There is plenty to consider during medical school, but one thing that very few students are thinking about is disability insurance. Unfortunately, although they do not require the same level of coverage as their practicing peers, disability protection is still a real need for medical students.
Why Medical Students Need Disability Insurance
No one thinks about becoming disabled during the early years of their education or career, but the truth is that it happens. Failing to prepare for the possibility of a disability is short-sighted and can lead to catastrophic losses.
Disability Isn’t Limited to the Elderly
The word disability often conjures up a middle-aged professional suffering from a repetitive strain injury, but disability also affects the young. Yes, it is more likely that a middle-aged professional suffers from repetitive strain injuries, but there are all types of disabilities that can impact earning potential. For example, a student may be in a car accident that leaves them with a traumatic brain injury and a lifelong disability.
No one could have seen the accident coming, but regardless, that student is now disabled, just like the middle-aged professional. That student needs the assurance of a steady income – a quality disability policy – just as much as the middle-aged professional.
Disability Is Not Always Visible
It is easy to forget that disability is not just the result of visible injuries. Disability can also be the result of mental illness or a genetic defect. These factors can often cause disability unexpectedly during early adulthood and impact future earning capability.
Med School Debt Doesn’t Go Away!
Medical school costs a small fortune, and unfortunately if a med student becomes disabled during their time in school, they are still responsible for the debt they have amassed so far. This situation gives rise to a whole other problem – not only is the student unable to provide for themselves financially, but they are also beginning their adult life with a debt they will likely never be able to pay off! With a good disability insurance plan in place, the disabled medical student is able to avoid a lifetime of student debt and the reminder of a lost career.
The Earlier The Better
Investing in a disability insurance policy early in a career is beneficial even if a medical student never has to make a claim during med school. Setting up a policy when they are young and healthy ensures that the student is covered should they develop a disability later down the road. Having set up a policy early, they do not have to worry about trying to fight to get disability benefits while suffering from a pre-existing condition – something which rarely works out in the individual’s favor.
Disability insurance may seem like an unnecessary expense for a medical student – but without it, a student’s career can be over before it starts, and med school debt becomes nothing but a reminder. Investing in a high-quality disability insurance policy will not replace a lost career, but it can replace lost income and allow for a more stable financial future.