Residents are swamped with ever increasing responsibilities and have less time and income to spend on important financial matters like disability insurance. Baker Birdwell’s quick guide runs through the basics to consider.
Per the AMA, having sufficient disability income protection is one of the most important components in securing your financial future. 77% of physicians rate it as essential, and 60% know of a physician who had a disabling illness or injury.
The best time to get coverage is when you are young and healthy, as you can lock in low rates. Some schools offer programs to buy coverage. If you have any health issues, these can be the best way to purchase coverage. If you are healthy, you may have some excellent alternatives to these programs.