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 […]
Female Residents: Unisex Rates are Ending Soon!
It’s official: Mass Mutual is leaving the unisex rate business for residents effective August 24, 2019. Blended rates can save approximately $70/month if you are in your 30s and up to $200 a month if you are in your 40s. These discounts can save you over $75,000 through your practice years. Here are important dates […]
Coverage without lab work?
If you are in the market for physician disability insurance, you need to be aware of Principal’s just-released, new guidelines. Do you meet the following three criteria? If so, then you can buy up to your max benefit based on financial qualification without any lab work! How easy is that process? Contact us today and […]
Attention business owners– this blog is for you!
Have you ever given any thought to what may happen to your business if you were to suddenly become disabled? You’ve invested too much of your blood, sweat, and tears into your company to let it falter because of an unexpected illness or disability. This is why it is a good idea for you to […]
Future Increase Option Rider Explained
The Future Increase Option Rider is a favorite for medical residents and fellows who are just beginning their training. It allows them to purchase a smaller, cheaper policy with the option to increase their disability benefit as their income begins to increase. This means that after they are finished with training, they’ll be able to […]
Principal Disability: Easier Underwriting for Graduating Medical Residents
Principal is currently offering a new medical resident program that is designed exclusively for residents who need their individual disability to keep up with their growing income once they begin work or sign an employment contract. This program allows you to apply for a higher benefit amount with no lab requirements. This opportunity is for […]
What happens when you lose your income due to a disabling event?
Protecting your income is an important part of maintaining your financial security. If you think about it, we protect our homes and cars with insurance. Why not protect our income as well? Think about what your income is used for. Not only do we use our income to pay for day-to-day needs, we use our […]