Well, here are 3 reasons why you should consider purchasing an individual disability insurance policy now.
- Special Offers. As a resident, you’re likely to be offered all sorts of ‘deals’ on disability insurance – some of which might be really good. For instance, you could be offered a plan with limited or no underwriting. That means you can apply for the coverage without spending time completing a medical exam, providing blood or urine, or answering a long list of health questions on the application. It also means your policy isn’t lilkely to be ‘rated’ with higher premiums or have ‘exclusions’, where the insurance company won’t pay benefits if the health issues in question caused the disability.
- Lock in Rates1. As a 28 year old cardiology resident, an individual disability policy with a $5,000 monthly benefit might have an annual premium of $1,421. But wait another 4 years and your premium at age 32 increases to $1,701. That’s an additional $280 in premium every year! It pays to lock in rates now. The younger and healthier you are – the better the rates.
- Portability. You might already be covered by a group disability plan as part of your benefit package from the teaching hospital. But when you finish residency and move into practice, your group coverage will likely end. That could create a gap in coverage, meaning there might be a time where you have no coverage at all. If you purchase an individual plan during residency, the plan will stay with you – even when you change employers.
1Rates provided by The Ohio National Life Assurance Corporation; Male, Age 32 & 28, Nonsmoker, Occupation Class: 6M
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For more information on the Essentials Disability Plan, click the appropriate button below.
Must be actively at work, as a student or resident, for the last 90 days. Must be under age 45. Must not have been declined for disability insurance by The Ohio National Life Assurance Corporation or Ohio National Life Insurance Company.
*Enrollment period for graduating students is from January 1 thru June 30.
**The Guaranteed Standard Issue feature is only available when your medical school or resident program elects to participate in the program. If your medical school or resident program does NOT agree to offer the program, you may still apply for coverage on a fully underwritten basis.
***Removal of Mental Disorder/Substance Abuse Limitation Rider not available for Anesthesiologist and Emergency Room Physicians.
Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Product is not available in CA. Issuer not licensed to conduct business in NY.
The policy has exclusions, limitations, reductions of benefits, and terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, contact your advisor or The Ohio National Life Assurance Corporation.
Noncancellable and Guaranteed Renewable to the Expiration Date. You can renew the policy annually until the expiration date (age 67), during which time we cannot cancel or change the terms of the policy or change the premiums if you pay the premiums on time.
Conditional Renewal after the Expiration Date. After the expiration date, you may renew the policy annually if: the policy is still in force; you are not Totally Disabled; you are regularly employed; we approve your application; and you pay the premiums for your age and sex at the time of such renewal.
Total Disability. You have a Total Disability if due to a sickness or injury, in and of itself: (1) you are not able to perform the Material and Substantial Duties of Your Regular Occupation; and (2) you are under the regular care of a physician. Your Regular Occupation is the occupation in which you are regularly engaged on the date of Total Disability. Your Material and Substantial Duties are those you are normally required to perform in Your Regular Occupation, and that cannot be reasonably omitted or changed.
Exclusions. We will not pay benefits for any Total Disability related to or that results from: war or an act of war; active military service; an injury or sickness excluded by endorsement; felonious conduct; an illegal occupation; or an intentionally self-inflicted injury or sickness. We will not pay benefits during any period: while you are incarcerated or under detention; or that your medical or professional license has been surrendered, suspended or revoked.
Limitations. Pre-existing Conditions. A pre-existing condition generally means a sickness or physical or mental condition that existed twelve months before the policy becomes effective. No benefit will be paid for any Total Disability that results from a pre-existing condition and that starts during the first twelve months of the policy.
Residing Outside of the United States or Canada. We will stop paying benefits if you reside outside the United States, its Territories or Canada for more than three consecutive months.