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disabilityincomepro.com
DI for Residents / Interns
The Graded premium is one way to get a lower premium while you are not making enough money.
Resident physician Disability insurance
At first year physician, residents, and inters, Berkshire understands that you are the future of the medical community. It is extremely important that while you work to establish yourself among your chosen field, you protect your present and further income in the unfortunate event of sickness or injury. By purchasing disability insurance now you are not only taking advantage of lower cost, but also protecting your future and guaranteeing insurability.
Graded Premium Plans
A graded premium scale can structure the Provider Plus Form 1100/0100/2100 disability insurance policy offered by Berkshire Life Insurance Company of America. This premium scale allows one to purchase up to $3,500 a month in coverage while still in training, and pay a much higher premium than a level premium policy. The graded premium scale continues to increases the premium each year, however we guarantee you the ability to convert your graded premium policy into a level premium policy at attained age and rates at anytime before age 45.
Feel free to contact one of our disability insurance specialists. We can help you find answers about every major insurance company's disability insurance contract. REQUEST A QUOTE
Disability Insurance for Medical Residents
Why get disability insurance now?
It is extremely important, while you are working as hard as you are now as a medical resident to establish yourself in your specialty, that you protect your present and future income in the unfortunate event of a sickness or injury by locking in a disability insurance policy with special provisions for you as a medical resident. By doing so you will ensure that future income will be there no matter your future health.You have your whole future income in front of you that you’ve worked so hard for (and are really working hard on now). By getting started on your disability insurance policy now, you guarantee lower costs because disability insurance rates from the right insurance companies are guaranteed based on your starting age until age 65.
Are there special amounts of disability insurance coverage for resident physicians ?
Yes, there are special disability insurance policies for medical residents and special higher limits of coverage for resident physicians and interns. The better disability insurance companies understand your current situation and where you’re going financially in your career. Since your income will be substantially higher when you go into practice there are special higher limits of disability insurance that are offered while you’re a resident. One of our recommended disability insurance companies will issue residents up to $3,500 per month of disability insurance while still in training (and if you choose, you can have options for substantially more). Your premium and benefits will be locked in until age 65.
Feel free to contact one of our disability insurance specialists. We can help you find answers about every major insurance company's disability insurance contract.
Is there a way I can save even further on cost?
Disability insurance policies for physicians typically have guaranteed level premium cost to age 65 but to save money especially during your years of residency and early years of practice you can get what’s called graded premium disability insurance. This program has the same benefits as level premium policies but the premium starts lower and increases each year.You can change this kind of disability insurance policy later on to one with guaranteed level premiums. (This right to change to level premium is guaranteed to you in the policy by the recommended disability insurance company that we’ll tell you about – all the way to age 45)
The initial difference in cost by taking a graded premium disability insurance policy can be as much as 25% less.
Getting a graded premium disability insurance policy gives you a way to guarantee your insurability and get the most possible insurance at the lowest possible cost. This can be an option for you that works until you are established in practice at which point you can decide to change to level premium when and if you choose to do so.
How much disability insurance can I get if I’m in my last year of training?
In your last year you can acquire the resident amount of $3,500 a month no matter your current income. Also, you may have a written employment agreement that shows what your first year income will be after residency, if so, an insurance company can use that contract as income verification to give you a larger amount of disability insurance without waiting. Often in the second quarter of the year, residents will have these contracts and we can often get much more than the $3,500 special resident limit.
Is there a special program when I’m in my first year in practice?
One of our preferred insurance companies offers $4,500 per month of disability insurance for physicians in their first year of practice.
Summary of the special programs for resident physicians, graduating physicians and first year physicians.
The following are representative of one of our leading disability insurance companies:Residents: $3,500 per month
Interns: $2,500 per month
First year physicians: $4,500 per month
What to do now?
Feel free to contact one of our disability insurance specialists. We can help you find answers about every major insurance company's disability insurance contract.
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W-2 Employees |
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