Medical Resident Disability Income Insurance

During your medical residency program, disability income insurance (DI) may help protect your livelihood in the event of an injury or illness. You may even already have a DI policy through your residency or fellowship program. However, insurance needs often change in tandem with career growth. Further, disability insurance coverage provided to you through your residency may not be portable and may terminate when you leave residency.

Since health and age impact your future coverage options, it is essential to strengthen your protection early in your career. Treloar & Heisel offers coverage that can be tailored to your specific needs.

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Disability Income Insurance at a Glance

A career in the medical field may be impacted by disabilities that may or may not stem directly from the job. DI may supplement your lost income while you are unable to work after an injury or illness. This is a crucial risk management tool that you will want to have from now and oftentimes until retirement.

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Your Policy and Options

Disability Income Insurance for Residents and Fellows

Disability income insurance may supplement your income should an illness or injury prevent you from working. If your policy includes an own occupation definition of disability, you may continue to receive benefits even if you return to work in a new occupation. Individual disability income insurance policies are typically configured to provide long term benefits in the event you are disabled. Common benefit periods include to age 65, to age 67, and to age 70.

 Policy Options

There are many options available, including:

  • Student loan riders
  • Partial disability riders
  • Cost of living adjustments
  • Future insurability option
  • Own occupation definition of disability

With these in mind, it’s important to speak with insurance professionals with experience in the medical industry who can help you tailor your policy to fit your needs.

Disability Income Insurance for Medical Residents and Fellows

When an insurer determines whether or not you qualify for disability income insurance, they consider your health, your age, and your income. Many companies also have special limits and discounts available to those in residency training. Therefore, we recommend that you buy DI as early on in your career as possible.

The premiums you pay will vary depending on several factors, including the length of the waiting period, similar to a deductible, before your coverage starts, what riders are added to your policy, and the duration of your benefits. 

For example, if you purchased disability income insurance while in school, you may have chosen a basic policy. Once you graduate and your income increases, it makes sense to revisit your policy periodically.

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Individual Disability Income Insurance

An individual DI policy may provide coverage outside of what your school, program, or employer can offer. You should have a say in what you need (and what you don’t) to help protect your bright future.

With an individual policy, you can tailor your coverage by selecting the options and riders that work for you. This is a standalone policy from any group policy that you may obtain through your career.

This coverage can follow you throughout your career so that you can have peace of mind while doing what you love.

Working With Treloar & Heisel For Medical Resident Disability Income Insurance

Treloar & Heisel offers services and solutions for every stage of your career. For decades, we have specialized in working with medical professionals like you to build solid insurance foundations for solid financial futures. 

About Treloar & Heisel

Treloar & Heisel, an EPIC Company, is a premier financial services provider to medical and dental professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored solutions, and a strong national network focused on delivering the highest level of service.

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Start Your Journey With Us

It’s important that your insurance can keep up while your career accelerates. Purchasing disability income insurance while you are in residency or fellowship can provide you the peace of mind that your finances and lifestyle are protected now and into the future.

To explore your options, schedule your free consultation today by filling out the form below.