Disability Insurance Planning During Residency
Residency can be a useful time to compare current disability protection, an available student or resident policy discount, and options to increase benefits later. An early review can clarify opportunities before a career transition; it does not guarantee the lowest premium or future benefits at today’s age.
By Navid Lalezari · Author
Reviewed by Navid Lalezari
Last reviewed
In this guide
Know what protects your income today
Obtain the hospital benefit certificate and review any individual policy already in force. Record the monthly limits, waiting period, benefit duration and definition of disability. Do not treat a planned future increase as protection that exists today.
Read next: Disability Insurance for Residents
Sources:[1]
Ask about the policy discount
Request written confirmation of any student discount, the exact eligibility criteria and its treatment after graduation. If a carrier uses a resident or GSI program name, ask how that offer differs from the policy discount being discussed. An employer benefit is a separate arrangement.
Read next: Student Discounts on Disability Insurance: A Guide for Residents and Fellows
Sources:[2]
Prepare for growing income
Review whether an increase rider can avoid new medical underwriting and what other requirements remain. A protected original premium and the pricing age for added coverage are different questions. Keep the rider and option dates with your policy schedule.
Read next: Buying Disability Insurance During Residency: Age, Premiums, and Future Increases · Future Increase Options for Physician Disability Insurance
Choose a starting benefit thoughtfully
Balance an affordable payment with useful current protection, existing benefits and household obligations. Verify any minimum purchase required for the rider you want. Use the planning toolkit to organize the discussion; it does not recommend a benefit amount or determine eligibility.
Read next: Physician Planning Toolkit
Sources:[3]
Common questions
Does a future increase use my original younger age?
Not necessarily. The original coverage can have premium protection while additional coverage is priced using a later attained age. Confirm the pricing rule and any continuing discount in your policy.
Where to go from here
These next steps are educational and have no cost or obligation. They do not start an insurance application or begin coverage.
- Check My Options
Tell Drs Choices what you are weighing and request a conversation about your situation.
- Compare Policies
See how the coverage types and policy terms on this page differ side by side before you decide.
- Start Your Plan
Build a discussion brief from your own numbers. No account or email is required.
Sources
Drs Choices summarizes and compares these sources on this page. Each entry links to the original if you want to verify the wording yourself.
Guardian: Disability insurance pricing factors
View original source for “Guardian: Disability insurance pricing factors” (opens in a new tab)Ameritas: Medical resident programs and state variations
View original source for “Ameritas: Medical resident programs and state variations” (opens in a new tab)Guardian: Future increase options and medical underwriting
View original source for “Guardian: Future increase options and medical underwriting” (opens in a new tab)The Standard: Platinum Advantage specimen, Benefit Increase Rider, printed page 42
View original source for “The Standard: Platinum Advantage specimen, Benefit Increase Rider, printed page 42” (opens in a new tab)