Nowadays, disability insurance has become a necessity rather than a redundant item in the financial portfolio. It’s becoming popular, especially among physicians due to its many benefits both for short-term and long-term benefits.
Year-in and year-out, graduating medical students are left with huge debts to pay. According to NerdWallet, the average medical student graduated with a total of $196,520 in student loans in 2017. It is expected that such debts be paid with career income as a medical professional. However, this could become impossible if your career is interrupted by a disability.
Considering this trend, the Association of American Medical Colleges (AAMC) mandated that all medical colleges make a disability insurance policy available for their medical students. The aim is to help medical students cover their living expenses, loan repayment, and so on in the event of a disability.