Don’t Wait to Complete your Residency or Fellowship to Acquire Disability Income Protection

As a Resident or Fellow you are eligible to apply for an Individual DI Policy.

• Individual DI Policies are Noncancelable Guaranteed Renwable.
• They include the Own Occupation Specialty Specific Benefit Provision which states, "If you have limited your practice to a professionally recognized specialty or sub-speciality in medicine then that specialty or sub-speciality is your occupation. If you are no longer able to work in your occupation and chose to work in another occupation including medicine, you will recieve 100% of your monthly benefits." 
• Residents and Fellows enjoy special benefit amount limits, important discounts and policy enhancements that are no longer available upon completing your program.

Upon completing your program you will find that:

• Employers do not provide Individual Noncancelable Guaranteed Renewable Own Occupation Specialty Specific Disability Income Policies for their Physician Employees.
• Employers that provide DI Coverage do so in the form of Group DI Coverage.

If your employer provides Group DI Coverage:

• You cannot decline the Group DI Coverage because 100% of employee participation is required.
• Your employer is the owner and payer of the Group Master Contract and as an employee you have no say.
• You don't receive a Policy; rather you receive a Certificate; a careful read of the Certificate reveals the caveats.
• Since the DI Carrier can change the contractual language at their discretion, it is not considered Guaranteed Renewable.
• Since the DI Carrier can cancel the policy at their discretion, it is not considered Noncancelable.
• Generally the employer pays the Group DI premium resulting in your benefit amount being taxable.
• Even if the Group DI Plan includes the term own occupation or speciality specific, they won't provide full benefits if you choose to work in another occupation.
• For physicians, Group DI Coverage is not considered comprehensive coverage.

Don't wait to complete your residency or fellowship to inquire about Individual DI policies.