| Last year the Association of American Medical | | | | as a physician. A student purchasing a policy |
| Colleges (AAMC) said that schools should | | | | will likely get a lower rate than a |
| require disability insurance for all medical | | | | physician. According to doctordisability.com, |
| students and provide access to policies. | | | | three factors determine disability insurance |
| Medical students are particularly vulnerable | | | | rates: age at the time of purchase, |
| to the financial hardships that may result | | | | occupation, and health status. These factors |
| from a disability. Disability insurance | | | | tend to favor a student. Not only are |
| protects students from possible fiscal | | | | students younger, but generally the health |
| disaster and is also a prudent investment. | | | | status of younger people is better than that |
| Purchasing a policy while still in medical | | | | of older people. Obtaining insurance at a |
| school presents tremendous advantages that | | | | younger age may also protect the policyholder |
| can save students money after graduation, | | | | from the difficulties of securing a policy |
| while protecting their financial future and | | | | later in life when other health issues may |
| providing the peace of mind necessary to | | | | affect insurability. |
| focus on the demands of a career in medicine. | | | | |
| | | | A disability insurance policy also adapts to |
| Most medical students do not generate income | | | | meet the changing needs of the insured. A |
| while in school, but instead accumulate debt | | | | Future Increase Option (FIO) Rider allows the |
| at staggering rates. In 2005, medical school | | | | policyholder optional future increases in |
| graduates who took out loans started their | | | | coverage without providing evidence of |
| residencies with an average debt of $100,000, | | | | medical insurability. The ability to increase |
| a figure that does not include undergraduate | | | | coverage regardless of current health status |
| debt. Only the expected future income from a | | | | is attractive to any policyholder, but the |
| career in medicine makes such exorbitant debt | | | | FIO Rider is also ideal for a student who |
| palatable; however, a student that suffers a | | | | wants to increase coverage upon graduation |
| disability may never realize that income. | | | | and the expectation of significant income. A |
| According to the 1994 Statistical Abstract of | | | | policy purchased by a student before they |
| the United States, in the course of a year, 1 | | | | take their first class in medical school can |
| in 10 people between the ages of 25 and 64 | | | | be flexible enough to last a career. |
| will suffer a disability. When comparing that | | | | |
| ratio to the odds of being victim of a house | | | | The protection, flexibility, and benefits the |
| fire (1 in 122); injured in an automobile | | | | insured has by purchasing a disability |
| accident (1 in 160); or even of death (1 in | | | | insurance policy as a student are reflected |
| 117), the value and protection offered by | | | | by the stance that medical schools take. |
| disability insurance is clear. | | | | Dartmouth Medical School and the University |
| | | | of North Carolina School of Medicine mandate |
| A student who suffers a disability and is | | | | that all students have disability insurance. |
| unable to complete their education will be | | | | While in some states it is illegal to require |
| saddled with student loan debt and may not be | | | | students to have a disability insurance |
| able to work in any field depending on the | | | | policy, most medical schools at least |
| disability and its severity. Repayment of | | | | recommend that all their students have it. In |
| student loans combined with medical expenses | | | | 2006, the University of Washington School of |
| and lack of income due to disability can | | | | Medicine was ranked by U.S. News and World |
| destroy a financial future. Even a student | | | | Report as one of only three schools in the |
| that is able to continue medical school could | | | | top 10 for both research and primary care. |
| face the burden of simultaneously repaying | | | | Their office of student affairs and services |
| loans and paying tuition. | | | | says it is �advisable� to have |
| | | | disability insurance in light of the cost of |
| Aside from the obvious advantages disability | | | | education and risks associated with |
| insurance offers by minimizing the risk | | | | practicing medicine. The school offers its |
| riding behind a medical student�s debt, | | | | students a plan, but in general, group plans |
| there are other long-term advantages to | | | | come with limitations and restrictions. |
| purchasing a policy as a student instead of | | | | |