Any benefit in getting Disability insurance while in training?

[Ravenclaw]

We just met with our insurance agent about disability insurance. I could have sworn I read on here how some of you recommended getting disability insurance before training is finished but he didn't really have any good reason for us to do it now rather than later. (Other than the obvious risk of becoming disabled during training).

With the rates we've gotten, we'd probably have to have a barebones policy that we'd probably let lapse once we do have the money to purchase additional riders, i.e. residual disability (partially disabled). If we did that, we'd have to go through the whole process again and get re-evaluated medically. But I'm still curious if there is a good reason to get it now rather than post-training.

[Ravenclaw]

Also - has anyone compared the AMA's rates vs. the others?

[MarissaNicole]

I think - don't know for sure - but I think that its cheaper the younger you are and the earlier you get it. Can anyone else confirm that - or is that only the case for life insurance?

[MrsK]

I haven't heard that regarding disability insurance. Life insurance is less if you are younger but you also have to get straight A's on their physical. (I'm older than DrK but my premium is about 1/3rd of his because my health is better. Ha ha says she who is dying of mystery illness.) I used some of my disability benefits during my maternity leave -- the benefits covered a very brief period. They started after 30 days and continued until 8 weeks post-c-section. Are you looking at short-term disability insurance or long-term disability insurance?

[Deebs]

Hmmm... I don't know. And I'm wondering - can you even get specialty-specific disability insurance before you are qualified in a given specialty? That would be my big question, I guess.

[GrayMatterWife]

We carry a long term disability policy on DH through MetLife. It is specifically tailored for his occupation as a neurosurgeon. It is not cheap but the longer you wait, the more suspicious they get re: age-related incapacitation and medical conditions. *headache*

[Ravenclaw]

Hmmm... I don't know. And I'm wondering - can you even get specialty-specific disability insurance before you are qualified in a given specialty? That would be my big question, I guess.

This is what I kept badgering our agent about this morning! Because DH will be highly specialized by the time he's done (2 fellowships - ) and I don't think he'd want to revert back to the general in his field. He said he'd see if we'd be able to work something out that would cover what he will be doing in a few years, not right now. So if it can't cover that, there's no point in us getting the policy right now.

MrsK, we're looking at long term dis. From what he said, from a medical standpoint, they are looking more at your mental health and any physical problems (hands shaking, back pain, etc), not bp or cholesterol. I'm not sure if it makes sense for us to get it right now when money is so tight. It's so much more than life ins!

[Ravenclaw]

We carry a long term disability policy on DH through MetLife. It is specifically tailored for his occupation as a neurosurgeon. It is not cheap but the longer you wait, the more suspicious they get re: age-related incapacitation and medical conditions. *headache*

We are looking at MetLife too. He said they are one of three offering individual policies to residents/fellows. GMW - did you look at the AMA rates as well? or AANS? I wonder if they would be any cheaper.

[migirl]

Really quick post here... We purchased a LTD policy for DH during residency, primarily b/c our understanding was that rates/coverage were better the younger he was when he applied. During training we had a general disability policy, but as DH is now finishing residency we just (like in the last week!) converted it to a True Own Occupation policy (or something like that) which is specialty-specific.

[GrayMatterWife]

We are looking at MetLife too. He said they are one of three offering individual policies to residents/fellows. GMW - did you look at the AMA rates as well? or AANS? I wonder if they would be any cheaper.

We are not members of AMA because of certain political positions they take, so I don't know. Sorry!!

Didn't even think to check out AANS. I would if I were you! We are really happy with MetLife. We went went them after several of our NSG friends with policies had recommended them. Good luck!

[Auspicious]

I think getting it during residency had something to do with the future purchase option? Like since we were only looking to cover a piddly salary, they'd give us the piddly rate, but with the FPO rider, later we could up it to cover an attending salary, but keep the piddly rate? Definitely don't take my word for it because I don't remember exactly (we settled all this three years ago), but it's something to ask your person about. I know the two riders we have on it are FPO and cost of living increases.

Ours does cover husband's "current occupation" but that does possibly mean doctor and not pathologist. The example our guy gave was they couldn't refuse to pay out saying, "But you could still go work as a teacher."

We didn't get it when we did based on taking advantage of special rates, though, we got it because we were entering parenthood.