| Purchasing a policy while still in medical | | | | riding behind a medical student's debt, there |
| school presents tremendous advantages that | | | | are other long-term advantages to purchasing |
| can save students money after graduation, | | | | a policy as a student instead of as a |
| while protecting their financial future and | | | | physician. A student purchasing a policy |
| providing the peace of mind necessary to | | | | will likely get a lower rate than a |
| focus on the demands of a career in medicine. | | | | physician. According to three factors |
| | | | determine disability insurance rates: age at |
| Last year the Association of American Medical | | | | the time of purchase, occupation, and health |
| Colleges (AAMC) said that schools should | | | | status. These factors tend to favor a |
| require disability insurance for all medical | | | | student. Not only are students younger, but |
| students and provide access to policies. | | | | generally the health status of younger people |
| Medical students are particularly vulnerable | | | | is better than that of older people. |
| to the financial hardships that may result | | | | Obtaining insurance at a younger age may also |
| from a disability. Disability insurance | | | | protect the policyholder from the |
| protects students from possible fiscal | | | | difficulties of securing a policy later in |
| disaster and is also a prudent investment. | | | | life when other health issues may affect |
| Purchasing a policy while still in medical | | | | insurability. |
| school presents tremendous advantages that | | | | |
| can save students money after graduation, | | | | A disability insurance policy also adapts to |
| while protecting their financial future and | | | | meet the changing needs of the insured. A |
| providing the peace of mind necessary to | | | | Future Increase Option (FIO) Rider allows the |
| focus on the demands of a career in medicine. | | | | policyholder optional future increases in |
| | | | coverage without providing evidence of |
| Most medical students do not generate income | | | | medical insurability. The ability to |
| while in school, but instead accumulate debt | | | | increase coverage regardless of current |
| at staggering rates. In 2005, medical school | | | | health status is attractive to any |
| graduates who took out loans started their | | | | policyholder, but the FIO Rider is also ideal |
| residencies with an average debt of $100,000, | | | | for a student who wants to increase coverage |
| a figure that does not include undergraduate | | | | upon graduation and the expectation of |
| debt. Only the expected future income from a | | | | significant income. A policy purchased by a |
| career in medicine makes such exorbitant debt | | | | student before they take their first class in |
| palatable; however, a student that suffers a | | | | medical school can be flexible enough to last |
| disability may never realize that income. | | | | a career. |
| According to the 1994 Statistical Abstract of | | | | |
| the United States, in the course of a year, 1 | | | | The protection, flexibility, and benefits the |
| in 10 people between the ages of 25 and 64 | | | | insured has by purchasing a disability |
| will suffer a disability. When comparing | | | | insurance policy as a student are reflected |
| that ratio to the odds of being victim of a | | | | by the stance that medical schools take. |
| house fire (1 in 122); injured in an | | | | Dartmouth Medical School and the University |
| automobile accident (1 in 160); or even of | | | | of North Carolina School of Medicine mandate |
| death (1 in 117), the value and protection | | | | that all students have disability insurance. |
| offered by disability insurance is clear. | | | | While in some states it is illegal to require |
| | | | students to have a disability insurance |
| A student who suffers a disability and is | | | | policy, most medical schools at least |
| unable to complete their education will be | | | | recommend that all their students have it. |
| saddled with student loan debt and may not be | | | | In 2006, the University of Washington School |
| able to work in any field depending on the | | | | of Medicine was ranked by U.S. News and World |
| disability and its severity. Repayment of | | | | Report as one of only three schools in the |
| student loans combined with medical expenses | | | | top 10 for both research and primary care. |
| and lack of income due to disability can | | | | Their office of student affairs and services |
| destroy a financial future. Even a student | | | | says it is "advisable" to have disability |
| that is able to continue medical school could | | | | insurance in light of the cost of education |
| face the burden of simultaneously repaying | | | | and risks associated with practicing |
| loans and paying tuition. | | | | medicine. The school offers its students a |
| | | | plan, but in general, group plans come with |
| Aside from the obvious advantages disability | | | | limitations and restrictions. |
| insurance offers by minimizing the risk | | | | |