Hi Everybody,
So I've been reading a lot about disability insurance from this site and elsewhere but I still cant seem to figure out what to do! My wife and I are both incoming residents, her to EM and me to Plastics. We are given an individual disability insurance policy through a company which is set up through the residency program. The GME office then provides funding up to a certain premium, which would give us about 4k in disability each. However, I'm guessing that this policy ends after residency. Therefore I'm wondering if I should take out a separate policy from one of the big 5 for 1k (or if that is even possible) that I can upgrade after residency for a lower premium?
If so, then I have another question. Should my wife and I each get the extra disability policy? We will both be high income earners; she will earn money 3 years earlier, but I will likely make more eventually... I'm thinking in the long run it would be better to just have the higher earner have a policy just in case we both get hurt.
Thanks for the help!
So I've been reading a lot about disability insurance from this site and elsewhere but I still cant seem to figure out what to do! My wife and I are both incoming residents, her to EM and me to Plastics. We are given an individual disability insurance policy through a company which is set up through the residency program. The GME office then provides funding up to a certain premium, which would give us about 4k in disability each. However, I'm guessing that this policy ends after residency. Therefore I'm wondering if I should take out a separate policy from one of the big 5 for 1k (or if that is even possible) that I can upgrade after residency for a lower premium?
If so, then I have another question. Should my wife and I each get the extra disability policy? We will both be high income earners; she will earn money 3 years earlier, but I will likely make more eventually... I'm thinking in the long run it would be better to just have the higher earner have a policy just in case we both get hurt.
Thanks for the help!
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