HPSP Dentist Disability Insurance Timing

Home Insurance HPSP Dentist Disability Insurance Timing

  • Avatar Cpl200 
    Status: Student
    Posts: 1
    Joined: 04/09/2019

    Hello all

    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!

    #205143 Reply
    The White Coat Investor The White Coat Investor 
    Status: Physician
    Posts: 4612
    Joined: 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.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #205420 Reply
    Avatar dval 
    Status: Dentist
    Posts: 4
    Joined: 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.

    #205432 Reply
    Liked by Cpl200, Tim

Reply To: HPSP Dentist Disability Insurance Timing

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear