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Should Medical Students Consider Disability Insurance?

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




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