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