There are several reasons why TODAY is the best day for you to buy disability insurance. Here are 2 of the biggest reasons:
Cost - Non-cancelable disability income policies fix their prices for the contract's life; you will never get a rate increase down the line unexpectedly. If you are 30 now, you would want to pay the rates of a 30-year-old for the next 35 years instead of paying the rates of a 31-year-old for the next 34 years. You will save a bunch of money over time by locking in your rates at your current age.
Health - Generally, you will never be healthier in the eyes of an insurance company underwriter than you are today. You may not think that the anti-anxiety medication you decide to take next year means anything or that a chiropractic visit is relevant. Still, to a disability insurance company, that could result in a back exclusion or mental/nervous exclusion. As time passes, you have more medical issues that could result in exclusion limitations, extra ratings, or even prevent you from getting a policy. There is no better time than right now.
Use the DI Calculator below to run a quote, and you can custom-design your policy. Guardian has one of the most comprehensive DI policies available today for physicians.
Why Guardian?
In our professional opinion, no single policy on the market today can say they have a more comprehensive level of protection for a physician than Guardian. There is a reason Guardian has been a market leader in disability insurance for physicians for over 20 years now. They have the absolute best definition of total disability any physician can get; it is a true own-occupation definition for the policy's life, and it contains medical specialty language built into the policy.
This allows you to receive your full disability benefit PLUS your income from another occupation or medical specialty if you choose to work in another capacity. Because you can collect your new income and not have your disability benefits reduced, you could return to what you made before the disability. Some call this "double-dipping," but we call it good sense to protect your full income.
Special Limits for New Professionals:
Most medical residents qualify for up to $5,000/month of base benefits while in residency. Neither income nor Group Long Term disability benefits are taken into consideration. If you are in your last year of residency, you may be able to qualify for up to $7,500/month.
Keep the cost low by using Graded Premium:
We know how important it is to get disability early, but we also know that cost is a factor while in residency. Most residents consider using a Graded premium structure that cuts their premiums significantly. The cost will increase yearly, but you can convert to a level premium once you receive attending physician pay.
