Disability insurance is a crucial financial safety net for physicians and other high-income professionals. However, many doctors delay purchasing a policy, assuming they can get it later without consequences. Unfortunately, waiting to buy disability insurance can be a costly mistake, both financially and in terms of coverage options. Here’s why delaying your decision can lead to significant downsides.

1. Higher Premiums as You Age

Disability insurance premiums are largely based on your age and health status at the time of application. The younger you are when you purchase a policy, the lower your premium rates will be. As you age, not only do premiums increase, but you may also face additional costs if you develop health conditions that require policy exclusions or higher rates. Locking in a policy early can save you thousands over the course of your career.

2. Risk of Developing a Health Condition

One of the biggest risks of waiting to buy disability insurance is the possibility of developing a medical condition that could make coverage more expensive or even lead to denial. Insurers assess your health during underwriting, and any new diagnosis—such as back pain, high blood pressure, or a mental health condition—can result in exclusions, higher premiums, or a declined application. Getting insured while you are in peak health ensures comprehensive coverage.

3. Limited Policy Options Later On

Insurance providers periodically update their policy offerings, and waiting could mean missing out on favorable terms available today. Insurers may change their definitions of disability, remove valuable riders, or alter coverage options over time. By purchasing a policy now, you can secure the strongest terms available and ensure your financial protection remains intact.

4. Loss of Future Earnings Protection

Physicians spend years training and investing in their careers, making their earning potential their most valuable asset. A disabling illness or injury can halt income indefinitely. If you delay purchasing coverage and become disabled, you may be left without financial support, potentially jeopardizing your standard of living, loan payments, and long-term financial goals.

5. Missing Out on Discounted Rates

Many residency and fellowship programs offer discounts on disability insurance for medical trainees. These discounts can be significant, reducing lifetime costs. If you wait until after training, you may no longer qualify for these special rates. Taking advantage of discounts while available can lead to substantial savings.

Don’t Wait – Protect Your Income Now

The best time to buy disability insurance is before you need it. Waiting can lead to higher costs, restricted coverage, or even ineligibility. Secure your financial future today by exploring your disability insurance options and locking in a policy that safeguards your income.