Announcing a New Discount available for HTPN Physicians on their Disability Insurance

If you are a HTPN physician, I have some great news for your disability insurance! You may be eligible to receive deeply discounted Disability insurance premiums by utilizing the "Unisex-rated" policy.

Some Highlights of a “Unisex – rated” policy:

• Each policy provides a true, own occupation/specialty definition of disability and the premiums are all fixed and guaranteed level to age 65, 67, or 70.

• This is not a “one size fits all” policy. Rather, each doctor can customize their own disability insurance policy to meet their own unique needs; literally every one of the doctors can have a different plan.

• The discount is permanent, and the policy goes with the doctor if they leave the practice. This puts the doctor in complete control of their disability insurance benefits.

• Underwriting concessions are available when you purchase your policy through a larger group, so any doctors with a medical/health concern can still apply and usually receive favorable underwriting outcome.

• We can get benefits as high as $32,000/month, again depending on each doctor’s needs; every doctor can pick whatever monthly benefit meets their need.

• The practice does not need to pay these premiums; each policy can be paid by each doctor out of their own personal checkbook, so very limited involvement or work for the practice manager.

How To qualify:

• Three or more HTPN physicians need to “raise their hand” to participate in the disability insurance purchase

Just as HTPN probably uses its size to negotiate better reimbursements from insurance companies as well as lower malpractice premiums, you can use the same “strength in size” mentality to purchase your disability insurance.

Contact us today to learn more about this discount and others that may be available to you.

How to Increase Your Disability Insurance Coverage without Medical Underwriting

Have you ever wondered if there is a way you can increase your Disability insurance coverage without going through another finger prick or by providing a urine sample? Consider the Future Increase Option Rider and/or the Future Purchase Option Rider (name dependent on carrier but they are one in the same). It can help as it permits you to increase your disability insurance benefits without having to go through medical underwriting.  

How it Works:

Subject to specific conditions, increases may occur on each policy anniversary or off anniversary. The total amount of all increase may never exceed the amount purchased under the FIO/FPO.

Now you might ask, “Am I buying something more than just the ability to increase my coverage without a medical [exam]?” That answer is yes. With the Future Increase Option / Future Purchase Option, you are buying a guarantee that when you go to increase your coverage, you will be able to access the same rates as your original policy. Carriers frequently change their rates, so this rider allows you to have access to the same rate structure as the base policy.

This a great Rider for those who know their incomes might increase in the future. You can lock in the lower rates at your current age and health status, and then take advantage of the opportunity to increase your Disability insurance coverage later on down the road as your income allows.

Whether you are just starting out your medical career, or maybe you know you’re going to get a significant bonus and/or salary bump in the future, purchasing this Rider makes sense financially.

To learn more about this Rider and others that might fit your specific needs, please contact us today.

The Standard’s Compassionate Disability Benefit

As physicians who take care of others day in and day out, you understand more than anyone that injury and sickness are not discriminatory; it can happen to anyone at anytime. (One of the many reasons you know the value and vital need of owning a disability insurance policy.)

What if something adverse were to hit a little closer to home and affected your Loved One? Chances are you would cut back your working hours in order to help take care of them. Insurance carrier, The Standard recognizes this possibility and they have a built-in provision in their contracts called the Compassionate Disability Benefit. This means The Standard will pay a benefit while:

• You are working at least 20% fewer hours in order to care for your Loved One while he or she has a Serious Health Condition which began after your Policy Effective Date and before the Termination Date; and

• Your Monthly Earnings are at least 20% less than your Predisability Earnings due to that reduction in hours worked; and

• You are not Disabled; and

• No other benefit is payable under this policy.

Loved One means your parent, child (including an adopted child and stepchild), spouse, Domestic Partner, and child of your Domestic Partner.

Serious Health Condition means that due to your Loved One’s Injury or Sickness, he or she:

• Is receiving inpatient care in a hospital, hospice, or residential medical care facility; or

• Requires Substantial Supervision for his or her health or safety due to Severe Cognitive Impairment; or

• Is unable to safely and completely perform two or more Activities Of Daily Living without Hands-On Assistance or Standby Assistance due to loss of functional capacity; or

• Is terminally ill with a condition that is reasonably expected to result in death within 12 months.

 You may claim the Compassionate Disability Benefit up to two times while your policy is in force. The maximum amount of Compassionate Disability Benefit The Standard will pay for all claims and all Loved Ones is a total amount equal to six times the Basic Monthly Benefit.

The Compassionate Disability Benefit will begin once the Benefit Waiting Period is met. The amount of Compassionate Disability Benefit they will pay each month will depend on the amount of your Monthly Earnings.

If your Monthly Earnings are:

• Less than 20% of your Predisability Earnings, the amount The Standard will pay will equal the Basic Monthly Benefit.

• 20% to 80% of your Presdiability Earnings, the amount they will pay will equal a portion of the Basic Monthly Benefit. To calculate the Compassionate Disabiltiy Benefit for each month:

  1. Subtract your Monthly Earnings from your Predisability Earnings

  2. Divide the result from step 1 by your Predisability Earnings

  3. Multiply the result in step 2 by the Basic Monthly Benefit

• More than 80% of your Predisability Earnings, no Compassionate Disability Benefit is payable.

As a physician, you realize family and health are two of the most important and precious things in this world. By offering this no cost, built-in provision, the Standard takes care of you so when your family needs you most you can take the time to focus on them.

A Supplemental Health Benefit to Your Physician Disability Insurance

Accidents are NOT usually main the culprit of disabilities. Illnesses like cancer, a heart attack or diabetes cause the majority of long-term disabilities. Back pain, injuries, and arthritis are also significant causes. The insurance carrier Principal Financial Group, takes your income protection even further with a unique, built-in provision called the Supplemental Health Benefit. How's how it can help.

How It Works

The Supplemental Health Benefit provides a once in a lifetime lump sum 6 times your monthly benefit if you were to become disable under the policy and are diagnosed with Coronary Artery By Pass Graft Surgery, Cancer or Stroke. These are defined as:

• Coronary Artery By Pass Graft Surgery – Means the operative procedure for the correction of two or more blocked arties of the heart. This does not include angioplasty and/or any other intra-arterial procedures.

• Cancer – the presence of a malignant tumor characterized by the uncontrolled growth and metastasis of malignant cells, and the invasion of tissue. Includes: Leukemia and malignant melanoma. The following diagnoses are not covered; any non-invasive cancer in-situ, Hodgkin’s disease Stage 1, prostate cancer Stage A, papillary cancer of the bladder, all skin cancers except invasive malignant melanoma (starting with Clark Level III).

• Stroke – Any cerebrovascular incident producing neurological deficit lasting more than 24 hours and including infarction of brain tissue or hemorrhage into brain tissue. Evidence of neurological deficit for at least 90 days must be produced.

This benefit is included in your policy at no cost to you as a policy holder because the provision is built directly into Principal Financial Group’s contracts. Should you consequently become disabled and the disability is characterized by one of the above defined diagnoses, then you will be paid the lump sum in addition to your base policy coverage. 

To learn more about this benefit and how it can supplement your contract specifically, please contact us today!