Disability Insurance for Resident Physicians
There are several reasons why you may want to buy your disability insurance during residency. The first reason is that you are the youngest you are ever going to be. Since rates never change, you want to secure your policy as early in your career as possible. Everybody would want to pay the rates of a 29 year old for their entire career instead of paying the rates of a 32 year old for their entire career.
The second advantage is the possible discounts you can obtain. Berkshire has endorsements at most of the major teaching hospitals throughout the United States, which means that you can get a permanent discount on your policy just because you bought it while you were still in residency.
If you wait until you graduate, you lose the ability to have a 10% discount on your disability insurance policy. Our office has an extensive database of discounts at most of the major teaching hospitals, and will be able to make sure you get every discount available.
Graded Premium Disability Insurance Policies
The policy offered by Berkshire can be structured with a graded premium scale. When you initially buy a policy, you have to select a "premium mode". A "Level" premium is just what it sounds like, the premium you pay today is the exact same premium you pay every year you own the policy.
A "Graded" premium is different, with a graded scale the initial premium is much lower than a level premium, however the rate goes up every year you own the policy. The graded premium scale is perfect for resident physicians, it allows you to buy more disability insurance protection, but at a much lower rate while you are still living on the income of a resident physician.
If you want to have a top-tier policy like Provider Choice, there really is no cheaper way to buy it than right now, while you can get a discount through your residency program, using the graded premium mode.
Graduating Residents / First Year Physicians
As a physician in your last year of training, you have a couple of options when it comes to disability insurance with Berkshire. You can take the special resident offer amount of $5,000 a month regardless of current income, or if you already have an employment agreement signed for your first year income outside of residency we will use that agreement as income verification to issue you a higher amount of coverage now. Quite often residents come to us in April, May and June with employment agreements for their first year income signed. With these agreements we are able to issue a much higher amount of coverage.
We offer these special limits for medical residents, interns and first year physicians. We will give you this amount regardless of your current income. You do not need to send in a tax return, or financial documentation with your application.
First Year Physician - $6,000 - $7,500 a month in coverage depending on your specialty.
Residents - up to $5,000 a month
Senior Medical Students - $2,500 a month
Why Berkshire Disability Insurance?
It is unlikely that one of your colleagues does not already own a Berkshire disability insurance policy, Berkshire has been a market leader in the DI industry with physicians since their merger with Guardian Life Insurance Company of America in 2000. They offer a product called the Provider Choice which has multiple options for physicians to pick and choose from, allowing them to take anything from the most comprehensive level of protection possible in the industry down to a very inexpensive base policy. We encourage you to use the tools on this page to see how all of the other resident physicians choose to purchase disability insurance from Berkshire Life, it takes all of the guesswork out of buying your own policy.