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A group of smiling medical students, residents and fellows in an operating room, protected with insurance.

Insurance For Medical Students, Residents and Fellows

Written for Medical Students, Residents & Fellows

Protect your financial health before you graduate.

As a medical student, resident or fellow, you have studied plenty. You know about physical health and mental health. How much do you know about financial health? 

Financial hardship impacts health.

Cardiac surgeon Dr. Marius Barnard noticed that while his patients were surviving, their finances might fail from more expenses and less income. This led to the launch of critical illness insurance in 1983. 

Life is unpredictable. Insurance transfers your financial risks before you even graduate. How do you improve your insurance literacy? How do you decide what’s right for you?

The challenge is getting objective, transparent, complete information from OMA Insurance and other sources. Perhaps we can help with insurance for medical students, residents, fellows. Once you are established (or if you want a peek ahead), you can look into estate planning for physicians.

How well have you protected yourself?

The ideal time to get protection is while you are a medical student (years 1-4), resident or fellow because:

  • You pay less: you get exclusive discounts of up to 25%, and you’re younger when you apply. Premiums increase with age.
  • You qualify more easily: some eligibility criteria are reduced or waived

Since disability is your biggest risk before age 65, get disability insurance first. You can add critical illness insurance too. You prequalify for overhead expense insurance, which lets you add coverage after you start your practice.

Your basic health insurance products

There are three valuable forms of insurance for medical students, residents, and fellows to consider.

Disability insurance

What happens to your income when you can’t work due to an illness or injury? You could get tax-free monthly benefits. Learn about disability insurance.

Critical illness insurance

What if you have a cancer, heart attack or stroke?  You could get a tax-free lump to use as you wish. Learn about critical illness insurance.

Business overhead expense insurance

How do you cover the costs of running your practice when you’re disabled? You could get taxable benefits. Learn more about business overhead expense insurance.

What about life insurance?

Death is the lowest probability risk you face before age 65 — much lower than the risks of a disability or critical illness. While there’s no harm in adding some coverage now, why not start by first protecting against the more likely risks?

Once you start your practice, incur debt or have dependents, you can get life insurance — or add more if you already have some. Once you’re incorporated, permanent cash value life insurance offers advantages such as:

  • Sheltering passive investment income from taxation
  • Getting tax-free retirement income
  • Use of the Capital Dividend Account to declare tax-free capital dividends

Improve your insurance literacy in private

While you can get general information on our website, you likely have specific questions about your unique situation. We’re here to help you learn, apply for coverage and then take delivery of your insurance policy.

To get help, select a convenient date/time for a video meeting.

Tags: communities, disability risk, medical students, residents, fellows, morbidity risk

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