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All disability insurance coverage is based on replacing some percentage of your current income in the event you suffer an injury or illness that prevents you from completing the employment responsibilities. Typical benefit levels are in the range of 50% to 60% of regular monthly income, although higher limits are sometimes available. Disability income insurance for medical residents does not significantly differ from the standard, but there are sometimes special considerations made for physicians in training.
Maximum benefit levels may be determined by the companies providing this coverage for resident physicians. You will learn by consulting knowledgeable websites like ProtectYourIncome.com that some companies understand the inherent differences in issuing income insurance for medical residents.
Regardless of your number of hours worked and compensation received, you may be allowed to more or less “pick a number” and set a benefit level that you can afford. Typical benefit levels range from around $2,000 to $3,500 pre month. Some insurance companies are willing to be more agreeable and/or liberal with benefit amounts as they are aware that you'll only be a medical resident physician for a relatively short period of time. Upon completing your residency requirement, you will enter the world of practicing physicians, at which time your income should normally enjoy a serious increase.
You should be able to locate adequate coverage amounts now and have the ability to increase your monthly benefit levels accordingly after your disability insurance for medical residents insurance becomes your professional physician coverage.
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.