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The #1 Reason Resident Physicians Should Buy Disability Insurance Now

by Anthony Delvecchio

Since July 2006, I have been an insurance agent with The Guardian Life Insurance Company of America, specializing in disability insurance. Many of my clients are physicians, and most are young physicians, residents, and fellows. I have spent over 5 years stressing to young adults the importance of present and future income protection. There are quite a few reasons for a resident/fellow to get disability insurance now, but one that stands out above all others.

You will likely never be healthier, and more capable of qualifying for an individual disability insurance policy, than you are right now. This is the #1 reason you should talk to a specialist today. Most of us can agree that we are usually in better health today than we will be when we are in our 40’s and 50’s. It is so important to insure your health today, and get medically underwritten now, as opposed to down the road. Most of my conversations today with residents and fellows are all based on getting yourself medically underwritten and approved and insuring future earnings based on current health. With riders available through most individual disability insurance (IDI) policies, you have the opportunity to increase your current coverage requiring only financial proof and normal financial underwriting per company guidelines.

In my experience, I have seen time and time again clients who waited until their last year to finally move forward and apply for IDI and find that they now have an exclusion on their policy that would not have been an issue if they applied when we first spoke. During their residency, they are dealing with lots of stress, long hours, sleepless nights and it takes a heavy mental and physical toll on their bodies. In some cases, they may now find themselves taking medications that they were not taking prior to beginning their residency programs. Overall they are in good shape, but with these medical conditions and medications disclosed on a disability application, they are now possibly looking at a policy offer with an exclusion, rating, and/or other modifications. In some instances a declination may occur. They are no longer receiving an offer similar to the one they may have received if they had applied 2-3 years earlier when we first spoke. Their lives have changed, and with it their health.

Is it important to insure your income while in residency, yes. Is it important to get coverage today because the contract language is so strong right now? Yes, that is definitely a good reason. Are individual disability insurance premiums based in part on your age, and it is a good rule of thumb that, the younger you are the lower your premiums will be? Again yes. However; the single most important reason to buy disability insurance today is and will always be, in my opinion, your medical insurability as of today. Make sure you talk to someone, sooner rather than later, and start the process of insuring your future earnings and future health. Jim Morrison once sang -“the futures uncertain and the end is always near”. I may not agree with the latter, but I 100% agree with the first part. The future is uncertain and it is important to do what you can now, in the present, while you are aware of your current medical insurability.