How can you protect the investment
you’ve made in your education?
You have invested a lot of time and money in your education. Whether you are a Medical Student, Dental Student, Resident, or Hygienist
Disability insurance will provide you with a monthly payment in the event that an accident or sickness prohibits your ability to work and earn an income. Since you will soon be a self-employed professional, you are on your own to protect this financial risk.
The amount of disability insurance that can be obtained is tied to income. As a medical student, you are able to obtain a set amount of disability insurance without earning an income.
You are not required to be actively working as a physician in order to make a claim. If you were to suffer an accident or sickness while in medical school or residency, you would be able to make a claim under your policy to assist with your costs of daily living.
As you age, the premiums for insurance increase. By applying for the coverage now you are locking in a lower premium rate.
As a medical student, you are eligible for a premium discount up to 25%. This discount results in huge savings over your lifetime!
You are not immune!
When talking about disability insurance, many people think that it would take a catastrophic event to become disabled and make a claim. However this is not true – far from it. Most disability claims are non-catastrophic in nature. For example, claims are often made for a surgical recovery, broken bones, cancer, arthritis, muscular skeletal issues, etc. Many disability policies also cover partial claims, which means you are still able to work, just not full time or not to your full capacity. This provides flexibility so you can supplement your lost income easier and maximize your benefits.
It is not hard for us to perceive ourselves as indestructible. But in the insurance business we see numerous accidents, injuries and illnesses affect individuals young and old, healthy and unhealthy.
The chances that a 25 year old becomes disabled for 90 days or longer at least once within their working career are 4 in 9. The average length of the disability is 2.9 years. Could you survive 2.9 years without an income? Do you still believe you’re indestructible and it won’t happen to you?
Your disability protection options:
Here are some real examples of unexpected disabilities:
A young dental student was out skiing on holidays when a fellow skier ran into her resulting in a 5 piece comminuted fracture. Multiple surgeries were required and time off school was estimated at 8 weeks. Following the 8 weeks, the student was only able to return part time until fully recovered 3 months later.
A graduating resident about to have her second child was diagnosed with MS at age 33. Although this will not result in an immediate claim, she is happy to know that she has guaranteed coverage that will increase without medical evidence as her income increases so it is at an appropriate level when she needs to make her claim in the future.