There’s always at least one person depending on your income, and that’s you. As such, it’s vital to insure your income from the beginning of your career until the time comes when no one, not even you, are dependent upon that income.
While you are in training, there are some unique discounts, sometimes up to around 40% off, available to you that will most likely not be available as an attending. Also, age always affects pricing with insurance so the younger you are, the cheaper the rate.
I understand that the cost of disability insurance varies by state. What happens when you obtain a policy in one state and promptly move to another?
For instance, if you live in California (by far the most expensive rate state) and you move to a different state after only a year of purchasing your disability insurance policy, you might want to look into re-applying in the new state.
Of course, never cancel an old policy until a new one is completely in place and you have paid the first premium. On the flip side, if you move to a more expensive state, your rate will not increase on the amount you’ve already purchased.