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….

I have really enjoyed working with Billy. I started working with him before I finished residency. He was incredibly flexible and willing to find a time and place that worked for me. He respected the knowledge I already had and filled in gaps in a humble, nonjudgmental manner. I had such trust in him after purchasing an own-occupation disability policy that I asked for his help in purchasing a term life policy as well. Billy never placed an ounce of pressure on me to purchase anything. I am thrilled to have found someone who puts my financial health and asset protection as his top priority. I have highly recommended Billy to friends and colleagues and will continue to do so.

-Dr. Hunter, Family Physician

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