As you age, your physician disability insurance policy may not allow you to increase your coverage, or it may exclude certain conditions from coverage. However, if you have a Future Increase Option in your policy, you may not have to worry about these restrictions.
Last week my family and I were on vacation in Key Largo and it was the first time we spent any real amount of time fishing. Now, I am not talking all day, but in the evenings we would go out to the pier the condo had, bait up some hooks with shrimp, and then drop a line in. We would typically sit out there 2-3 hours just visiting with each other and the other owners in the complex.
After the first night and several suggestions from the other people watching our less-than-stellar success at fishing (our lines kept breaking), we were told we needed to buy nylon coated metal lead wires. My son, Braeden, was so excited the next night because we were catching tons of fish (caught and released). He did not care if he caught a 1 lb grunt fish, snapper, baby barracudas, or 2 foot black tip sharks – all were fun and exciting.
Each night this was our routine and each night a few of the same owners came down to watch the sunset (which was amazing!). As we all visited, there was one gentleman that I talked to more than the rest. He shared an interesting story.
Can you believe it? It seems like just yesterday we were watching the ball drop on New Year’s Eve and now Independence Day has already come and gone.
Being that we are half way through 2016, have you had your disability insurance policy reviewed recently?
A number of auto insurance companies will reward their customers’ safe driving behaviors by providing a premium reduction or perhaps an added benefit to their policy. Likewise with disability insurance, Ameritas has a built-in provision called the Good Health Benefit.
A rheumatologist told me this week that his AMA disability policy is a good plan because it covers a large group of physicians and the AMA used all that buying power to get the doctors a very good deal. Though he was content with the AMA plan, he asked me to take his policy certificate back to my office to review it.
I received an email this morning from the wife of a surgeon whom I spoke with years ago. She was hoping her husband had some physician disability insurance with me – some insurance they could use now because he is becoming disabled. She didn’t tell me the details of his disability, but it is too late for them anyway. I didn’t have good news for her.
July 4, 2016 represents 240 years since our great nation was born! Our history is that of farmers, explorers and ship builders that led us to now be – arguably – the economically rich and powerful country in the world.
We are excited to announce that Johns Hopkins gets a new Unisex female and male discount of 30% through our firm.
Our firm works with all of the major carriers that offer own-specialty disability insurance for physicians. Our long-term relationships with each of these carriers and underwriting departments greatly benefit our physician clients.
The Catastrophic Rider of a physician disability insurance policy is frequently misunderstood, or misrepresented. While it does provide additional benefit dollars, there are also additional restrictions one must meet in order to qualify for the added benefit.
I have a client who was recently diagnosed with cancer. This physician quit working 32 days ago and began chemotherapy. He tells me he needs his disability benefits right away because he has no income coming in at all. Fortunately, his policy has a “Good Health Benefit” which reduces the elimination period.