When shopping for the best disability insurance for resident physicians, look for a comprehensive policy with relevant riders catered to your specific situation and income. It can be overwhelming to navigate policies without the help of a trained professional, like someone from the InsureSTAT team. However, there are two very important elements that are essential for protecting your current and future income as a medical resident at the start of your career.
Own-Occupation Disability Insurance
Own-occupation disability insurance policies cover individuals in the event of total disability. If a physician is unable to perform the material duties of his or her occupation, an own-occupation disability insurance policy provides income protection regardless of the ability to earn income doing something other than your trained practice.
For example, should an orthopedic surgeon not be able to operate due to an accident or illness, policies that include own-occupation or own specialty occupation riders will allow for full benefits to be paid to the insured even if they can do office orthopedics and earn income. We highly recommend that most doctors, physician assistants, dentists, nurse anesthetists, and others in the field secure individual disability insurance with an own-occupation rider to protect their trained specialties.
Future Increase Income Protection
As a young physician or medical professional, incomes typically rise substantially over the first five years in practice or employment after training is complete. Drastic rises in income can leave you underinsured without proper oversight of your resident disability insurance policy. In order to ensure your policy is commensurate to your rising income, it’s critical to review your policy’s monthly benefits annually to lock in the fullest amount available.
Each time a benefit is secured, we can guarantee that cost annually for as long as the insured wishes to keep the policy (typically to age 65 or 67). It’s incredibly advantageous to accept increases in benefit at a younger age to keep premiums as low as possible. By including “increase options” that either allow for annual review and increase or required review every three years, increasing benefits is easy. With an “increase option” in place, will only require proof of income and current employer provided benefit details to determine new eligible amounts and pricing. There is no medical review necessary for any future increase benefit options.
Additionally, under most plans, resident discounts can carry over to newly increased benefits. However, not all policies are created equal, so we always advise working directed with the InsureSTAT team to help review and secure the ideal resident disability insurance policy for your unique needs.
Are you ready to learn more about resident disability insurance? We work with the nation’s best carriers to provide our customers with the best disability insurance for resident physicians. Get your free online disability insurance quote today.
Get a Quote