Concern for Medical Residents Buying Disability Insurance

Introduction

Based on a recent study marking an increase in depressive symptoms among medical interns, those interested in disability insurance should avoid delay in applying.

Main Item

MR Insurance Consultants, a financial services group in Rockville, MD, is encouraging medical residents to consider applying for disability insurance during the earlier years of residency with the hope of benefiting from their younger age and better health.

According to a recent study by the Archives of General Psychiatry, there is a marked increase in depressive symptoms during medical internships. For many medical residents in the market for individual disability insurance, this may cause concern, since individual disability insurance is medically underwritten. The study shows "an increase from only 3.9% of participants meeting the criteria for depression before internship, to over 25% meeting the criteria during internship".

Individual disability insurance is used by many professionals as a method of protecting their future income, but to purchase this type of income protection, the applicant must be healthy and qualify under an insurance companies medical underwriting guidelines. An applicant with a history of depression/anxiety related conditions could face the possibility of being denied coverage, offered a reduced benefit period and almost certainly having an exclusion for stress/anxiety/depression related disorders, a condition that currently contributes to nearly 7.5% of all existing and new long-term disability claims. (2010 CDA Long-Term Disability Claims Review)

There are a number of well-known insurance carriers today providing special programs with disability insurance for resident physicians. Regardless of the lower income many medical residents are accustomed to, first and second year residents can obtain an individual disability insurance policy, and more importantly secure their ability to increase benefits in the future, regardless of any changes in health throughout medical residency.

MR Insurance Consultants:

Michael Relvas is a financial adviser with MR Insurance Consultants and Park Avenue Securities, in Rockville, MD. He works with professionals nationwide regarding their personal disability insurance income protection. Michael Relvas is a Registered Representative and Financial Adviser of Park Avenue Securities LLC (PAS), 1355 Piccard Drive, Suite 380, Rockville, MD 20850. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment adviser, 240-683-9700.

Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. MR Insurance Consultants is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.