The One Item We Don't Need to Discuss
Normally when we are discussing disability insurance, we talk about the need for it and tell people how 90% of long-term disabilities are illness claims. In the medical field you see the need for this product every day, and odds are you have had several lunch-n-learns where the topic of protecting your future earnings potential with a resident physician disability insurance policy has already come up. We sell a lot of policies to residents and fellows across the country, so we know what the real questions you have are;
There are several reasons why today is the best day for you to buy disability insurance, but if you don't think today is the best day after these two there is no point in listing the rest.
- Cost - Non-cancelable disability income policies fix their prices for the life of the contract, you are never going to 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 are never going to 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 was relevant, but to a disability insurance company that could result in a back exclusion or mental/nervous exclusion. As time goes on 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.