Heyward Derrick, Financial Advisor at Northwestern Mutual

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Most residents know they should get disability insurance.

But almost no one talks about the fine print that actually determines whether it works when you need it.

And in disability insurance… wording matters. A lot.

Here are 3 contract details every resident physician should understand:

1️⃣ “AND” vs. “OR” language

This is one word that can completely change your benefits.

Some policies say you’re totally disabled if:

You can’t perform the material duties of your occupation AND

You have a loss of income.

Others say you qualify if you can’t perform your duties OR you experience income loss.

That difference matters.

If your income hasn’t dropped yet (think RVUs, bonuses, partnership tracks), an “AND” definition could delay or complicate benefits.

One word. Very different outcome.

2️⃣ “Own occupation” vs. “Any occupation”

If you’re a surgeon and can’t operate anymore… are you disabled?

Under a strong own-occupation definition — yes.

Under an any-occupation definition — maybe not.
If you could teach, consult, or work in another role, some policies may say you’re not totally disabled.

For specialists especially, how this is defined is critical.

3️⃣ What happens if you work while disabled?

This is where policies really start to differ.

Some contracts allow you to:

Work in another field

Earn income

And still receive full disability benefits

Others reduce or eliminate benefits once you earn a certain percentage of your prior income (often 60–80%).

The details here determine whether returning to work is supported… or penalized.

Disability insurance isn’t just about getting coverage.

It’s about understanding the definitions inside the contract.

Two policies can look identical in price — but function very differently at claim time.

As a resident, you’re protecting your future earning potential.

Read the definitions. Ask questions. Compare language — not just illustrations.

The fine print matters.

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