Seen any disabled patients recently? You probably have, if you're like most residents. So you may know that the vast majority (over 90%) of disability cases are not the result of accidents, but are caused by illness or disease—including those that are difficult or impossible to prevent, and/or are contagious. Which means that residents, too, can become partially or totally disabled, and be unable to continue their residencies—and earn an income—for weeks, for months, or forever. No one, including you, is immune.
That's why you need disability insurance!
Perhaps you've decided that you don't need or you can't afford disability coverage. Or you've obtained, or are thinking of obtaining, a one-size-fits-all group plan. If so, you're making two, or more, of the following mistakes:
Mistake #1: "I can put it off until later."
The Fact Is: "Later" (e.g., when you're in practice and earning more) may be too late—if you're disabled before then and become ineligible for coverage. Or it may too late to enjoy the lowest rates, since some insurers offer a lower rate for residents. Not unlike life insurance, premiums increase with age.
Also, consider the severe financial risk if you keep putting off coverage. What if you suffer a disability and are unable to work? Chances are, as a medical resident, you would not meet the strict eligibility requirements for workers' compensation or, especially, Social Security disability income.
So what would you do for money? How would you pay off your student loans and/or pay your living expenses? Procrastination can be very costly! The experts at eDisability can save you a tremendous amount of time, effort and money, by helping you select the right kind and amount of disability insurance at the right price.
Mistake #2: "I'll save money by getting a group plan."
The Fact Is: A group plan may be better than no plan at all—for a while—but it can give you a false sense of security. Particularly if you don't take the time to read the fine print and find out exactly what it provides...and what it doesn't. Does the group plan provide guaranteed conversion, so your coverage will continue later on, when your residency is completed and you're earning more? Is it guaranteed renewable and non-cancellable (by the insurer), so they can't, later on, delete any coverage you have as a resident...or deny you continued coverage should your health condition worsen for any reason?
Does it include a cost-of-living adjustment, so benefits will automatically increase to help cope with inflation? And would you be able to raise the benefit limit later on, at a reasonable rate, when (presumably) you're earning a lot more? Does the insurer even offer disability insurance when you're no longer a resident? Or will you need to try and prove eligibility with some other company?
Two main problems are:
- Most group plans cover only total disability
- They pay benefits only for the first two years. After that, nothing!
So if your disability is not total, and you're able to perform some kind of work—even clerking at a supermarket—you may not receive any benefits at all! That's why you need the sound advice you'll get—at no extra cost—from the experts at eDisability when you ask about an individual disability policy.
Mistake #3: "All disability insurance is pretty much the same."
The Fact Is: Coverage, benefits, limits, options (riders), eligibility—even the definition of what a disability is—can vary tremendously. You can't simply compare policies by looking at the benefit amounts offered and the premium for each. It's much more complicated than that. And once you decide on a company and a specific type of coverage, the application process can take many weeks.
Luckily now there's eDisability, with agents, advisors and a state-of-the-art software system to create (at no extra cost) a custom-made individual policy —not a group plan—that will be best for you now and after your residency, too.
Since eDisability.com is not a captive agent of any insurance company, you'll receive unbiased advice, no matter how little or how much protection you want now or later on. To top it all off, you can get started in just minutes!
Mistake #4: "I can get disability insurance from my regular agent."
The Fact Is: Just as you wouldn't go to a real estate attorney for advice on a prenuptial agreement or how to obtain a patent, you can't expect the typical insurance agent to be an expert on disability coverage, too. It's really a unique, specialized field, since there are so many current and potential variables to consider, and many terms, exclusions and misconceptions to watch out for.
Also, if your regular agent represents only one insurance company—no matter how well-known and reputable it may be—you won't get the unbiased advice and the much wider selection of coverage you'll get via eDisability.
Mistake #5: "I'll just get the cheapest disability insurance I can find."
The Fact Is: That's no way to select disability insurance, just as it's no way to select medical care. And you have to ask: "Why is this insurance so cheap?"
Perhaps it's because their coverage and benefits are severely limited. Or because they offer only one "take-it-or-leave-it" plan, with no optional provisions available. Or maybe it's because they'll do everything they possibly can, again and again, to delay or deny paying legitimate claims!
At eDisability, you'll have disability insurance experts representing you, not some carrier, as they work to find you the exact coverage you want —from top-rated insurers only—at the lowest possible rates, now and later. After all, what good is a cheap rate if you can't collect any—or all of—the benefits you're entitled to, should you become disabled?
Let us help you save time and money while helping you find the coverage you need. You don’t have to become a disability expert yourself in order to get a good plan. Our unbiased advisors can provide you with answers and support every step of the way.
Request a quote now! It's free and there is no obligation.
