by long-term disability automatically during residency (of course at resident salary if disabled), and then have the option to convert that to purchase good own-occupation disability insurance at graduation with no physical/fitness requirements.

 

[rokshana]

yesterday...

 

[LBKCLU]

You should purchase your coverage as soon as possible. This will allow you to lock into the lowest premium rates, protect against and future (potentially negative) changes in your health, as well as, allow you to take advantage of any discount plans that maybe available via your hospital affiliation or professional association.

You should go to www.whitecoatinvestor.com (if you have not already) to learn about disability insurance and how to compare the carriers that offer "Own-Occupation" coverage in today's marketplace.

 

[pauven]

do it. especially if you are in a field that performs a lot of procedures

also if you have any nagging ailments like shoulder pain, neck pain, palpitations, etc.. work them up after you sign your disability insurance contract. they will add exclusions and increase rates for diagnostic workups and preexisting conditions

 

[schwartz]

Anyone know where people with diagnosis of major depression could get disability insurance?

 

[dyeguy21]

Your schools coverage is usually crappy. Somewhere around 50-60% of current income level. Buy supplemental coverage and be sure it includes an "own occupation" clause. This way they can't say you can still get gainful employment at a walmart.

 

[LBKCLU]

Anyone know where people with diagnosis of major depression could get disability insurance?

You should be able to purchase coverage. Depending upon how long you have had the diagnosis, the number of medication(s) you are taking and the dosage, you would most likely qualify for a policy with a 5-Year Benefit Period, an exclusion rider for mental/nervous and substance abuse disorders and no increase options would be available.

However, if you are a resident or fellow and your hospital has a Guaranteed Standard Issue (GSI) plan in place, standard coverage may be available.

If this is your situation and you reach out to me, I may be able to help or point you in the right direction.

 

[Neuronix]

Just keep in mind that the commissions for selling you disability insurance are in the thousands to tens of thousands of dollars. Thus, people who have it to sell to you may push it on you hard. See: http://www.disabilityquotes.com/video/disability-insurance-commissions.cfm

Same goes for annuities...