Pre-existing conditions can be excluded from the policy if you have received medical treatment prior to applying for disability insurance. Exclusions can be issued on either a temporary (also known as Qualified Conditional Rider) or permanent basis. In some instances, exclusions can be removed from the policy at the policy anniversary date.
If you pay the premium with after-tax income (net income), the monthly benefit will not be taxed. If you choose to deduct your premiums, the monthly benefit will be taxed during a period of disability. Also, if your employer pays the premium for you, the monthly benefit will be taxed.
An elimination period is a period beginning when a member becomes eligible to receive payments and ending when payments start to be paid. Also known as Deductible Period or Waiting Period.
You need enough coverage to provide you with sufficient income to live on until you are able to return to work or receive other financial resources (retirement, social security, etc.). The benefits you purchase through a Disability policy is quoted as monthly income that you receive if disabled. Consider your monthly income after taxes, now[…]
In order to receive preferred rates, you must be in excellent overall health and lead a healthy lifestyle. Each Insurance company determines limits on weight to height, cholesterol, blood pressure, and other medical status. Family health history is also a factor used in qualifying for low preferred rates. Factors like Tobacco Use, Alcohol or Drug abuse,[…]
Everyone needs some kind of coverage, which will replace most of their Income in case they cannot work due to disability. When people without Disability Insurance become disabled, Income stops or is reduced, and savings are drained. Some exceptions are those with high levels of investment income, students, or individuals whose spouse continues to provide[…]
The type of disability contract: A “non-cancelable” disability contract guarantees that a company cannot cancel a policy or change the rates, as long as you continue to pay the premiums on time. A “guaranteed renewable” disability policy guarantees that the terms of your policy can’t be changed, however premiums may be changed after a certain period[…]
It is important for physicians to consider the value in obtaining “own occupation” disability insurance coverage that protects the ability to work in their chosen medical specialty. Most own occupation disability insurance policies define a disability as the inability to work in your regular occupation due to an injury or illness.
Disability benefits help protect and replace income if you become disabled. It provides benefits that replace a major portion of your salary if you’re out of work due to a qualified illness or injury. You can use the benefits to help pay for housing or any of your usual expenses — things you might have[…]
We are an “Independent” Insurance Agency specialized in the Medical Market serving Residents, Fellows, Attending Physicians and Private Practices. We are licensed in most states and represent multiple Insurance Carriers. We pride ourselves in providing the best Customer Service possible, while providing our clients with appropriate products and services.