Why Disability Insurance for Resident Physicians Is an Important Consideration

Disability insurance for medical residents may be more important than it first appears. Its basic importance is easy to comprehend. Your student loans and living expenses will not go away should you become disabled while you're a medical resident. Although you’re not yet in the upper income group, a monthly income benefit of $2,500 to $3,500 would be a most important help to your life should you become disabled while perfecting your abilities. However, by getting disability insurance for resident physicians while you’re in residency, you may be giving yourself protection for the foreseeable future also. By adding one or more options that may be available, you might guarantee your future insurability and earnings. There are at least three primary options you should seriously consider:

• “Own-occupation” definition of disability. Unavailable in most group disability plans, this classification means you are considered to be eligible for benefits until you are able to return to practicing your specific occupation, not just any gainful employment, as specified in many group policies.
• Future increase option. This provision allows you to increase your monthly benefit amount as your income increases regardless of your medical condition. For example, suppose you suffer a back or neck injury, while you’re a resident physician, that could affect the performance of your profession at various times in the future. You may be ineligible for disability coverage or be required to have a “rated” policy (with higher cost) after you begin private practice. This could cost you large dollars for income protection for many years. This option would eliminate that discouraging possibility.
• Non-cancelable or guaranteed renewable option. You should consider this feature if offered as it will protect you from future insurability problems should you suffer an injury or illness while practicing as a medical resident.

Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.