Should I get specialty disability insurance coverage while in residency or fellowship training?

You might be thinking, “Should I buy specialty disability coverage while I’m still in residency or fellowship training?” Simply put – YES. First, you need to get it while you’re healthy—Medical underwriting approval is typically required due to the comprehensiveness of specialty disability coverage. This approval is not guaranteed in the future. Second, it’s usually less expensive —The discounts we’ve obtained for residents and fellows are substantial and remain after you graduate. Many of these discounts are not available after graduation. Third, you can qualify for a Future Insurability Option—This allows you to…

How much Disability Insurance can I get?

We’re often asked, “How much disability insurance am I eligible for?” Typically the maximum benefit someone can be covered for is 65 to 70% of adjusted gross income However, how much you actually receive can be much less. Why? Because most group disability benefits through an employer are taxable income, while individual policy benefits are not taxable income. For example, Dr. Pepper becomes disabled and receives $10000/month from her group long-term disability policy. But because this is taxable income, she’s only able to use $6500 of this amount for living expenses. However, Dr….

During my residency, Billy got me pointed in the right direction financially as a new doctor, and I have continued to rely on him for sound advice after starting my career on Guam. Billy seems to understand the needs of physicians-in-training, and has a relaxed and thoughtful approach. I was seeking an advisor to help me with disability insurance after hearing from Dave Ramsey and others how important it is to have disability insurance beyond what your employer provides. Many young physicians don't realize how financially vulnerable they are. After being over-sold by other brokers, I fortunately found Billy. I highly recommend his services to any medical professional.

-Dr. Hale, Neurologist and Sleep Physician

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