According to the U.S. Center for Health Statistics, if you're age 30 (more or less), you're likely to live another 45 to 50 years. Perhaps even longer. However, according to the U.S. Census Bureau, 51.2 million Americans—nearly 20% of the population—are partially or totally disabled. Their number has risen by a whopping 35% in the past decade.
Statistically you have a far greater chance of becoming disabled than of dying.
As a resident, you've seen your share of disabled patients. You know that the major (over 90%) causes of disability are illnesses and diseases. Even if you take every precaution against contagious diseases, and even if you're in good health right now, you can't rule out the possibility of becoming disabled. Should that occur, your income would be reduced or eliminated...any savings you have could be wiped out...and you'd still be liable for your student loans, your other financial obligations, and your living expenses.
What about financial aid from the government? You can't count on any.
Because you're a resident and probably have only a limited work history, chances are you don't qualify for Social Security disability insurance. Besides, the average monthly payment—for total disability—is only about $1,000. Nor can you count on workers' compensation benefits, unless you are injured on the job.
What if you have group insurance that covers disability? The fact is... The typical group plan for residents simply isn't good enough! A group disability plan is usually better than no plan at all. But unless you read all the "fine print" and keep in mind what it covers, what it doesn't cover, how long it provides coverage, the minimum and maximum amount of benefits, etc., a group plan may give you a false sense of security.
You may think you're adequately protected when you're really not!
Most group plans offered by insurance companies or associations provide benefits that replace only 60% of your income, and only if you're totally disabled. So if you're having a tough time living on a resident's salary, how it would be if you received only 60% of that amount? Also, the benefits may end before your disability ends (if it ever does). And what happens when your residency ends? Will you be dropped from the plan? If you become disabled during your residency and recover, will you still be insurable?
The bottom line is this: When it comes to disability insurance, a "one size fits all" group plan can never be as good as a custom-made individual policy can be. And a custom-made individual policy can be more affordable than you may think—when you have eDisability help you select one...at no extra cost!
eDisability specializes in individual disability insurance, but is not affiliated with any particular insurance company. That's why our agents and advisors are able to provide you with unbiased advice and assistance, selecting the policies and options—from top-rated carriers— that are best for YOU.
Because there are so many variables to consider when selecting disability protection—your age, health condition, present and expected future income, family obligations, etc.—selecting the right type and amount of coverage is far more difficult and time-consuming than selecting most other types of insurance. But eDisability has the experience, personnel and state-of-the-art software that makes everything much faster and far easier than doing it the old fashioned way (which can take many weeks). Yet the premiums are no higher!
Find out for yourself—without any cost or obligation. Let us know exactly what kind of disability protection you'd like, and we'll custom-design an individual policy that's just right for you...and for your budget.
