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The Medical Resident's Guide to Disability Insurance

How to maximize your disability income coverage, obtain the best possible definitions and save the most money.

1.  Do What Doctors Do.  There is a good reason that most physicians have individual disability insurance (DI) coverage.  They have invested a lot to become physicians.  It would be a shame to lose that hard-earned earning power due to a disabling injury or illness.  And, physicians know from real life experience with their patients that disability illnesses and injuries happen more often than you think.

2.  Buy When You Are Young and Healthy.  Purchase individual DI while you are young (pay lower rate) and healthy (no exclusions). Disability Insurance only gets more expensive as you age, plus it can be hard to obtain if you have health issues.


3.  Get Non-Cancellable Coverage for the Ultimate Peace of Mind.  Physician disability insurance contracts are Non-Cancellable, so your rate is locked in.

4.  Do Not Settle for Less than Own Occupation Coverage.  Make sure the coverage being offered is "true" own occupation definition of total disability. You want to be protected in your specialty.

5.  Request Discounts. If you are a resident or fellow, ask us if a discount program exists.  Some discount programs can offer 40% savings.

6.  Take Advantage of Pre-Approved Benefit Amounts.  Residents and Fellows are allowed to purchase up to $7,500 of monthly tax free benefits without proof of income.

7.  Buy Before You Finish Training.  It is recommended that every resident purchase coverage before they finish training.  If residents wait to purchase coverage, they are subject to financial underwriting and their current group coverage will affect the amount of coverage they can purchase.

8.  Ask About Future Purchase Options. Your income will go up, make sure you have a future purchase option with your policy which will allow you to purchase more coverage in the future without a medical exam or questions.

9. Review Your Coverage Annually.  Your income will accelerate quickly as you build experience in your specialty.  This means you will need to increase your income protection every year to keep pace.

Physician Financial and Insurance Services

1187 Coast Village Road # 220

Santa Barbara, CA 93108

Telephone: 1-800-318-6050


CA Insurance License #0B19335

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