Residency and Fellowship Training Discounts on Disability Insurance

Residents and fellows who have been in training for even a brief period have likely heard their older colleagues talk about physician disability insurance – but why is that important when you are still in training?

Physicians who are still in residency or fellowship training are eligible for significant discounts on their disability insurance premiums. In this article, we’ll explore the discounts available, how to get them, which insurance companies offer them, and the easiest way to see your options. With discounts of up to 40% available, now is the time to take advantage of these savings and protect your future earning potential.

Residency and Fellowship Discounts

Physicians in residency or fellowship training face unique financial challenges. Not only are they dealing with the high cost of medical school, but they also earn a lower salary than their peers who have already completed their training. As a result, many residents and fellows put it off until they become an attending, which ends up costing them more in the long-run. However, there is good news: physicians in residency or fellowship training can save a ton on disability insurance (for the entire life of the policy)!

Discounts of up to 40% are available from the companies that offer true own-occupation disability insurance. True own-occupation disability insurance provides coverage if you are unable to perform the duties of your specialty, even if you are able to work in another occupation. This type of coverage is essential for physicians, as it protects their ability to earn a living even if they are unable to practice medicine.

To qualify for a discount, you only need to be a resident or fellow in an accredited training program. Once your training discounts are applied to your policy, they last for the life of the policy, which means that these discounts can last all the way until you retire or cancel the policy. 

What Discounts are Available?

Physicians in residency or fellowship training can save money on disability insurance premiums through a variety of discounts. The most common discount is the resident/fellow discount, which is typically offered by insurance companies to physicians who are enrolled in an accredited residency or fellowship program. This discount can range from 20% to 40% off the standard premium rate.

In addition to the resident/fellow discount, some insurance companies also offer other discounts for physicians in training, such as the group discount and multi-policy discount. A group discount may be available to physicians who are employed by a group practice or hospital that has a group disability insurance policy. The multi-policy discount is available to physicians who purchase multiple insurance policies from the same company. 

The amount of the discount that a physician in training can receive will vary depending on the insurance company and the training program. 

How to Qualify for Discounts

To qualify for your training discounts, you must be a resident or fellow in an accredited residency or fellowship program. You will need to provide proof of your status, such as a letter from your program director or a copy of your training certificate. 

You may also be eligible for other discounts if you meet certain criteria. For example, you may be eligible for a group discount if you are employed by a group practice or hospital that has a group disability insurance policy. You may also be eligible for a multi-policy discount if you purchase multiple insurance policies from the same company.

It is important to compare the discounts offered by different insurance companies before you make a decision. You should also consider the costs and benefits of additional features you may want to add to your policy disability insurance policy, such as the coverage amount, the benefit period, and other riders.

Which Insurance Companies Offer Discounts?

The following insurance companies offer discounts on disability insurance for residents and fellows:

The Standard
Guardian
MassMutual
Ameritas
Principal

These are the companies that offer own-occupation disability insurance, the only type of disability insurance that physicians should consider for true income protection.  

How to Find Your Discounts and Policy Options

To see all of your training discounts and policy options, just request your free quotes from LeverageRx. Once you’ve requested your quotes, our insurance experts will shop your policy options from top-rated disability insurance companies.

Within a 20 minute review, you will be able to review your quotes, discounts, and options with an insurance expert. This expert will help you understand the different policies and choose the best one for your needs. We’ll answer any questions you have about disability insurance or the application process. Get started today by requesting your free quotes today!