Why You Should Get a Future Coverage Increase Provision in a Disability Income Insurance for Resident Physicians Policy

Income insurance for medical residents is now widely available. In addition to basic disability insurance for resident physicians, there are some important provisions you should consider adding to your program. As you serve your residency, you are in a somewhat precarious position, working the many hours required and frequently suffering sleep deprivation. It is also a given that your income may increase rapidly once your medical resident's duties are completed. One of the most important to consider is a Future Increase Option (FIO). While you should have basic disability insurance for medical residents, you should also strongly consider protecting yourself in at least two other areas.

1. Guarantee your future insurability. This often eliminates the risk that, should you suffer an injury or illness that projects to reoccur in the future, your ability to keep disability insurance is not in jeopardy.
2. Guarantee your ability to increase your disability income insurance benefit amount as your regular income becomes larger. Having this option normally only requires you to submit your prior year’s tax return to your insurance company to qualify for an increase to your monthly disability income level.

Adding an FIO option to your disability insurance for resident physician’s policy may provide a lifetime of security and piece of mind long after your medical residents duties are fulfilled. Whether you decide to take your specialty to a hospital, clinic, research, or private practice, you’ll be able to take your income protection with you for as long as you’d like and regardless of your future health. 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.