This is a YouTube video titled "Should I Get Disability Insurance as a Resident?" created in June 2024. The content is a detailed informational talk explaining the importance of long-term disability insurance for medical residents, outlining multiple reasons why residents should consider obtaining such insurance early in their careers. The speaker provides financial advice related to disability insurance but does not appear to be part of a multi-speaker conversation.
Long term disability insurance protects the most valuable financial asset of a doctor your ability to trade your time for money at a high rate for the next 30 to 40 years. There is a reason it is not cheap because doctors actually use it. Some estimates are as high as one out of seven doctors will receive benefits from their long term disability policy at some point during their career. As a resident you should get disability insurance because 1. You have an income 2. Residents get disabled 2. 3. The younger you are, the cheaper the policy is 4. A policy bought early is more valuable because it has more years to pay. 5. You have less chance of a serious medical condition causing you to not be able to get it or have to pay more for it. 6. You have less time and money for dangerous hobbies, which again can make it difficult to get the insurance or to end up with an exemption on it. 7. You benefit from a larger benefit to income ratio. You can actually protect more of your income as a resident than you can later as an attendee. 8. A resident might be considered a cheaper specialty. Sometimes you're actually in a more expensive category once you become an attendee. 9. You have access to unique disability products as a resident. 10. Portability matters more because you're definitely going to leave your residency job, right? Nobody stays in residency forever. It may not be the case for an attending. Occasionally somebody stays in the same job forever and a group policy that isn't portable isn't as big of a downside for that person. Number 11. It locks in your insurability, right? You never know if something's going to happen and you won't be insurable later. And 12. Your student loans may not go away, right? They may not go away in the event that you're disabled and you might need that disability insurance benefit to pay on those student loans. Even if your residency offers a policy, you probably still need a good individual. 1. At a minimum, meet with an experienced independent agent to go over the differences between your group policy and the best policies and make an informed decision. You can find some of those@whitecoatinvestor.com insurance the hosts of the White Coat Investor are not licensed accountants, attorneys or financial advisors. This podcast is for your entertainment and information only. It should not be considered professional or personalized financial advice. You should consult the appropriate professional for specific advice relating to your situation.
