Medical Student Individual Disability Insurance Options:
The Association of American Medical Colleges (AAMC) has recommended that schools require disability
insurance for all medical students and/or provide access to information about disability insurance. While the
Carver College of Medicine doesn’t require students to obtain this type of insurance, this handout
provides options to consider should you decide to purchase disability insurance coverage. Students are
encouraged to review these options and make informed individual decisions about obtaining this form
of insurance as an asset protection.
Medical students may be vulnerable to the financial hardships that may result from a disability. Medical
student disability insurance protects students from possible fiscal disaster and may be a prudent investment.
Purchasing a policy while still in medical school presents tremendous advantages that can save students
money after graduation and provide the peace of mind necessary to focus on the demands of a career in
medicine. Most medical students do not generate income while in school, but instead are accumulating high
educational debt. A student that suffers a disability may never realize sufficient income to repay that debt. A
student who suffers a disability and is unable to complete their education will be saddled with student loan
debt and may not be able to work in any field depending on the disability and its severity. Repayment of
student loans combined with medical expenses and lack of income due to disability can destroy a financial
Advantages of purchasing a medical student disability policy:
* Rates are based on age – the younger a person is when the policy is purchased, the less expensive it will be.
* A person’s health status effects eligibility and premiums - obtaining insurance at a younger age may protect
the policyholder from the difficulties of securing a policy later in life when other health issues may affect
* Medical students can purchase up to $2,100/month of benefit
* The policy benefit can be increased in the future regardless of health status.
Summary of Individual Disability Insurance plan options to review and consider:
1) AMA Insurance Agency - a subsidiary of the American Medical Association:
1-800-458-5736, Monday – Friday, 8 AM - 5 PM CT
This coverage is available to eligible medical students (M1 through M4 and MSTP) for about $41 a year. It
provides coverage of $1,000 a month up to a maximum annual benefit of $12,000 to help see you through a
disabling illness or injury.
Acceptance in this plan is guaranteed during the annual open enrollment period (July 1 through December 31)
for eligible medical students for anyone 40 or under.
Monthly Benefits for Total Disability
If you cannot attend classes due to a disabling illness or injury, you can receive monthly cash benefits of
$1,000 for up to 12 full months. Benefits begin after a 30-day waiting or "elimination" period. The
elimination period begins on the first day of a total disability.
Definition of Disability
This plan defines total disability as a sickness or injury that prevents you from attending classes and performing the normal duties of a medical student, and requires the regular care and attendance of a physician other than yourself or a family member. The disability must begin while you are actively engaged full-time in the school's curriculum and while covered under the plan. Benefits are not payable for more than one disability at a time, regardless of multiple causes.
Coverage May Continue After Graduation
If you are insured under this Student Disability Plan and you apply to change class designation from a Student to a Physician within three months after graduation, you will be accepted (provided you are not disabled and are practicing full-time) for up to $2,000 in monthly benefits, with no physical examination required or health questions to answer.
As long as student is under age 40 and a full-time student of a medical school or an osteopathic medical school approved by an accrediting agency. Students over 40 are not eligible.
Coverage will be effective on the first day of the month after we receive your enrollment form provided eligibility requirements are met and the premium is paid when due.
Renewability and Termination
You can renew this student disability insurance plan during medical school as long as eligibility is maintained, the premiums are paid when due, the group policy remains in force and the American Medical Association continues to sponsor this program.
This Plan does not cover disabilities caused by or resulting from: Intentionally self-inflicted injuries or any attempt thereof, while sane or insane; the use of any narcotic drug or other substance which is (a) subject to the Federal or the various state controlled substances acts, unless the prescription shall have been written by a Physician other than you, or (b) required by law to be dispensed by prescription only and used for other than a bona fide medical purpose as it relates to you or for other than the treatment of an existing medical condition; normal pregnancy and childbirth. This does not include complications of pregnancy which are covered in the same manner as any other illness or sickness covered by this plan. Benefits will be payable either for injury or for sickness, but not for both, during any concurrent periods of disability.
This plan is underwritten by The United States Life Insurance Company in the City of New York, NAIC#70106, domiciled in the state of New York with a principal place of business of 70 Pine Street, New York, NY, 10270, licensed in all states, plus DC, except PR. This is a brief summary of benefits only and is subject to the terms, conditions, exclusions and limitations of Group Policy No. G-208, 475 and Form No. G-19000. Coverage may vary or may not be available in all states.
2) InsMED Medical Student Disability Coverage
To obtain additional information or to receive a quote, please email or call (800) 214-7039.
3) North Star Resource Group each year does a financial seminar on Income Protection each spring,
including where to find disability insurance and what to look for. Their website is:
www.northstarfinancialmd.com . From their website, disability insurance enrollment is available to
medical and dental students who are in their M3 and M4 years. The direct link is www.uidisability.com
and students are offered a 15% discount on the policy rate.
4) Bernie Lowe & Associates www.bernielowe.com
1555 S.E. Delaware Ave., Suite A
Ankeny, IA 5002
5) UNUM Provident http://www.unum.com/products/Disability/
Individual policies are issued by:
Provident Life and Accident Insurance Company
1 Fountain Square
Chattanooga, TN 37402
First Unum Life Insurance Company
99 Park Avenue
New York, NY 10016
6) Northwestern Mutual
Individual Disability Insurance – purchased by an individual to protect his or her ability to earn an income.
7) Other Individual Coverage Plans: Individual Disability Insurance policies will be available to students
from local agents and brokers. Students will have to undergo medical underwriting and NOT ALL
STUDENTS WILL QUALIFY FOR COVERAGE. Approximate cost: $175 to $250 annually.
8) DoctorDisability – Broker for various disability insurance companies for medical students and residents.
Can convert to physician disability insurance..
This handout includes a sampling of group or individual disability insurance plans for you to consider.
You may also be able to find other options by contacting your local agent or other insurance brokers.
Information is subject to change so consult the websites above for detailed information about each of
the options specified.