| Purchasing a policy while still in
| |
| | the risk riding behind a medical
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| medical school presents tremendous
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| | student's debt, there are other long-term
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| advantages that can save students money
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| | advantages to purchasing a policy as a
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| after graduation, while protecting their
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| | student instead of as a physician. A
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| financial future and providing the peace
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| | student purchasing a policy will likely
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| of mind necessary to focus on the demands
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| | get a lower rate than a physician.
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| of a career in medicine.
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| | 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
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| should require disability insurance for
| |
| | status. These factors tend to favor a
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| all medical students and provide access
| |
| | student. Not only are students younger,
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| to policies. Medical students are
| |
| | but generally the health status of
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| particularly vulnerable to the financial
| |
| | younger people is better than that of
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| hardships that may result from a
| |
| | older people. Obtaining insurance at a
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| disability. Disability insurance
| |
| | younger age may also protect the
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| protects students from possible fiscal
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| | policyholder from the difficulties of
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| disaster and is also a prudent
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| | securing a policy later in life when
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| investment. Purchasing a policy while
| |
| | other health issues may affect
|
| still in medical school presents
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| | insurability.
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| tremendous advantages that can save
| |
| | A disability insurance policy also adapts
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| students money after graduation, while
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| | to meet the changing needs of the
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| protecting their financial future and
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| | insured. A Future Increase Option (FIO)
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| providing the peace of mind necessary to
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| | Rider allows the policyholder optional
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| focus on the demands of a career in
| |
| | future increases in coverage without
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| medicine.
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| | providing evidence of medical
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| Most medical students do not generate
| |
| | insurability. The ability to increase
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| income while in school, but instead
| |
| | coverage regardless of current health
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| accumulate debt at staggering rates. In
| |
| | status is attractive to any policyholder,
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| 2005, medical school graduates who took
| |
| | but the FIO Rider is also ideal for a
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| out loans started their residencies with
| |
| | student who wants to increase coverage
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| an average debt of $100,000, a figure
| |
| | upon graduation and the expectation of
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| that does not include undergraduate debt.
| |
| | significant income. A policy purchased
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| Only the expected future income from a
| |
| | by a student before they take their first
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| career in medicine makes such exorbitant
| |
| | class in medical school can be flexible
|
| debt palatable; however, a student that
| |
| | enough to last a career.
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| 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
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| 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
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| house fire (1 in 122); injured in an
| |
| | students have disability insurance.
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| automobile accident (1 in 160); or even
| |
| | While in some states it is illegal to
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| 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
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| 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
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| not be able to work in any field
| |
| | only three schools in the top 10 for both
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| depending on the disability and its
| |
| | research and primary care. Their office
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| 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
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| face the burden of simultaneously
| |
| | its students a plan, but in general,
|
| repaying loans and paying tuition.
| |
| | group plans come with limitations and
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| Aside from the obvious advantages
| |
| | restrictions.
|
| disability insurance offers by minimizing
| |
| |
|
