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Guest post – In collaboration with Alex D. Spiller, CFP®, at Treloar & Heisel
Don’t let insurance jargon keep you from protecting your income.
If the thought of applying for disability insurance feels overwhelming, you’re not alone, but it shouldn’t stop you from securing one of your most important financial protections: your ability to earn a living. For medical, dental, and veterinary students and residents, there’s a real advantage — you can lock in affordable coverage now and even qualify for student discounts. Taking action early can save you money and ensure you have protection in place before life gets more complicated.
Here are some common questions we hear about the disability insurance (DI) underwriting process:
What is underwriting?
Underwriting is how an insurance company evaluates the risk of insuring you. It involves reviewing your health history, professional responsibilities, and other relevant details to determine whether you can be insured and what your premiums will be. While it may sound complicated, it’s really just a structured way for insurers to understand your situation.
Do I need to submit labs?
Most student and resident applicants don’t. Only if an insurer sees a need will labs be requested. If labs are required, they’re done at your convenience and at the insurer’s expense. Most student applicants qualify without any lab work. Depending on your health history, a quick blood test might be requested, but it’s rarely an obstacle.
How long does approval take?
If your health history is straightforward, approvals can happen in as little as a week. If medical records or additional documentation are needed, it may take a little longer—but it’s typically not a lengthy process.
Can students get a discount?
Yes! Many medical, dental, and veterinary students can secure a basic DI policy for the equivalent of a few dollars a day—think of it as a couple of lattes a week. While it may be a starter policy, it provides a foundation to increase coverage as your income grows. Buying early also protects you against any changes in health that could affect future eligibility.
Will I need to speak with someone?
A short conversation with a financial advisor can be very helpful. You’ll have a chance to discuss affordability, ask questions about the application process, and review optional features—like riders that allow future benefit increases or additional coverage as your career progresses. Advisors familiar with healthcare can help tailor your policy to fit your needs.
What if my health changes later?
Getting coverage while you’re younger and healthy means you lock in protection even if your health changes. Many policies include options to increase coverage later without needing a new health review, ensuring your income protection can grow alongside your career.
Can I buy this online?
Disability insurance is about more than just a policy—it’s about protecting your income, which depends on both your health and your professional career. You cannot buy DI directly from an insurance company; you need an agent. Working with an agent familiar with the healthcare market ensures that your policy meets your needs, includes appropriate riders, and fits your budget.
What does the underwriting process look like?
While every company is slightly different, here’s a typical timeline:
- Talk with an advisor to ask questions and determine what coverage makes sense.
- Provide personal information, including graduation date if you’re a student.
- Complete a health questionnaire online at your convenience.
- The underwriter reviews your information and may request additional details about your health.
- Once everything looks good, the underwriter approves your policy.
- You electronically sign the policy.
- Set up automatic payments, and you’re officially covered.
And that’s it. While it may sound like a lot at first, the process is straightforward, and the benefits are significant. Disability income insurance is one of the most important financial protections anyone can have—especially doctors. Student discounts and good health make this the perfect time to lock in coverage, giving you peace of mind and a solid foundation for the future.
Determining whether you need disability insurance is unique to your individual circumstances. If you want to learn more about how disability insurance can support your needs and goals, speak with an insurance expert today.
About Treloar & Heisel
Treloar & Heisel offers comprehensive coverage designed specifically for doctors. As your practice grows; whether you’re adding locations, equipment, or staff, it’s important to have insurance that evolves with you. Treloar & Heisel understands the unique risks healthcare professionals face and provides tailored solutions to help protect your practice, assets, and future. Learn more about your options and get protected.
Panacea Financial Holdings partners with Treloar and Heisel to deliver insurance services. Insurance products offered separately through Treloar & Heisel and Treloar & Heisel Property and Casualty. Insurance products are: not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the institution, and may go down in value.
Treloar & Heisel and Treloar & Heisel Risk Management are divisions of Treloar & Heisel, Inc.
Insurance products offered through Treloar & Heisel, Inc.
Treloar & Heisel, An EPIC Company, is a financial services provider to dental and medical professionals across the country. We assist thousands of clients from training to practice and through retirement with a comprehensive suite of financial services, custom- tailored advice, and a strong service-focused support team.
For advice on the discussed topics, please review with your licensed advisor.
