Disability Insurance for Medical Residents

Disability Insurance for Medical Residents is an essential piece of financial coverage in today’s modern world as you prepare to be a fully licensed doctor. As a medical resident, you have invested a tremendous amount of time, money, and effort gaining the knowledge and skills you need to do your job. Why not protect everything you have done so far?

After making such a commitment, you need to ask yourself:

  1. “What will I do for income if I can no longer see and treat patients because of an illness or injury?”
  2. “How long could I and my family maintain our current lifestyle if I couldn’t work?”

Disability Insurance For Medical Residents – Why Do I Need It?

Disability Insurance for Medical Residents will enable you to continue paying for rent/mortgage, groceries, child care, tuition, entertainment, etc. while you aren’t able to work.

Critical Points To
Remember As a Medical Resident

  • Many medical residents immediately lose their primary flow of cash if they can not work. Disability Insurance for Medical Residents will greatly help you.
  • Residents covered by an employer’s (i.e., hospital, etc.) group policy find that monthly benefits are capped well below their regular income. This will severely restrict their cash flow in the event of illness or injury.
  • Because many medical specialties require specific physical skills to perform procedures, medical residents are highly likely to be considered completely disabled versus partially disabled.
  • Medical residents are very unlikely to take on jobs doing tasks other than practicing medicine during the recovery time, which will extend the disability period for you.

Special Considerations
For Your Disability Insurance Policy

  • The definition of Total Disability in your policy should be “Own Occupation”.  This means you will be considered disabled if you can’t perform your own occupation versus any occupation.
  • Taking it one step further, your policy should also identify your specialty in the definition. This helps to ensure you maintain financial protection until you can do the exact job you specialize in.

Depending on your specific circumstances and specialty, additional provisions may be necessary to ensure your income is protected if you can’t work.

Disability Insurance for Medical Residents is key to have in order to fully protect yourself while you prepare to be a licensed doctor. To discuss your options and customize a policy, please call us at (800) 788-8921 or fill out our brief Contact Form to be contacted by an advisor directly.