The Non-disabling Feature of a Disability Insurance Policy
A basic Ameritas disability insurance plan provides many important built-in features at no additional cost to you. One of my favorite, and I believe under-discussed, is the nondisabling injury feature. I don’t believe many – if any – DI carriers have a comparable feature. A noteworthy aspect of a nondisabling injury feature is that it […]
Which carrier should you apply with?
Sometimes cost and benefit product design are not the only contributing factors when deciding which carrier to apply with. Disability and life insurance carriers each have their own set of underwriting guidelines. Therefore, some are more favorable on certain criteria than another carrier might be. For example, a carrier might be more lenient on an […]
Is laddering term life coverage something you should consider?
I came upon this insurance concept recently and it really intrigued me. The idea is to stack multiple, smaller term life policies that have various term periods which expire at different times. Benefits of laddering term coverage As you reduce your debt and build your wealth, your need for coverage may diminish over time. Laddering […]
Three options for when you reach the end of your term life policy
policy. When you buy term insurance, you purchase a defined amount of coverage for a premium that is guaranteed not to change for a fixed term period of time. Should you keep that 10, 20, or 30- year term policy in-force past its fixed term period your normal premium rates will increase pretty dramatically (usually […]
Perks in your disability contract – even if you don’t have a disability
that client just received a check for $2,840 – about 2x their annual premium – and he did not even have a disability. Ameritas has a feature in their disability contract that I think a lot of policyholders tend to forget about. The feature is the “Treatment of Non-Disabling Injuries”. Under this provision you do […]
How We Saved 30% Because of Our Long-Term Relationship With a Carrier
Recently, I was assigned a new life insurance case to be placed with Lincoln National. Like usual, I applied for the LifeElements product without knowing there had been a new product released to the market a week earlier, TermAccel. Lincoln’s TermAccel product is geared towards giving younger (up to age 60) clients the coverage they […]
New Life Insurance Discount Options!
We all look for a deal, but, unfortunately, there are not many ‘deals’ in the life insurance business. I’m please to write that there is now a glimmer of hope. A few carriers allow what is called Same Payer Discounts. This means that if we have a single person, spouses, or even business partners who […]
What Can I Expect from a Paramedical Examination?
A Paramedical Examination is required as a routine part of an Own-Occupation Physician Disability or Life Insurance application. The results from the exam are an important component of your personal policy. Here’s what to expect, and a few tips to keep in mind. An examiner will contact you to either schedule or confirm a date/time […]
The Difference Between Short-Term and Long-Term Disability Insurance
Both short-term and long-term physician disability insurance are designed to provide income replacement to you in the event you are not able to work due to injury or sickness. The difference between these two types of policies is the amount of time they are designed to sustain your income. But when, exactly, would your disability […]
Exclusion Riders—Not Always Too Exclusive
Occasionally I take an application from a doctor who has a history of an injury, disease, or other disorder that has a higher than normal risk of causing future problems. Rather than decline the application, often insurance underwriters will agree to issue a regular policy that covers everything except that problem. This allows the applicant […]
Don’t Forget About Business Overhead Expense Insurance!
When a physician who owns his or her own practice comes to one of our agents, the breadth of coverage to consider is often not understood. Being able to keep your business doors open and your operation running at full capacity while you are disabled shouldn’t be overlooked or disregarded so easily. There is coverage […]
Exclusion Rider to the Rescue
I recently had a high-income radiologist apply for disability income insurance. He told me up front that he would not take the policy if it came with an exclusion for one of his fingers. Two years earlier, he hurt the finger while playing soccer. He had to have a ligament repaired, but now the finger […]