Disability insurance and life insurance are two measures that will serve to protect your financial future. Most of the university training programs already provide life and disability insurance to their residents and, since most residents already have a policy in place, it may be relatively easy to continue coverage after finishing residency training. Because residency programs contract for a large number of policies, the actual terms of the policies may be more comprehensive than ones obtained after training has ended. Cost is also an issue, and residents may qualify for group discount rates if a relatively large group negotiates coverage prior to graduation. Life insurance policies are fairly uniform across the country and are not usually dependent on where you practice.
Prices tend to vary depending upon the type that is chosen, the latter being more costly.
The policy pays a one-time sum to your chosen beneficiary should you die. Disability insurance is not as straightforward and is a completely different entity from life insurance. First and foremost, disability insurance should be carried by anyone dependent upon their salary for economic survival. Therefore, disability insurance policies may vary from state to state depending upon the utilization rate by policy holders in that region. The cost or premium paid for the policy also may be increased.