As a med student, you may have heard about own-occupation disability insurance, but you may also be unsure if a policy is right for you. In short, the answer is yes, an own-occupation disability insurance policy is beneficial even for a med school student, and here’s why…
You Get a Discount!
As a medical student, you are eligible for a number of discounts on own-occupation disability insurance. Many med schools offer their own discount programs that can substantially reduce the expense of monthly premiums, making them more affordable – these discounts are not available following med school graduation.
You Are Already In Debt
No one ever said that medical school was cheap and that debt is piling up even before you begin making a regular salary. Now, imagine having that debt piled up and an unforeseeable event leaving you disabled and unable to pursue your medical career. What happens to that debt? It is not going anywhere, and you must still pay for it. Paying off that amount of debt is going to be a struggle without a regular income. Fortunately, a good disability insurance policy can help to offset the loss of income and reduce med school debt associated with disability.
You Risk Disability Everyday
Most of us do not think about it, but we face the possibility of disability every day – we could be struck by a car or experience a stroke. While we cannot plan for a disability that may never happen, we can plan for the possibility of disability by investing in a disability insurance policy.
When You Need It, It Is Too Late
Like most types of insurance coverage, when you need a disability insurance policy, it is too late to buy one. No insurance company will provide coverage to an individual who already needs to draw on benefits – they have not paid into the system, and allowing them to draw on it is counterintuitive.
Buying a disability insurance policy before it is needed, however, locks in insurability and ensures that should you need disability benefits in the future, you have a policy in place to provide them.
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Anyone Can Succumb to Chronic Illness
Anyone can succumb to a chronic illness, and it is not always possible to see it coming. For example, if you have a family history of autoimmune disease, you know that there is a possibility of having one yourself. If you contract Lyme disease, however, you face a chronic life-changing illness without any prior warning. In a second, your entire life can change, and your ability to earn can vanish for years or even a lifetime, so you must plan ahead!
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Conclusion
A high-quality own-occupation disability insurance policy is just as beneficial for a medical student as it is for a working professional. Not only does a customized policy from a reputable company protect career earnings, but it also provides a cushion to ease med school debt, which can quickly spiral out of control without a regular income.