Guaranteed Standard Issue Disability Insurance
You Have Invested Heavily in Yourself, it is Time to Protect Your Future Income
You have invested a lot of time and resources in yourself in preparation for a successful career practicing medicine. Now that you are close to graduating, it is very important to adequately protect your future income.
Portable Individual Disability Insurance for Your Career
Finity Group is proud to offer Guaranteed Standard Issue Disability Insurance options for residents, fellows, and recent graduates of Emory University School of Medicine through Ameritas Life Insurance Corp.
Available to Emory residents and fellows. During your final year of training and up to 60 days past leaving the residency or fellowship program, you can also qualify for higher benefit amounts.
The advantages of this program include:
• Disability insurance coverage up to $10,000 (can be combined with Future Increase Option Rider) per month without medical underwriting
• Own Occupation Specialty definition of disability
• Discounted unisex rates and level premiums that are guaranteed for the life of your policy
• Emory residency discount of 20%
|Noncancelable and Guaranteed Renewable||Ameritas Life Insurance Corp. cannot cancel the policy, change any provision, or increase your premium as long as the premiums are paid on time.|
|Definition of Total Disability||Inability to perform the substantial and material duties of your own occupation (includes built-in specialty own occupation language for physicians), regardless if you choose to work in another occupation.|
|Enhanced Residual Disability Rider||Requires a 15% loss of earnings and a loss of time or duties. Also includes a built-in recovery benefit that is payable up to the maximum benefit period.|
|Future Increase Option (FIO)||Allows monthly benefit increases up to $10,000 subject to income verification only (no health screening).|
|Cost of Living Adjustment Rider (COLA)||After one year on disability claim, benefits increase each year by an additional 3% of the base monthly benefit.|
|Catastrophic Disability Rider (CAT)||Provides an additional monthly disability benefit due to the inability to perform two or more of the six Activities of Daily Living without assistance.|
|Elimination / Waiting Period||90 or 180 days – period of time you must be totally disabled before monthly benefits will start paying.|
|To age 65|
Four Plans for Residents & Fellows in Final Year of Training:
$2,500 Base Monthly Benefit + $7,500 Future Increase Option (FIO)
$5,000 Base Monthly Benefit + $5,000 Future Increase Option (FIO)
$7,500 Base Monthly Benefit + $2,500 Future Increase Option (FIO)
$10,000 Monthly Benefit with an employment contract and benefits, if income allows for this
Two Plans for Residents & Fellows in all other years of training (Starter Policy):
$1,500 Base Monthly Benefit + $4,500 Future Increase Option (FIO)
$3,000 Base Monthly Benefit + $3,000 Future Increase Option (FIO)
Example of Medical Occupations include:
6M Occupations: Dermatology, Family Medicine, Gastroenterology, Hematology/Oncology, Internal Medicine, Nephrology, Neurology, Ophthalmology, Pathology, Pediatrics, Psychiatry, and Radiology
5M Occupations: Cardiology, Neurosurgery, Obstetrics and Gynecology, Orthopedic Surgery, Otolaryngology, PM&R, Urology, and Vascular Surgery
4M Occupations: Anesthesiology, Emergency Medicine, and other Surgical Specialties not listed above
Frequently Asked Questions:
Why do I need individual disability insurance?
o Your ability to work and earn an income is one of your most valuable assets, and your ability to protect this income is very important to developing any solid financial plan.
Doesn’t my employer provide disability insurance?
o Not necessarily. Not all employers provide disability insurance and if it is available, employer-provided insurance often has significant downsides (taxable benefit, not portable, does not provide own occupation coverage, no claims for partial disabilities, among other features).
What are the advantages to signing up for a policy as a resident?
o While this benefit will allow you to lock in a smaller benefit that will protect your resident/fellow income, you also will have the ability through the future increase option rider to increase your benefits with no medical health screening/underwriting.
How long will my benefits under this policy last?
o If you are totally disabled, your benefits can last for a maximum to age 65.
What is medical underwriting?
o Medical underwriting is required to obtain nearly all individual disability insurance coverage. Insurance companies can go back 5-10 years on minor health issues, and can even request medical records for medical issues going back an entire lifetime to see if they should reject a potential applicant, increase premiums, and add exclusions to the policy for pre-existing conditions. With the Emory GSI disability policy, you are able to avoid all health underwriting.
What would the disability benefits cover?
o The income protection plan from this GSI disability insurance policy helps replace income lost during a period when you are too sick or injured to work. You can use the monthly benefits just as you would your paycheck.
o While most people think of disabilities caused by accidents/injuries, this only accounts for 10% of long-term disabilities. 90% of long-term disabilities are from illnesses/diseases that are unexpected, such as cancer, joint and spine disorders, digestive disorders, or multiple sclerosis.
What if I would like to secure additional coverage in the future?
o With your GSI policy, you will have the ability to increase your monthly benefits with no medical screening. As your income increases over time, the policy will allow you to continue to increase your coverage to reflect these changes (up to $10,000 monthly maximum).
What additional benefits does signing up through the Emory/GSI Disability Insurance offer afford?
o The Emory/GSI disability insurance policy offers a 20% discounted rate, along with unisex rates. For females these unisex discounted rates can account for 40% to 50% in premium savings compared to a gender-specific, non-discounted individual policy.
Can I contact the Finity Group to receive quotes on an individual policy outside of the GSI program?
o Absolutely, we are an independent firm and represent all the disability insurance companies that offer own-occupation disability insurance for physicians. Please contact us and we can set up a time to discuss other options on an individual basis.
Michael Okinaka, CFP®