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Buying Disability Insurance While in Residency or Fellowship

delvecchioBy Anthony DelVecchio

Ever since I began my career in the insurance business, I have focused most of my energies toward working with physicians.  One of the keystones to my business is young physicians and residents.  This article will educate you on the reasons and benefits of buying disability insurance now, not later.

Why Buy Now?

The main, and most important reason, to buy now is your health.  I think it is fair to say that most of us are at our healthiest in our twenties and early thirties.  Securing a policy now, while you’re healthy, insures that, regardless of future health issues, you have a disability policy in place.  Most policies, specifically policies I write, will have a “future increase option” guaranteeing your medical insurability in the future as your income grows.  So, not only are you getting a set amount now in force, but you are guaranteeing that in the future when you sign the big contract you will have locked in your medical insurability.  If something were to happen to your health as you get older, the insurance company would have to increase your coverage, regardless of that medical condition, as long as you financially qualify.

Another thing to keep in mind is price.  Premiums, though not solely based on age, are still a major factor.  The older you are, the more expensive the policy.  I always recommend getting as much coverage as you can now.  It only gets more expensive the older you get.  As long as you secure a non-cancellable/guaranteed renewable contract, you do not have to worry about your premiums increasing.

Today’s Market for Disability Insurance

One great thing about the disability insurance marketplace today is the contracts.  The best contracts are being offered now with some carriers going so far as to offer “medical specialty language.”  I have never sold a policy to a physician that did not offer this language, which is one of the most important strengths of a contract.  Insurance carriers can change their policies in the future, but by purchasing your disability insurance policy now, you are making sure you own the strongest contract to date.

In my professional opinion I feel today is the best time to buy a disability policy.  There are few certainties in life and one of them is not your health.  I am 32 years old and I too felt invincible, until I had knee surgery and dislocated my shoulder last year cliff diving, but you get my point:  we do not know what health ailments are going to surface as father time ticks.  Insuring your greatest asset, your ability to earn an income, should be something you do today rather than tomorrow.

About Anthony DelVecchio:
Anthony is a Field Representative with the Guardian Life Insurance Company of America. He joined our agency in early 2006, and in his first year qualified for the Advanced Disability Meeting offered by the Berkshire Life Insurance Company for their top producers. Anthony was the number one new Field Representative for disability insurance sales nationwide for Guardian Life in 2006. He also qualified for Leaders Club in 2006. In 2008 Anthony received the first ever Founders Award from the International DI Society presented at their annual conference. He was born and raised in NY and is an avid sports enthusiast living in Frederick, MD.

 

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