3 Advantages to buying a disability insurance policy in training
As a physician in residency or fellowship, you are on the brink of launching your career and enjoying the fruits of your hard work. However, have you stopped to consider what would happen if an unexpected disability were to prevent you from practicing medicine? The truth is, disability can happen to anyone at any time, and the financial consequences can be devastating. That's why it's important to consider purchasing disability insurance during your training program. Here are three advantages to buying a disability insurance policy in residency or fellowship:
Advantage #1: Training Program Discounts Can Save 20-30% on Prices
Many disability insurance providers offer special discounts to residents and fellows. These discounts can save you 20-30% on your premiums, which can add up to significant savings over the life of your policy. By taking advantage of these discounts while you are still in training, you can secure a more affordable policy that will provide you with the financial protection you need.
Advantage #2: You Are Younger Which Keeps Rates Lower
Age is a major factor in determining the cost of disability insurance premiums. Generally, the younger you are when you purchase your policy, the lower your premiums will be. By purchasing disability insurance during your residency or fellowship, you can lock in lower rates and potentially save thousands of dollars over the life of your policy. Plus, as you age, you may develop health conditions that can make it more difficult to obtain coverage or result in higher premiums. By securing your policy early, you can avoid these potential roadblocks.
Advantage #3: You Are Most Likely Healthier Than You Will Be in the Future
In addition to age, your health is another major factor that affects the cost and availability of disability insurance. While you are in residency or fellowship, you are likely in good health and have not yet developed any health conditions that could impact your insurability. By purchasing disability insurance now, you can take advantage of your current health status and secure a policy with fewer restrictions or modifications. This can provide you with greater peace of mind and ensure that you are protected in the event of an unexpected disability.
In conclusion, purchasing disability insurance during your residency or fellowship can provide you with significant advantages. By taking advantage of training program discounts, locking in lower rates while you are younger, and leveraging your current health status, you can secure a policy that provides you with the financial protection you need to pursue your career in medicine with confidence. Start a quote request today to learn more about our disability insurance options and how we can help you protect your future.
