Long Term Disability (LTD) insurance : What is it and do I need it?
Long-term disability insurance is insurance that protects your income if an illness or injury prevents you from working. Having LTD insurance is a mandatory requirement for medical residents. A basic LTD plan is automatically provided to you through RDBC (though it is administered through a company called Great West Life). CMGs will have probably heard about this throughout medical school already but it is most likely a brand-new concept for IMGs.
If LTD insurance is already automatically provided, then what is there to discuss or decide? Well, consider the following:
Are you more risk-averse? Or are you financially dependent on your monthly income? You may want to consider getting more LTD coverage or switching LTD plan types.
As a resident and a young adult, LTD insurance costs are at their lowest now. You may want to take advantage of these lower costs.
Did we get your attention? Do you want to learn more?
The way we see it, you have two options:
Independent learning: read more about LTD insurance at webinars and blog posts, such as this one from Financial Pulse.
Tutored learning: make an appointment with a financial advisor who will often also provide information about LTD insurance.
Either way, you should definitely get informed!
