Why to Pick Up Disability Insurance While in Training
If you’re a physician in training, you probably know you will need Disability Insurance before entering practice. But did you know there are some great reasons for picking up coverage while still in residency or fellowship?
Even in your final year of training, it’s not too late to pick up disability insurance at a discount! Twin Oak Advisors can run a no-obligation, full comparison of your DI options to find the right coverage for you. All it takes is a couple of minutes and a few questions to request a quote. If you are interested, please submit the request form linked below.
For final year residents & fellows who still need disability insurance, we get it. Maybe you meant to pick it up earlier in residency, but training has kept you busy and the amount of emails advertising “exclusive discounts for residents in your area” is overwhelming. Or perhaps you’ve never really looked into the advantages of getting coverage while still in training and figured you’d get to it when it was time to enter practice. Either way, it’s not too late! For those earlier in training, now is the time to get the best deal!
HERE ARE THE TOP REASONS TO PICK UP DISABILITY INSURANCE WHILE IN TRAINING:
1: THE YOUNGER YOU ARE, THE LOWER THE COST
Simply put, the younger you are when you pick up coverage, the cheaper it’s going to be. One of our most frequently asked questions is “why does my colleague pay less than the quote you gave me?”. The answer is almost always because the colleague picked it up earlier, assuming you are comparing quotes with someone who already has coverage.
2: TRAINING DISCOUNTS
What are training & multi-life discounts? Each of the 6 major disability insurance companies provides discounts to brokers (such as Twin Oak) if we have a large number of residents working with us from the same hospital. Because no single carrier is the best option for everyone, ideally we can provide a discount with all 6. And because training hospitals have a large concentration of physicians in the same place, it’s easier to set up these discounts. Once you become an attending, there is no telling the type of job you might take and where – a large hospital, rural town, small group, private practice, self-employed, etc. Chances are your future employer may not have a broker offering discounts with all the disability carriers, which could leave you with fewer options lead you to choose a carrier based on the organization you work for rather than what is the best option for you. And, picking up coverage in training ensures that the discount is applied to any coverage you pick up in the future as well.
3: LESS RESTRICTIVE UNDERWRITING
Applying for disability insurance while in training only requires you to complete a 20 min tele-interview to review your medical history. Some carriers even give you the choice between a 20 min phone call or an online survey of questions. If you wait until you’re entering practice to apply, the application may be accompanied by more questions and steps that might include testing blood, urine, blood pressure, and other labs. And as an added bonus, getting DI coverage in training means that when you increase coverage in the future you can often avoid these extra medical questions and tests.
One of our Twin Oak Insurance Specialists is happy to run a comparison of all 6 carriers and walk you through the process as we have for thousands of residents and fellows across the country. And as a reminder, there is still time to get the in-training perks for final-year residents and fellows who pick up coverage now!