Updated COVID Guidelines: 4 Reasons your Insurance Application may be delayed
We have many inquiries from clients about the protocol now in a post-COVID environment. Due to the influx of questions, we wanted to communicate a list of steps to help you identify what may be required of you before proceeding with an application; if you have been exposed or could have been. Insurance carriers will […]
Is the Guardian definition of disability the Best Physician Contract due to the 50% rule?
First, let’s start with what their Choice contract states: Total Disability Definition: Enhanced True Own Occupation – You will be totally disabled if, solely due to injury or sickness, you are unable to perform the material and substantial duties of your occupation. As long as you are totally disabled, benefits will not be reduced even […]
Revised Underwriting Guidelines for Exams and Labs Due to COVID-19
COVID-19 causing changes to Principal’s underwriting guidelines for exams and labs, as well as needed tax information. Effective immediately, the individual disability insurance (IDI) underwriting department at Principal® is changing underwriting guidelines for exams and labs. These changes will be effective through May 31 and will be revisited regularly as the pandemic news unfolds. Labs […]
Life Insurance Carriers Starting to Adjust Their Policy Deliveries
We were notified this week that some carriers are going to start including the following language in the delivery requirements (to be signed upon receipt of a new policy) which will preclude many hospital workers from obtaining a policy: “I have not exhibited signs of respiratory distress, fever, been self isolating under medical advice or […]
Pruco Life Temporarily Pulling Their 30-Year Term
Pruco Life (also known as Prudential) officially announced that as of April 13th 2020, they are temporarily pulling their 30-year term and single pay GUL products from the market. This is due to the low interest rate environment and the fear that they cannot find the investment yield they need to support that product over […]
Small Business Interruption Loans under the CARES Act
The Small Business Interruption Loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) begins this week. Learn the details below. What is this Program? Under the Senate bill (which the House has passed but has not been signed into law as of the original posting of this document on 3/27/20), the federal […]
A Temporary End to the 30-Year Term
We have just been notified by one of the life insurance companies selling 30-year term policies that due to the ultra-low interest rate environment, as well as the current uncertainty about the future of interest rates, they intend to temporarily cease offering the 30-year term option starting mid-April. When that information becomes public, we will […]
A New Maximum Issue Limit Program
With all that is going on with COVID-19 here in the first quarter of 2020, Principal just released an encouraging notice regarding their maximum issue limit. They state: Securing a proper level of income protection for highly compensated clients can be a challenge. A standard $20,000 maximum issue limit could leave a physician searching for […]
COVID-19 and Insurance Underwriting
With the COVID-19 running through our country and across the world, here are six things that you need to consider when purchasing new coverage. 1. Lab Requirements Do you want to submit labs for the insurance company or do you want to buy a policy that is free of lab requirements? 2. Processing Delays For […]
Is COVID-19 a disability claim?
Claims departments of larger disability insurance companies have reported a few key factors to be aware of that we thought we would share. When we look at disabilities, we consider the insured’s restrictions and limitations that are preventing them from working. If they have the coronavirus and are restricted from working because they could cause […]
Why is life insurance important for you now?
Many hold off on purchasing a life insurance policy because they don’t understand when or why they might need it. What exactly is life insurance? Life insurance is a contract in which the insured pays a premium to the insurance company in return for a sum of money to be paid to them after a […]
Why Updating Your Contact Info is So Important
Moving? Don’t forget to update your agent and carrier with your most up to date contact information. Why is this important? Both your insurance carrier and us at MD Financial Services will send out important communication, including policy changes/updates, future increase opportunities, possible discounts, premium notice reminders, and lapse notifications. These are all items you […]