Announcement

Collapse
No announcement yet.

Disability Insurance while in Medical School?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Disability Insurance while in Medical School?

    Our medical school recently allowed an insurance representative to give a presentation (free lunch for the win) about disability insurance for med students.  We would be able to sign up for $1,000/month during years 1/2 and $2,500/month for years 3/4 at a price of roughly ~$500/$1,000 monthly benefit annually.  Obviously the money would come from our student loans...The idea was that if we should become disabled during training, we would have income to pay for our student loans.   Does this seem like a good idea? I'd love to hear opinions.

  • #2
    If you have the funds to pay the premium and the peace of mind that it provides to you is warranted, it is probably not a bad idea.

    However, what is the definition of total disability? Does the policy include a Residual Disability Rider? Are the premiums discounted? Does the policy have a unisex rate? What about an increase option to allow for increases in coverage, regardless of your health in the future, as your income rises?

    Is the policy medically underwritten or issued on a guaranteed basis (regardless of health or activities like rock climbing or piloting)?

    These are all important questions that you will want to have answered.

    As an FYI, typically, individual disability insurance companies won't insure medical students until they are in the 3rd or 4th year.

    Additionally, for those that are within 60 days or starting residency, the higher resident physician limits would be available.

    Comment


    • #3
      I have a few similar questions to the poster above. Thinking about starting a policy from one of the DI groups, but I'm wondering about options as a medical student.  Will the "Big 5" groups allow you to start an individual policy as a 4th year, before earning an income as a resident?

      In regards to medical underwriting, do they typically just schedule a physical exam and ask you health questions?  Do they also have access to old medical records, e.g. if you had a surgery in the past but fully recovered, would that likely lead to an exclusion in the policy?   Thanks!

      Comment


      • #4
        I can't answer the disability questions but I will chime in and say that I went with Mr. Keller and couldn't have been happier. Plus, I know I'm appropriately insured through that avenue.

        Comment


        • #5
          Yes you can apply and get coverage while a resident/fellow. Most carriers have a $5k-$6k max until you are within your last 6 months, at that point most carriers will issue $6k-$7500 without income documentation. As for the prior health issues, depending on what it was, you can receive an exclusion but typically a year post policy issue and assuming no further/ongoing issues you can get those riders/exclusions removed.
          If we can help further let me know.
          Scott Nelson-Archer, CLU, ChFC
          303-953-0263 Direct / [email protected]

          Comment


          • #6




            Our medical school recently allowed an insurance representative to give a presentation (free lunch for the win) about disability insurance for med students.  We would be able to sign up for $1,000/month during years 1/2 and $2,500/month for years 3/4 at a price of roughly ~$500/$1,000 monthly benefit annually.  Obviously the money would come from our student loans…The idea was that if we should become disabled during training, we would have income to pay for our student loans.   Does this seem like a good idea? I’d love to hear opinions.
            Click to expand...


            This is one of those things I didn't even consider in medical school and in retrospect am glad I didn't buy because I didn't need it. But the truth is that there is no time you need a ton of DI more than during med school/residency. It's all the 50 year old docs who think about this stuff, but your need is greatest when you have nothing!
            Helping those who wear the white coat get a fair shake on Wall Street since 2011

            Comment

            Working...
            X