DI 4 MDs

McCareer Guest Post – Protecting Your Military Income : Before, During and After Your Service

DI 4 MDs — Thu, 30 Jan 2025 18:35:58 +0000

This was originally posted on McCareer.org on January 30th 2025.

As a military physician or dentist, you have the same valuable skillset that needs to be protected as your civilian counterparts. A recent change in the pricing for the most comprehensive plan makes establishing protection more urgent than ever.

Why Immediate Action is Critical

The only comprehensive “to age 65/67” own occupation disability insurance plan has recently reduced the available premium discount for dentists. While physicians can still obtain the higher discount, there is no guarantee that the higher discount will remain available to them. This development makes immediate action even more crucial for military physicians, who already face unique challenges:

Military disability benefits only cover base pay, creating a significant protection gap
The gap widens further for those who moonlight or plan to moonlight
The military doesn’t provide own-occupation disability insurance
Military separation physicals impair your ability to obtain coverage
Your risk of becoming disabled and unable to practice your specialty triples between age 30 and 55

The Time to Act is Now

There is no advantage to waiting. In fact, delaying could cost you significantly:

Your fixed/level rate is based on age when you start coverage, the older you are, the higher the rate will be, meaning the longer you wait to obtain coverage, the more you will pay for less total years of coverage.
Due to required periodic health assessments, there is a higher likelihood that military physicians will be penalized based on discovery of medical conditions.
Premium discounts may decrease or disappear
If you receive orders for overseas deployment, you must wait until you are back in the US to establish coverage

Navigate the Complexity with Expert Guidance

Working with an experienced insurance broker is essential to:

Understand which policy features fit best for your situation
Navigate the underwriting process effectively
Secure the most favorable rates and terms available

Take Action

Don’t risk the career you’ve worked so hard to build. Recent changes in the insurance marketplace make it more important than ever to secure comprehensive coverage while the best rates are still available.

Email DI4MDS today at info@di4mds.com or request your quote here to learn more and establish your personal disability insurance protection.

Thank you for your service

Andy G. Borgia CLU

DK Unger

10505 Sorrento Valley Rd #250

San Diego, Ca. 92121

858-523-7518

858-523-7511 after 5pm

fx.858-622-1883

info@di4mds.com

di4mds25.jvm.design/

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Disability Insurance: A Key Factor in Doctors’ Career Decisions

DI 4 MDs — Thu, 07 Nov 2024 21:29:46 +0000

*This post was written by Ben Phipps for MGIS, you can find the original article here.

In the ever-evolving landscape of healthcare, doctor retention and recruitment remain critical challenges for organizations. While recent data from the American Medical Association (AMA) shows encouraging signs of improvement in physician burnout rates, the issue continues to be a significant concern. This, coupled with an ongoing doctor shortage, underscores the importance of identifying effective tools for attracting and retaining top medical talent. Our recent survey reveals that one such tool, often overlooked, is comprehensive disability insurance.

The AMA’s 2023 national physician comparison report indicates that physician burnout has fallen below 50% for the first time since 2020, with 48.2% of physicians reporting at least one symptom of burnout. This marks a positive trend from the record-high 62.8% observed in 2021. However, the extent of the problem remains a stark reality that demands ongoing attention, especially as the healthcare industry faces projections of a shortage of up to 124,000 physicians by 2034, as reported by the Association of American Medical Colleges.

The MGIS Survey

In this context of gradual improvement but persistent challenges, our survey of 100 practicing doctors across the United States offers valuable insights. This study, spanning various practice settings and career stages, illuminates how disability insurance influences job selection and financial confidence among medical professionals.

Here at MGIS, we began this survey process with a strong conviction that disability insurance is a key consideration in doctors’ career decisions. While the connection isn’t always obvious, when prompted, doctors acknowledge the importance of quality income protection as part of a robust benefits package. This study validates our hypothesis that disability insurance can and should be used as a critical recruitment and retention tool.

Our findings suggest that well-structured disability insurance programs can serve as a valuable asset for healthcare employers looking to differentiate themselves in a competitive job market. From new graduates burdened with student debt to experienced specialists at the peak of their careers, doctors across the spectrum are paying close attention to the disability coverage offered by potential employers.

As we delve into the detailed results of our survey, we’ll explore how doctors’ perspectives on disability insurance evolve throughout their careers, the key aspects of coverage that matter most to them, and the potential for employers to leverage these insights. By doing so, healthcare organizations can create more attractive and secure work environments for medical professionals, potentially contributing to further reductions in burnout and improvements in job satisfaction.

The Importance of Disability Insurance in Job Selection

Our survey findings reveal that disability insurance plays a crucial role in doctors’ job selection process, with particularly strong significance among mid-career, high-earning doctors. This section delves into how disability insurance compares to other benefits for this key demographic and its importance across the general doctor population.

Ranking Among Benefits for Doctors Aged 45-54 Earning Over $150,000

For doctors between the ages of 45 and 54 earning more than $150,000 annually, disability insurance ranks as the second most important benefit when considering a job offer. This places it just behind health insurance and ahead of other significant benefits such as:

Life insurance
Sign-on bonus
Continuing medical education (CME) allowance
Retirement plans
Malpractice insurance
Paid time off
Student loan repayment assistance

This high ranking underscores the value this demographic places on income protection and financial security in their career decisions.

More Findings for Doctors Aged 45-54 Earning Over $150,000

Our survey revealed other particularly interesting results for this key demographic:

1. 76% reported being somewhat or very familiar with their current disability insurance coverage.

2. A significant 69% know a colleague who had to use their disability insurance, highlighting the real-world relevance of this benefit.

3. 61% expressed interest in learning more about disability insurance options, with an additional 38% indicating they might be interested.

4. 30% are at least somewhat likely to consider changing jobs in the next 2 years, emphasizing the potential impact of disability insurance on retention for this group.

These findings suggest that mid-career, high-earning doctors place a premium on comprehensive disability coverage and are actively engaged with this benefit.

General Population Statistics on Job Selection and Disability Insurance

Across our entire survey population, disability insurance emerged as a significant factor in job selection and career decisions:

1. 84% of all respondents reported being at least somewhat familiar with their disability insurance coverage, indicating a high level of awareness across the profession.

2. 42% specifically inquired about disability insurance when considering their current job, demonstrating its importance in the job selection process.

3. 21% have turned down a job offer due to inadequate disability insurance coverage, underscoring its potential as a deal-breaker in employment negotiations.

4. 34% are at least somewhat likely to consider changing jobs in the next 2 years, highlighting the ongoing importance of competitive benefits packages for retention.

5. When considering a new job offer, 23% said disability insurance would be extremely influential, and an additional 27% said it would be influential, totaling 50% who view it as a significant factor.

6. 36% expressed neutral to very unconfident feelings about their ability to maintain their current lifestyle if unable to practice medicine for an extended period, emphasizing the perceived need for robust disability coverage.

These statistics paint a clear picture: disability insurance is not just a peripheral benefit but a central consideration for doctors across career stages when making employment decisions. Its particular importance to mid-career, high-earning doctors suggests that healthcare employers who offer comprehensive, well-structured disability insurance packages are likely to have a significant advantage in attracting and retaining top medical talent, especially among experienced doctors in their peak earning years.

Insights from Open-Ended Responses

To gain a deeper understanding of doctors’ attitudes towards disability insurance, we asked several open-ended questions. The responses provide valuable context to our quantitative findings and offer insights into how doctors’ perspectives on disability insurance evolve throughout their careers.

Evolving Perspectives on Disability Insurance

Many respondents indicated that their view of disability insurance has changed over time:

1. Increased importance with age: A common theme was that disability insurance becomes more important as doctors progress in their careers. One respondent noted, “As I get older I appreciate the need for disability insurance more.”

2. Personal experiences shape perspectives: Several doctors mentioned that witnessing colleagues use their disability insurance or experiencing health issues themselves led to a greater appreciation of the benefit. For instance, one doctor shared, “It’s importance has increased slightly over the past 4 years after having a chronic muscular injury.”

3. Varying importance at different career stages: Interestingly, some mid-career doctors with accumulated wealth reported feeling less need for disability insurance, while others emphasized its growing importance as their financial responsibilities increased.

4. Evolving awareness: Many respondents admitted that disability insurance wasn’t initially on their radar but became more important as they learned about it. As one doctor put it, “At first it wasn’t on my radar. Now I would be asking questions regarding coverage.”

Key Aspects of Disability Insurance

When asked about the most important aspects of disability insurance, doctors highlighted several key factors:

1. Coverage amount: Consistently mentioned as a top priority, aligning with our quantitative findings.

2. Definition of disability: Many emphasized the importance of how disability is defined, especially for their specific occupation.

3. Elimination period: The time before benefits kick in was a significant concern for many respondents.

4. Duration of coverage: Long-term coverage and the potential for coverage past age 65 were mentioned by several doctors.

5. Cost and premiums: While not the top concern, many doctors factored this into their overall assessment of disability insurance.

6. Occupation-specific considerations: Some specialists mentioned the need for coverage tailored to their specific practice, such as “single specialty insurance so I would not have to work in another medical field.”

Role in Career Planning and Job Selection

The open-ended responses reinforced our quantitative data on the importance of disability insurance in career decisions:

1. Growing consideration in job selection: Many doctors indicated that disability insurance has become a more significant factor in their job considerations over time.

2. Desire for standardization: Some respondents suggested that disability insurance should be “as standard as health coverage, and straightforward without loopholes.”

3. Education gap: Several doctors mentioned a lack of education about disability insurance in medical school, suggesting an opportunity for earlier career guidance.

4. Personal policies vs. employer-provided coverage: Some doctors emphasized the importance of personal disability policies, with one noting, “I got my own private long-term disability policy on completion of residency.”

These qualitative insights complement our quantitative findings, reinforcing the importance of disability insurance in doctors’ career decisions and financial planning. They also highlight the need for tailored disability insurance solutions that address the evolving priorities of doctors throughout their careers, from recent graduates to established specialists.

Conclusion: Leveraging Disability Insurance for Doctor Recruitment and Retention

Our survey of 100 practicing doctors across the United States has revealed the critical role that disability insurance plays in their career decisions and financial planning. As the healthcare industry continues to grapple with challenges such as burnout and workforce shortages, well-structured disability insurance programs emerge as a powerful tool for attracting and retaining top medical talent.

Key Takeaways

1. Disability insurance ranks as the second most important benefit for mid-career, high-earning doctors when considering job offers.

2. A significant majority of doctors are familiar with their current disability coverage and express interest in learning more about their options.

3. Doctors’ perspectives on disability insurance evolve throughout their careers, often becoming more important as they age and witness colleagues utilizing the benefit.

4. Coverage amount, definition of disability, and occupation-specific considerations are among the most crucial aspects of disability insurance for doctors.

Opportunities

For healthcare employers and insurance providers, these findings present a clear opportunity:

– Tailor disability insurance offerings to address the specific needs and concerns of doctors at different career stages.

– Enhance education and awareness about disability insurance, particularly for medical students and early-career doctors.

– Consider offering more comprehensive, occupation-specific disability coverage as a way to differentiate in a competitive job market.

– Integrate discussions about disability insurance into recruitment processes and regular benefits reviews with existing staff.

By prioritizing robust disability insurance programs, healthcare organizations can not only attract and retain talented doctors but also contribute to their overall financial security and job satisfaction. This, in turn, may help address broader industry challenges such as burnout and workforce shortages.

As the healthcare landscape continues to evolve, so too must the strategies for supporting and empowering medical professionals. Disability insurance, often overlooked in the past, now stands out as a key factor in shaping doctors’ career decisions. By recognizing its importance and leveraging it effectively, healthcare employers can create more secure, attractive work environments that benefit both doctors and the patients they serve.

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Exciting New Guaranteed Standard Issue Disability Insurance Plan for CHOC Residents and Fellows

DI 4 MDs — Wed, 17 Apr 2024 15:34:58 +0000

We are thrilled to announce a new Guaranteed Standard Issue (GSI) disability insurance plan exclusively from DI4MDs for residents and fellows at Children’s Hospital of Orange County (CHOC). This collaboration between DI4MDs and The Standard is designed to simplify securing essential financial protection for residents and fellows, removing typical barriers associated with obtaining individual disability insurance. This adds to our current proprietary GSI programs for the residents and fellows of UCSD, Scripps Mercy, and Rady’s Children’s Hospital.

Key Features of our GSI Plan:

Guaranteed Approval:

Coverage is assured without medical or financial underwriting, facilitating easy access for all eligible CHOC residents and fellows.

Discounted Premiums:

The plan offers significantly lower, gender-neutral rates, making it financially accessible to early-career medical professionals.

Portable:

Coverage will remain in effect after training.
Up to $15,000 per month in benefits: This plan offers guaranteed monthly benefits up to $7,500 per month in training and up to $15,000 per month after completion.

Own Occupation Rider:

This crucial rider ensures that if you’re unable to practice in your medical specialty due to a disability, you are still eligible for your full benefit, even if you work in another field.

Noncancelable and Guaranteed Renewable:

Guarantees that your policy cannot be canceled by the insurer as long as premiums are paid, securing your rates and benefits from any future changes.

Benefit Increase Rider (BIR):

Allows you to increase your benefit amount as your salary grows, without any medical underwriting, while maintaining the discount.

Enhanced Residual Benefits:

Provides a partial benefit if you are still able to work in your specialty but earn less due to a disability, ensuring you receive support during partial recovery or reduced capacity to work. Recovery benefits included.

These features are designed to provide a comprehensive safety net, allowing you to focus on your training and career development without worrying about financial instability due to unforeseen health issues. The five-question approval process saves valuable time better utilized for education and not answering insurance company questions and providing medical records. For a more detailed breakdown and information on how to enroll, visit DI4MDs’ dedicated section on disability insurance programs for residents and fellows at CHOC by following this link DI4MDs Resident and Fellows Programs.

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AMA Disability Insurance – 5 Things You Should Know*

DK Unger — Tue, 12 Mar 2024 19:56:57 +0000

Chances are you have received mailings from DisabilityPro. DisabilityPro is a marketing name for the AMA sponsored group disability insurance policy underwritten by New York Life Insurance Company. The initial rates are attractive, but do you know the terms of coverage?

1. The AMA sponsored policy does not contain premium and coverage guarantees.

Premiums increase with age, the entire premium schedule can be changed at renewal, and the policy can be cancelled or changed without your consent. The policies we represent have guaranteed level premiums and cannot be cancelled or changed by the company as long as the premium is paid.

2. The AMA sponsored policy does not provide “true own occupation” protection.

If you choose to work in another occupation while disabled, your benefit can be reduced or eliminated, since you would be considered partially/residually disabled. The policies we represent pay the full benefit regardless of the income you receive from a new occupation.

3. The AMA sponsored policy does not pay any benefits for partial disabilities until you receive benefits for total disability first.

Statistically, the majority of disabilities begin as partial disability claims (a 15-20% loss of income while working). The policies we represent will begin paying benefits for partial disability before you become totally disabled.

4. The AMA sponsored policy does not allow you to satisfy the waiting period while partially disabled or with non-consecutive days of disability.

The policies we represent allow you to satisfy the waiting period while you are partially disabled and within a non-consecutive number of days. This makes it a lot easier to qualify for benefits since many disabling conditions do not progress within consecutive days, and start off with a partial loss of income while working.

5. The AMA sponsored policy does not pay recovery benefits.

Your income may not recover at the same time you do. You may have lost partnership, or patient volume that supported your income. The policies we represent can continue paying you a benefit if you still suffer an income loss after you recover from a disability.

*This post is not intended to be complete or to provide information on all contract provisions. Refer to the actual insurance policies for additional information. The information used for this post was gathered from AMA Insure’s website.

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Is a Cost of Living (COLA) Rider Effective?

DI 4 MDs — Thu, 01 Feb 2024 20:39:31 +0000

We originally posted this blog on The Whitecoat Investor, but have provided it here as well:

The last two years has seen inflation climb to levels not seen this century . The Consumer Price Index (CPI) was 8.6 in 2022, over four times the average, and the CPI was 4.7 for 2021, over twice the average. Now is the time to thoroughly examine the merits of the Cost-of-Living Adjustment Rider (COLA). To review, the COLA rider is an optional rider that increases the base monthly benefit of a disability insurance policy. So far, so good, but let’s look deeper. This rider only becomes active once you have filed a claim and have been receiving benefits for 12 months. Each company is different in how much extra benefit they provide and the rules for how they calculate it, and extra premium is charged to add the rider. Should a COLA rider be added to your next or current disability insurance policy? If the insurance companies included this rider for no extra premium the decision would be easy. Why would you not want your monthly benefit to keep pace with inflation? Unfortunately for the consumer, insurance companies are experts at assessing risk and levying the premium required to insure that risk, and COLA is no different. In this article we will study the costs of COLA, the benefits, and provide the data for you to make an informed decision.

For this study we obtained illustrations from Ameritas, Guardian, MassMutual, Principal and Standard for male and female rates at ages 30,35, and 40 for various states. We used various medical specialties and occupational classes and illustrated a $5,000 per month benefit with a benefit period of age 67 and a 90-day elimination period. To make this as accurate as possible, we wanted to simulate the real life everyday policies physicians are requesting and obtaining, so we added enhanced residual/partial benefits. Some companies include FIO, but not all, so we did not add if not automatically included. We ran these both with and without COLA to gauge the premium differences. We ran all illustrations with California rates and policy provisions and compared them against New York and Texas rates to make sure the cost differential was the same with all carriers, which we found out be true. We then reduced the monthly benefit for the policy with COLA to equal the premium of the $5,000 monthly benefit without COLA. Since each company has a different way to calculate how they pay the COLA increase we used the following from each company for our study:

Ameritas: 3% simple annually, regardless of CPI
Guardian: 3% compounded annually, regardless of CPI
MassMutual: 3% compounded annually, regardless of CPI
Principal: Up to 3% compounded annually, depending on performance of CPI. Negative or flat CPI will result in a 0% change, and anything above 3% will be capped at 3%.
Standard: Up to 3% compounded annually, depending on performance of CPI. Negative or flat CPI will result in a 0% change, and anything above 3% will be capped at 3%.

Since each age, gender, and specialty produced virtually the same percentage premium differential between premiums with and without COLA we used a 35-year-old male invasive physician as our case study subject with California rates and level premiums. We then reduced the monthly benefit for the policy with COLA to equal the premium of the $5,000 monthly benefit without COLA. which resulted in the following:

** Based on equal premiums paid with and without COLA for each company, however we did not adjust for the premium differences between companies.

We then used the linked CPI-U chart, taken from the Federal Reserve Bank of Minneapolis. From this chart we took data from the last 23 years, which we felt would be the most pertinent, and averaged it out to 1.925%. Since with all carriers the cap increase is 3% (some carriers offer a higher cap percentage, but for the purposes of our study we only used the 3% cap premium), for the six years that the CPI exceeded 3%, we only used 3% for the average calculation. As noted above, some carriers guarantee 3% while others follow the CPI, since that was the most a carrier would pay each year. Our final calculation determines the number of years an insured will have to be on claim to receive equal payments to someone without COLA who is also

on claim. We assumed with each policy that benefits would be paid and ignored any differences in any other contractual provisions. We also did not take into consideration the time value of money that would make receiving the extra funds sooner much more valuable.

The following charts indicate the number of years on claim for the monthly benefits of the COLA policy to equal the original $5,000 per month policy, and also the number of years for the total claim amount received to equalize, based on the CPI of this century. Take note if the average CPI is lower than 1.925% equalization would be longer and if the CPI average was more it would be shorter.

Since the premium expenditure is equal each physician should determine if they want the additional benefits immediately upon claim or deferred in the future. Our claims experience points to higher benefits sooner when the shock of lower income is greater than later when an individual has had time to plan and adjust for lower income.

Based on our research it is preferable to increase the monthly benefit in lieu of adding a COLA rider. This is reinforced by the fact that insurance companies settle most long-term disability claims with a lump sum settlement. There are some instances when it may be advisable to obtain the maximum monthly benefit available and add the COLA rider, such as when a physician is in the military and has limited monthly benefit in relation to income. A physician can always remove the COLA rider in the future and increase the monthly benefit at that time.

We encourage your comments.

Andy Borgia, CLU

DK Unger

858-523-7572

info@di4mds.com

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The Importance of Resident/Fellow Pre-Approved Disability Insurance

DI 4 MDs — Thu, 30 Nov 2023 23:11:22 +0000

By Andy G. Borgia, CLU and D.K. Unger

This year, thousands of residents and fellows are completing training and, as in the past, will be seeking to protect their medical careers in the event of disability. Covid has eliminated most in-person meetings, so residents/fellows are using the internet more than ever to obtain protection. Disability insurance is the most difficult type of insurance to secure but something all physicians should establish. Approximately 40% of all disability insurance applications result in either a declination or a policy modification.

Fortunately, Residents/Fellows at many training programs nationwide are eligible for disability coverage on a guaranteed approval basis. For example, DI 4 MDs has programs at UCSD, Rady’s Children’s and Scripps Hospitals in San Diego. The individual policies offered are the exact same specialty-specific own-occupation policies available on a non-guaranteed basis, with only some minor restrictions such as set monthly benefit amount, elimination period, and benefit period.

In addition, the policies are offered on a discounted gender-neutral basis. In 2024, this will be the only way to obtain gender neutral rates for females, which is extremely cost-effective. To protect against adverse selection, insurance companies with guaranteed approval programs usually limit representation of these policies to only one insurance agent or office per training institution. This creates a problem for the under-informed resident/fellow seeking to establish disability coverage with a pre-existing condition. The guaranteed approved policies are only guaranteed if you have NOT applied for disability insurance previously and been declined coverage or issued a policy with a modification.

Every year, hundreds of uninformed residents/fellows are ill-advised by agents who are either unaware or do not reveal that a guarantee program exists at their training hospital. As a result, numerous young physicians with pre-existing conditions are forced to go without coverage for what they need covered the most. We see a few in our programs each year that are now paying the penalty of acting on ill advice.

BEFORE ANY RESIDENT/FELLOW BEGINS THEIR RESEARCH FOR DISABILITY INSURANCE, FIND OUT IF YOUR HOSPITAL HAS A GUARANTEED APPROVAL PROGRAM! Do not rely on agents who are not authorized to offer such programs for advice; the risk is too great. With Covid limiting in-person and local insurance agent access to Hospital training programs, the likelihood of a resident/fellow being declined coverage, having to accept an exclusion rider for a pre-existing condition, or accepting a policy with limited provisions when a guaranteed policy is available to them has increased dramatically.

THE DISABILITY UNDERWRITING PROCESS

To elaborate, all physicians should protect their medical careers with adequate disability insurance. Most realize the advantages of this protection and take the advice of their colleagues by trying to establish coverage while they are young and presumably healthy. This usually occurs during training. As mentioned previously, this is when many learn a critical lesson about disability insurance underwriting.

Disability insurance underwriting is extensive. Underwriters will review your prescription history, driving record, avocations and will typically obtain and review your medical records. An issue in any one of these categories can pose a problem.

Disability insurance medical underwriting is not like the clinical medicine you are practicing. The insurance companies must group you together with similar risks, consider the risk that the condition(s) will impair your ability to practice your specialty, and consider the likelihood for future recurrence/relapse. They do not know who will have a problem in the future, only that someone or many will. This means that many conditions that you have recovered from can and probably will, particularly if within the last five years, be excluded from coverage or result in limited provisions or benefits.

For example, if you have had knee surgery, then that knee will be excluded from coverage. Remember that this type of policy modification occurs approximately 40% of the time with disability insurance applications. These policy modifications can be either the exclusion of a pre-existing medical condition either temporarily or permanently, reduction of the desired benefit period, removal of critical riders such as the Future Insurance Option, or, the worst-case scenario, a complete declination of coverage, depending on the medical history.

A common example is medication use or therapy for anxiety or depression. In that example, at best, a policy will not cover disabilities due to mental/nervous disorders and substance abuse (think conditions listed in the latest DSM, not dementia). If the diagnosis is recent and/or severe, it is more likely that you will be declined for coverage entirely.

Another example is a spine exclusion due to regular or even past chiropractor visits even without any underlying pathology. Another red flag for insurance companies is when you have been advised to complete a test/study that has not yet been completed. One common example of this is a sleep study. Another problem is having a colleague prescribe a medication for which there is no medical record and later is discovered on a script check. Insurance companies are naturally suspicious and wonder what else you are not revealing.

All the previously mentioned will cause a problem either at policy underwriting or at time of claim. This can all be avoided by taking the extra time to determine if your training program has a guaranteed approval disability insurance policy available. Ask your colleagues, especially those ahead of you, your professors, GME Coordinators, or experienced disability insurance agents.

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Standard Insurance Increases Their Maximum Physician and Surgeon Disability Insurance Monthly Benefit to $30,000

DK Unger — Fri, 12 Aug 2022 22:47:43 +0000

Great news for the highest earning physicians/surgeons out there – Standard Insurance now offers up to $30,000 per month in benefit. In order to qualify for $30,000 per month of physician and surgeon disability insurance with The Standard, a physician/surgeon will have to demonstrate an income of $1,200,000 per year, and have no employer provided disability coverage.

Before this higher limit became an option, these physicians/surgeons would be capped out at $20,000 or $25,000 (depending on the state of residence) per month and the remainder benefit amount would have to be established with a non-traditional carrier like Lloyd’s of London.

Standard Insurance offers a very competitive plan for residents and fellows because we can design the plan to cost the minimum amount ($30-50 per month depending on age, specialty, and gender) while including an option that will allow the resident / fellow to maximize his/her coverage up to the $30,000 per month limit in the future without having to complete medical underwriting again.

To learn more about Standard Insurance and the physician and surgeon disability insurance options available to you -> contact us today.

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Military Dentist Disability Insurance

DI 4 MDs — Fri, 18 Feb 2022 12:59:07 +0000

We recently authored a guest post on disability insurance options for military dentists on Joel Schofer’s McCareer site. Below is a snippet: Military Dentist Disability Insurance

Disability insurance is critical and necessary for any professional. This is even more important for General Dentists. Statistics indicate that General Dentists are almost 20% more likely to experience a disability compared to dental specialists and 30% more likely than some physicians. As a result, one of the major disability insurance companies recently increased their rates for General Dentists due to past and expected future poor morbidity. Others are certain to follow. Dentistry requires finely tuned motor skills and being able to maintain the same position for long periods of time. This often leads to musculoskeletal disorders, which are the leading cause of disability.

The time to protect your income with disability insurance is when you are young and healthy. Being in the military limits some options but there is a solution.
To continue reading please visit the post on this website – https://mccareer.org/2022/02/16/guest-post-disability-insurance-for-military-dentists/

To receive a quote and start protecting your income today, please contact us today.

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Veteran’s Day Message

DI 4 MDs — Thu, 11 Nov 2021 12:59:25 +0000

As posted on the blog of our friend Dr. Joel Schofer, and dedicated to our military clients, their families, and all military serving our country past and present. We extend our gratitude to all of you.

Statement by Secretary of Defense Lloyd J. Austin III on Veterans Day Nov. 10, 2021

On behalf of the men and women of the Department of Defense — those currently serving — I want to take this opportunity to thank all those who have come before us.

Veterans Day is a unique opportunity for us to reflect upon the service and sacrifice of our predecessors, to recognize the broad shoulders upon which we now stand. In peace and in war, spanning generations all the way back to the very founding of this country, fellow Americans have defended our democracy, advanced our security interests, fought our wars and preserved our way of life.

Continue reading on MC Career

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No Medical Exam Life Insurance Limits Increased – Up To $10 Million Available

DK Unger — Wed, 06 Oct 2021 22:59:13 +0000

There are big changes progressively taking place in the individual life insurance market. It was only about 10 years ago when all applicants had to undergo a medical exam when applying for a life insurance policy. This meant setting aside 20-30 minutes for a stranger to visit your home or office and take your blood and vitals. Oftentimes it also meant answering highly personal medical questions to this person.

Over time, as tech and data systems advanced, the insurance companies started becoming more savvy with accessing and using that data in their underwriting efforts. They realized that the medical exam doesn’t yield as much actionable data as their access to prescription drug databases, credit checks, and other personal data does. As a result, a few carriers waived the exam requirement for coverage amounts up to $1,000,000.

The COVID-19 pandemic accelerated these changes as people had to social distance and utilize technology more than ever in their everyday lives. This also forced the insurance companies to become more reliant on data. More companies started to waive the exam requirement for coverage amounts up to $1,000,000 with some even waiving it up to $2,000,000. Many people wondered if these new guidelines would remain as the pandemic eased up.

Now about 18 months later from the start of the pandemic, it is safe to say that these guidelines will remain moving forward. In fact, the evidence indicates that these new guidelines will become even more common.

For example, a major life insurance company just announced that applicants up to age 70 can obtain up to $10,000,000 in coverage without a medical exam. Here are the details:

Applicants ages 18-50 can obtain up to $5,000,000 without a medical exam or review of medical records.

Applicants ages 51-60 can obtain up to $3,000,000 without a medical exam or review of medical records.

Applicants up to age 70 can obtain up to $10,000,000 without a medical exam. However, a physical with lab work completed with the applicant’s physician within the past 12 months is required. The insurance company will pay to obtain the results from your physician’s office.

It is important to note that while exam requirements are becoming less common, it doesn’t mean that applications are guaranteed to be approved. The review of various underwriting factors still takes place, and ultimately your rate will depend on those factors. That is why it is important to work with an independent agent who represents multiple carriers and can find you the best offer based on your situation.

If you would like quotes for your no medical exam required life insurance options, contact us today or call 888-934-4637. If you only need up to $1,500,000 in coverage and would prefer to receive a quote and obtain an instant decision without talking to an agent, then I recommend using this 100% Online Life Insurance (No Phone Call or Exam) application.

The post No Medical Exam Life Insurance Limits Increased – Up To $10 Million Available appeared first on DI 4 MDs.