Imagine you've just matched with your dream residency program. Amid the excitement and planning, there's one crucial step that can safeguard your future: choosing the right disability insurance.
There’s a good reason why you’re about to hear your fellow residents and attending physicians tell you that you need disability insurance. As a medical student who has recently matched with a residency program, you're in the sweet spot for locking in a great rate and securing peace of mind.
Pattern has helped more than 20,000 medical professionals just like you shop for disability insurance, so we understand the unique challenges and time constraints you face.
Understanding the ins and outs of disability insurance is incredibly time consuming, so we’ve curated 10 reasons why securing disability insurance post-Match Day is not just a wise choice, but a necessary one for your financial well-being.
Purchasing disability insurance early means you benefit from lower premiums. Being younger and healthier works in your favor, setting a foundation for affordable coverage throughout your career.
Disability insurance is your financial safety net. Having a policy will protect your income so you can have peace of mind when you purchase a home, start a family, or simply want to protect the lifestyle that your attending role affords you.
Shopping for a disability insurance policy after Match Day and locking in your policy before starting residency translates into decades of savings. Discounts for training, specialties, and more could save you thousands of dollars over the lifetime of your policy.
Your career will evolve, and so should your insurance. Private disability insurance stays with you when you change employers, offering consistency and security irrespective of your employment status.
Did you know as of October 2023, the average medical school graduate owes nearly $251,000 in student loan debt? Having a disability insurance policy will protect your ability to repay your loans.
Your needs are unique. Private, individual disability insurance offers tailored coverage you won’t get from your employer. A “true own-occupation” disability insurance policy is the only type of plan that will pay out benefits if you are unable to perform the duties of your specialty, but you can work a different job.
The important thing to remember is you could be leaving thousands of dollars on the table with only your employer’s disability insurance plan.
For a deeper dive into the differences between insurance policies, check out our Beginner’s Guide to Disability Insurance.
Premiums are not tax deductible which allows for the benefit payments to be non-taxed income. This is a significant advantage over group policy benefits. For more on taxes and disability insurance, bookmark this blog for later: Let's Talk About Taxes and Your Disability Insurance Policy.
Having disability insurance is a must, but you also need to make sure your policy keeps up with your income. Policy riders like the Future Increase Option and the Benefit Purchase Rider will come in handy when you experience an increase in income from residency to attending.
Customize your policy with riders that cater to your specific needs. Whether it's Residual /Partial Disability, Catastrophic Disability, or a Cost of Living rider you can shape your policy for maximum protection.
Non-cancellable and guaranteed renewable riders are essentials for any doctor’s peace of mind. These terms ensure your premiums and benefits remain stable, regardless of any future changes in your health or career.
We get it – navigating insurance industry jargon and thinking about your financial future when you are just trying to focus on graduating from med school or getting ready for residency is incredibly challenging.
We’ve got good news: You can leave all the tedious work of shopping for and comparing a disability insurance policy to us.
You can complete a free quote request right now in just five minutes. Then, you can compare options during a free, no-obligation consultation with our experts. Once you are ready you can secure your policy and check off an essential task from your to-do list, knowing you've made a smart choice for your future.
Start now and embrace the peace of mind that comes with being well-protected.