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