You should consider purchasing Disability insurance while you are in medical residency. This is because you're likely to be young and healthy during this period. This is a fascinating concept, however, as all 25- to 30-year-olds feel their health will not change over the years.
Although you are aware that you need to protect your income, it is easy to put off purchasing insurance for weeks, months, or even years. You can also get more information about disability insurance through various online sources.
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There is also the possibility of discovering a lesser medical condition that allows you to buy a Disability policy but requires an exclusion. Insurance companies use exclusions to exclude a pre-existing condition from a disability contract.
While a Disability income policy that excludes certain conditions is better than none at all, many people prefer policies without exclusions.
Residents should also consider purchasing Disability insurance while they are in medical residency. This is because of the difference between individual and group coverage.
While it might be your intention to purchase individual Disability insurance after you have completed residency and become an attending doctor, you may not be eligible for the same amount of individual insurance that you received during residency.
You will not be able to purchase enough individual Disability insurance to cover the gap left by the group coverage if the clinic or hospital you work at offers it.