Story at-a-glance
- Waiting costs you coverage and cash. Rates rise ~3% yearly; one health issue can block eligibility.
- Your income is your real asset. Disability insurance protects your $10M+ career earnings.
- Residents get lifetime savings. Lock in discounts and stronger coverage before you graduate.
- Health changes fast. Even small issues can raise premiums or cause exclusions.
- Act early. Secure protection before life, training, or health take away the option.
I’ll never forget the day one of our clients — a young orthopedic resident — called me from his hospital bed.
He was 32, halfway through training, healthy, and engaged to be married. He’d been in a biking accident over the weekend. Multiple fractures. Surgery on his hand.
He wasn’t going to operate again for at least six months.
He said, “Chuck, I know you told me to get that policy. I was waiting until I finished fellowship. Now what do I do?”
That conversation still sticks with me. Because it’s the same question I hear every week: “Do I really need disability insurance right now… or can I wait?”
Let’s talk about it.
1. The Myth of “I’ll Get It Later”
Many residents and fellows assume it’s smarter to wait until they’re attendings. They think, “I’ll make more money then, I’ll have more time, and I’ll just buy it later.”
The truth? Waiting almost always costs you more — and sometimes costs you eligibility.
Disability insurance is priced based on age, health, and training status. Each year you wait, your rate goes up about 3%, and any new health issue could raise your rate or even block coverage altogether.
It’s like trying to buy fire insurance after the fire. You can’t.
2. Your Greatest Asset Isn’t Your Car or House — It’s Your Income
As a resident or fellow, you might not feel rich yet. But your future earning power is massive. If you earn $350,000 a year and your income grows 3.5% each year, your total earnings over 30 years could be more than $18 million.
Disability insurance protects that future. It’s not about getting rich — it’s about making sure you and your family are okay if life takes a turn.
3. You’re Still Eligible for Resident Discounts
While you’re in training, you qualify for special resident discounts — often up to 20% off. Once you graduate, those disappear. Even if your attending contract starts next week, the same policy could cost hundreds more per year after your graduation date.
When you lock in that discount now, it stays with you for life — even as your income and coverage grow.
4. Health Doesn’t Always Stay Perfect
Here’s what most young doctors forget: Every year that goes by adds more medical history to your record. A back injury. Mild depression. High blood pressure. Even something small can lead to exclusions or higher rates.
When you apply during training, you’re usually healthy and qualify for the best rates and strongest definitions — like true own-occupation coverage that protects your ability to work in your specific occupation.
If you wait and something changes, it may be too late.
5. Guaranteed Standard Issue (GSI): The Safety Net You Don’t Want to Miss
Many teaching hospitals have Guaranteed Standard Issue (GSI) plans — no medical questions, no exams, guaranteed approval. It’s a huge benefit many residents don’t even know exists.
But here’s the catch: You have to apply before you finish training. Once you graduate, the offer expires — and you’ll have to go through full medical underwriting.
If your program has GSI, it’s one of the easiest financial decisions you’ll ever make.
6. The Real Cost of Waiting
Let’s go back to that orthopedic resident. After his injury, no company would approve new coverage until he fully recovered — and even then, his hand was permanently excluded. His future income potential didn’t change. But his ability to protect it did.
That’s the risk of waiting. You never know when life might decide for you.
Bottom Line
Getting disability insurance while you’re still in training isn’t just smart — it’s strategic. You lock in lower rates, secure stronger coverage, and protect the one thing your entire future depends on: your ability to earn an income.
Because once your career takes off, you’ll have plenty of things to focus on — patients, family, travel, maybe even buying that dream house. The last thing you’ll want to worry about is, “What if I can’t work?”
So before graduation sneaks up on you, take ten minutes and get your free quotes.
Ready to protect your future?
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