Cpl200ParticipantStatus: StudentPosts: 1Joined: 04/09/2019
I’m a dental student going into my fourth year and I will be doing an AEGD with the US Navy after I graduate in May of 2020. Does anyone have any thoughts about when to purchase disability insurance? I hear that military disability really isn’t enough to live off of in case of an injury, but I know most companies won’t cover you while on Active Duty. I’m hearing that if you start early enough, you could get disability insurance a year before receiving orders and have more company options than if you already had orders to go somewhere. I should get my orders in May of 2020. The only issue I see here is that if I buy insurance now, I’m paying for disability for an entire year before I even get to my first duty station and will have to pay those premiums on a very tight budget. Should I go ahead and apply to lock in my rates with a future options rider so that I get the lowest premiums, even if it means paying for disability a little “too early?” If I do go ahead and get insurance now, I think more companies would be willing to cover me, and if I wait, I think Mass Mutual and Lloyds of London are the only companies that will cover me while on active duty. Would having more company options for disability coverage be another good reason to go ahead and purchase the insurance? Thanks in advance for all of the help!April 9, 2019 at 7:58 am MST #205143The White Coat InvestorKeymasterStatus: PhysicianPosts: 4612Joined: 05/13/2011
2. If you apply for a different policy prior to active duty (other than MassMutual) NO CLAIMS may be filed during active duty, regardless of cause. (Some companies allow you to suspend coverage and not pay premiums during this time.)Click to expand…
This is not what The Standard told me in 2006 when I asked them. They told me my policy purchased 2 years prior to active duty service would cover disabilities that weren’t due to an act of war. I was calling to see if I should suspend coverage during my AD time and decided not to based on that information. It’s possible the phone rep was lying/misinformed or that the policy was different then, I don’t know.
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Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011April 10, 2019 at 5:52 am MST #205420dvalParticipantStatus: DentistPosts: 4Joined: 01/19/2017
My wife is currently active duty (dentist) and has a small policy from The Standard to supplement the military disability. She also has a policy from Guardian that she paid the premium for one month and then suspended while on AD, but will have the same rate when she separates. One of the independent insurance agents on this site should be able to help you out.