When Should Medical Residents Purchase Disability Insurance?
Medical residency can be a very trying time in your career. There’s lack of sleep, lack of money – and the accumulation of student loans. It may feel overwhelming to even think about your financial future when you are trying to get through your day-to-day responsibilities. Yet your world may be turned upside down if you became too sick or injured to work. Statistically speaking, you have approximately a one in three chance of losing your income to a sickness or injury between the ages of 30 and 65. Individual disability insurance can help offset this risk. But when is it ideal to start this process? The answer is the sooner the better. Individual disability insurance requires medical underwriting asking you about your medical history. Therefore the ideal time to purchase a policy is when you are healthy and can qualify. * Purchase a minimum size policy with the maximum amount of increase options available. This will reduce your current cost but will lay the foundation to purchase more
