As graduating medical students begin their residency programs, they can expect to receive a constant stream of emails from insurance agents and online proposal websites about the importance of purchasing personal disability insurance coverage to fill in the protection gaps found in the disability insurance provided by their teaching hospital.

While purchasing additional coverage during training can help residents meet their financial obligations if they are unable to continue their training due the event of an accident or illness and guarantee the right to obtain additional protection during practice years, most residents will have a hard enough time making ends meet without having to spend as much as $1,000/year on the type of policy promoted by many insurance agents and online proposal websites.

It’s for this reason that a significant number of US medical schools have secured for their graduating students the opportunity to obtain coverage that has been specially designed to address this important issue while fitting into the budgetary challenges faced by most residents.

These policies are available to graduating medical students up to 30 days after graduation, will insure all current or pre-existing medical conditions and can provide thousands of extra dollars each month, reimburse up to $200,000 of student loan obligations and guarantee the right to obtain up $48,000 of tax-free income during practice years through a policy that includes a long term “own specialty” definition of total disability.

Graduates who choose to secure this specially designed coverage, can dramatically improve their protection without having to figure out how to find the money that may exceed their budgetary constraints.

This policy can also be an important means to protect future income if an accident or illness were to occur and create a pre-existing condition that would allow an insurance company to disqualify an application for coverage .

Regardless of your current health status, taking steps to make sure an accident or illness does not disrupt your ability to cover your financial obligations nor your ability to insure your future earnings is an important step in any financial wellness plan.  And the coverage selected by many schools for its graduates has made protecting their futures that much more attainable.