Let my own health experience serve as a warning to everyone; please set up disability and term life insurance when you are in your early career! At the end of residency you have tremendous training, but no real financial assets. You and your training ARE the financial asset. It is important to secure own-occupation disability insurance and term life insurance to protect your investment and to protect your loved ones who rely upon you for income. Listen to this interview with an insurance expert for interesting and relevant advice.