FAQs (15)

Who are we?

We are a nationally licensed “independent” insurance firm who has specialized in the Medical Market for over 26 years.  We represent multiple insurance carriers and are not influenced by company politics or shareholders.  Our dedication to providing our clients with the most excellent customer service and the best protection available has given us an outstanding reputation in the industry.

Why use our services and what are the benefits?

  • Convenience – We understand that your free time is priceless and extremely limited. We shop all the top carriers so you don’t have too.
  • Experience –  Our 26 years of representing thousands of physicians speak for itself.
  • Knowledge – We understand all the legal nuances found in these highly technical contracts making sure you are presented a fair and true comparison.  Thus allowing you to make an informed purchase vs. being sold the wrong policy.
  • Customer Satisfaction – is our priority. We are available for phone or video conference upon request.

Are there additional fees/cost for working with us?

There are no additional cost to engage our services. Premiums paid to the insurance company are your only cost.

When is the best time to purchase disability insurance?

The optimal time is when you are young and healthy.  Price is determined by your age and health.  Once purchased the rate for what was purchased is locked in forever.

How much benefit should I have?

Your coverage amount should enable you to at least maintain your current lifestyle until normal retirement age.

What is the maximum benefit I can have?

  •  As a resident coverage varies from $1000- $6000 per month
  • As an established physician, the amount of income protection is determined by your most recent tax return or current year to date paystub.

What type of rider options should I consider having added to my protection?

All companies have different riders; here is a list of the most common options we recommend:

  • Own Occupation Specialty Protection
  • Residual disability provision
  • Inflation Protection
  • Future Increase Option/Future Insurability Option

I already have a group disability policy do I also need and individual disability policy?

Group protection is no substitute for Professionally Designed Individual Protection. If you have a group policy, you need to consider purchasing an individual disability policy.

What is the difference between an individual policy and a group policy/association protection?

Group Policies

  • Group policies do not offer True Own Occupation Protection.  If disabled and get a new job the new income will lower or eliminate your benefit from the group policy.
  • Group policies limit mental, nervous, stress, etc. disorder claims to a 2 year payout.
  • Group policies are not portable so you cannot take them with you when you change jobs.
  • Definitions or group contracts are not as liberal as professionally designed Individual Disability Income Protection.
  • Benefits of group policies are taxable when your employer pays the premiums
  • Benefits of Group policies are offset by any Social Security and workman compensation benefit you receive.
  • Benefits are based on a percentage of salaried income. (Bonus’ and Commissions are typically not covered)
  • No rate guarantees
  • Partial disability might not be covered
  • Policy can be changed or canceled by the insurance company or your employer at any time

Individual Disability Insurance

  • Professionally Designed Plans will properly protect you in your Medical Specialty /true own occupation protection
  • You own the policy and can take with you wherever you work
  • More liberal definitions within the policy =  more money at claim time
  • you receive benefits tax free when you pay the premiums
  • Higher monthly benefits
  • Benefits can increase with inflation
  • Rate guarantees to age 65

How do I choose the right company for me?

We will guide you through this very difficult process.  Simply put though, the key elements are strong contractual provisions, company financial ratings and their ability to pay your benefits when you need it the most.

Who rates insurance companies and how are the ratings decided?

There are five major rating services: A.M Best (specifically for insurance), Fitch, Moody’s, Standard & Poor’s and Weiss. Each service has its own criteria for judging insurance companies.

Where do I find the insurance company rating information?

Part of our due diligence is to provide this vital information to you.  It can also be found under our company ratings page.

What is the application process?

  • After reviewing and discussing the information provided  we will assist you in choosing the policy which best fits your situation.
  • We will then complete the application with you making the process as easy as possible.
  • We will then order your medical exam (there is no cost to you).  They will come to a location that is not only convenient with your schedule but at a location of your choosing.
  • You will then be contacted by a representative of the insurance company to confirm your answers given on the application and exam.
  • Upon approval of your application we will either mail your policy to you or schedule a convenient time to personally deliver it.  Either way it will be reviewed and discussed in its entirety.

How long does underwriting usually take?

The process can take from three weeks to two months.   The underwriters spend much of the time collecting additional information (medical records, tax returns, etc.) that they need in order to make a decision.

What if I have existing medical condition, can I still get coverage?

That depends on what the condition is and how serious it is. It is always best to let us know about the condition upfront so we can advise you accordingly.  However if a condition is disliked by the company they typically respond in the following ways:

  • Charge a higher premium
  • Exclude the condition from your contract
  • Both of the above, or
  • Decline to provide any coverage

If any of the above does occur then your specialist will discuss the situation to see if there are other options or if this would be a typical response from all companies.