In the income protection industry, this time of year is also known as Medical Resident Season. Each spring, well-advised medical residents across the country purchase disability insurance to protect their future income as they prepare to graduate and enter practice. They understand that purchasing coverage before graduation offers many key advantages. Some of these key advantages include:
- Career-spanning Discounts There are discounts that can only be taken advantage of during a residency program – they become unavailable upon graduation. These discounts are permanent and apply to additional coverage that may be obtained using future purchase options or automatic benefit increases. Truluma has established discounts with numerous medical schools across the country that are available to you and your clients. Click here for a full list of medical schools included in our discount programs.
- Streamlined Underwriting The majority of carriers will allow medical residents to obtain coverage through a simplified process that only requires a short-form application without the need for financial documentation or labs. This streamlined application process fits the busy schedules of medical residents, making residency the perfect time to apply.
- Locked-in Insurability A properly designed income protection program grows with the resident and allows the purchase of additional coverage for the balance of the resident’s professional career, all while avoiding medical underwriting. Additionally, the cost of coverage will never again be lower than it is in residency.
- No Limitation for Group LTD Most carriers will provide up to $7,500 of monthly benefit, regardless of any group coverage the resident may have. After graduation, these same carriers will take employer-provided Group LTD into consideration, which often lowers the amount of individual coverage available.
Right now is the perfect time to start talking to medical residents about protecting their future income and the key benefits of obtaining disability insurance before graduation. Contact our office to learn more.