Congratulations, Doc! You’ve earned it!
Speaking of Earnings, Let’s Talk About Protecting Your Income.
After years of hard work, sleepless nights, and navigating clinicals, you’ve finally made it to the next stage of your medical journey. Whether you’re starting your residency, fellowship, or transitioning into practice, you’re laying the foundation for a high-earning career. But what if an illness or injury suddenly took you out of practice—temporarily or permanently?
That’s where disability insurance comes in.
Your Income Is Your Greatest Asset
You’ve invested significant time and money into becoming a healthcare professional. And with high student loan balances and a lifetime of earnings ahead, protecting that potential income should be a top priority. Disability insurance is designed to provide income replacement if you’re unable to work due to illness or injury—giving you peace of mind as you build your career.
Key Features to Look For in a Policy
When shopping for disability coverage as a medical school graduate, here are the most important features to consider:
✅ Own Occupation Definition
Look for a policy that covers your own occupation, especially one that recognizes your medical specialty. This means you’ll receive benefits if you’re unable to work in your specific field—even if you’re well enough to do something else.
✅ Future Income Options
As your income increases post-residency, so should your coverage. A good policy will offer options to increase your benefit amount without undergoing additional medical underwriting.
✅ Partial Disability Coverage
Not all disabilities are total. You may be able to work in a limited capacity, and partial (or residual) disability benefits help replace lost income if you’re working reduced hours or in a modified role.
✅ Student Loan Protection
Medical school loans don’t disappear if you get sick or injured. Some policies offer riders that help cover student loan payments during a disability period.
✅ Cost-of-Living Adjustments (COLA)
If your disability lasts for years, inflation can eat away at the value of your benefit. COLA riders help your monthly benefit grow over time to keep up with rising costs.
✅ Catastrophic Disability Benefits
For more severe impairments, some policies offer an extra layer of protection to help cover additional care costs or necessary lifestyle adjustments.
When Should You Apply?
The earlier, the better. You’ll typically get the best rates and terms when you’re young and healthy. Many insurance companies offer streamlined underwriting or simplified policies for residents and recent grads—some even offer coverage before you officially start earning full income.
You don’t need to wait until your income increases to get protected. A base policy now, paired with the right riders, can grow with you throughout your career.
A Smart Move for Your Financial Future
Disability insurance may not be the most exciting part of entering the medical field—but it’s one of the smartest. It protects everything you’ve worked so hard for and provides financial stability when life takes an unexpected turn.
At PlanSimple, we specialize in helping young professionals like you make smart decisions from day one. Let’s talk about how to fit disability insurance into your larger financial plan—and make sure your future income is as protected as your future patients.
Let’s chat and make sure your future is protected—so you can focus on helping others, knowing you’ve got your own back. CLICK HERE to schedule a call.