Not only the general public or people from various work backgrounds who need disability insurance as self-protection. Physicians, including resident physicians, also require the best disability insurance for resident physicians.
When resident physicians are injured or sick, it’s not just the patients who lose their role. However, these resident physicians themselves also suffered a lot of losses.
Given that resident physicians’ salaries are not yet maximized, when they cannot work, the burden of living and medical expenses will be felt even more. Therefore, if you are a resident physician and want to protect yourself from the risk of disability, you must use physician’s disability insurance.
Do doctors need disability insurance? The answer is an absolute yes. That is because it can help various aspects of your life when you have to stop working, whether temporarily or permanently. Moreover, your skills as a resident are the most important thing: the ability to work.
Because doctor disability can occur at any time, from now on, you must prepare disability insurance for physicians. Check out the entire recommendations in this article.
Best Disability Insurance for Resident Physicians
If you use the best disability insurance for physicians, you will still be able to get regular income for living expenses.
If you end up having a disability, the best disability insurance for doctors can help with long-term needs until you recover. In addition, you can also receive it up to a maximum age of around 56 to 67 years.
Like disability insurance for the general public, disability insurance for resident physicians is divided into long-term and short-term. Short-term disability insurance for resident physicians will pay out for about 3 to 12 months.
Meanwhile, for long-term disability insurance for resident physicians, you will not receive the money immediately but wait a maximum of six months first. Then you will continue to receive money until the maximum age according to company regulations.
To get the best disability insurance provider, you can look at the following recommendations:
1. AMA Insurance
AMA Insurance has the slogan “helping physicians protect what matters most”, which shows that they dedicate a particular service to you. All physicians can get top service from this company.
AMA Insurance has a resident-only program. Considering that you have spent a lot of money to become a resident, your future life must be guaranteed and protected.
If you already have other insurance, using disability insurance from the AMA can complement other things that are not included in the benefits of other companies.
Regardless of your salary and debts at the time of your insurance claim, you can receive around $5000 each month. That applies if you are less than 40 years old.
A further benefit is that you can also receive up to $200,000 to pay school loans. That is especially helpful if you cannot work anymore, thereby reducing the financial burden on your family.
2. Mass Mutual
MassMutual can be your choice if you need a very experienced company. This company has been operating since 1851 and is an innovator in insurance providers.
You can make it a disability insurance provider when you can no longer do part or all of your work as a resident physician.
MassMutual provides services for insurance planning that can be tailored to your needs. The name of the service is Radius Choice.
At Radius Choice, you’ll get various built-in and additional benefits to customize your plan. Some of the inherent benefits are benefits in case of permanent disability. You also get the convenience of claiming if you submit a claim related to a previous disability.
3. Guardian Physician Disability Insurance
Since 1860 until now, Guardian has consistently served the community’s needs for life insurance and disability insurance. Of course, on disability insurance, a resident physician can also use it.
Some of the facilities you will get if you use Guardian are short-term disability, long-term disability, and individual and group coverage. You can also get supplemental disabilities insurance and more.
Guardian can also help you choose an elimination period of around 30 to 720 days.
You can also choose optional riders, which will help to reduce the burden of other expenses.
4. Principal
The principal is known for the many types of insurance and financial services they offer. Some of these services include individuals, businesses, and investors.
You can choose various elimination periods, from 30 to 365 days. The policy that you will receive is also irrevocable. Principal guarantees that you will always get the policy until you reach the age of 65, as the companies rule.
Some of the inherent benefits are death benefits and recurring disability benefits.
One of the optional riders in this insurance is the short-term residual disability benefit rider (STRDB). This STRDB allows you to continue to get insurance benefits even if you are still able to work.
Even though you can still work, you lose 20% of your income before you become disabled.
5. Ohio National
Ohio National has been serving insurance and financial matters since 1909. The company also received an A+ rating from A.M Best.
For a resident physician, there is a package that will be very beneficial for your future. The package name for this short-term and long-term insurance is ContinuON Income Solutions II.
The inherent benefits and benefits of riders from Ohio National also provide many benefits so that your life is more secure when you are not working.
The five recommendations above can be your choice according to your needs and existing capabilities. Make sure when choosing disability insurance you are not in a hurry or quick to make a decision.
You must be considering everything carefully, so you need an appointment with the agent. The agent will give you the best advice.
The best time to take this disability insurance for a resident is during your fellowship or residency. Usually, at the time of submission, you will go through the medical underwriting process.
When you are a resident, you are young and healthy. That can help you quickly get the best disability insurance for resident physicians. In addition, preparing for insurance at a young age can also simplify your life as a physician in the future.
Sources:
https://www.whitecoatinvestor.com/what-you-need-to-know-about-disability-insurance/
https://physiciansthrive.com/disability-insurance/disability-insurance-companies/
https://financialresidency.com/disability-insurance-for-physicians/
https://www.policygenius.com/disability-insurance/best-disability-insurance-companies/doctors/