From the moment you land on our site, to getting educated, to ultimately placing your first disability insurance policy with us, we want to be directly involved with all questions and servicing. While you are always free to go directly to the actual insurance carrier for questions, we hope that you will find us to be even faster in response and easier to reach when you need us. So, for address changes to new EFT Bank draft forms and increased benefit amounts, CALL/EMAIL us right away! We are your team for as long as you maintain your policy. After graduation and depending upon the product that you have purchased, you will have the option either annually or every 3 years to increase your monthly income protection levels. We can guide you through this process and package the required short forms and income verification to the carrier for you. Just let us know when you are interested or reply to our annual reminders and we’ll take care of it all for you!
You are a medical professional and you’ve heard regular mention of the term “Specialty Own Occupation”…what in the world does this mean?
Ok disability insurance, Total Disability defined goes a little like this…
“If you are unable, due to accident or illness, to perform the material or substantial duties of your occupation, you are deemed to be totally disabled…so long as you are NOT GAINFULLY EMPLOYED. “
You probably noticed the BOLD ending to the definition above. This language is referred to as Modified Own Occupation total disability. If you can’t do what you were doing and you aren’t earning any income doing anything at else, the insurance company will pay the benefits every month. In most professions, including many executive based occupations like accounting or marketing, this definition can work just fine and provide appropriate protection.
However, for you as a resident or fellow who is wrapping up years of school and training and maybe even additional years learning a finite craft, the Modified Own Occupation language simply doesn’t cut it…not for a pediatrician or hospitalist and in no way for a surgeon!
So, most companies offer an “Own Occupation” rider to increase the flexibility of the definition of Total Disability. This rider removes the “gainfully employed” wording completely. This means that if you can’t perform your pre-disability duties and have a 75/80% loss of income due to the illness or accident, you will receive your full monthly benefit EVEN IF YOU ARE EARNING OTHER UNLIMITED AMOUNTS OF INCOME. Voilla, we have just protected your income as a trained physician even if you could now teach or work in any other medical field or occupation whatsoever.
Now, let’s take this one step further…what if we add this line to the policy definition for Total Disability?
“if you have limited your duties to a medical specialty we will deem that specialty to be YOUR OWN OCCUPATION.”
Now, you have included a “SPECIALTY DEFINITION” Rider to your discounted Disability Insurance policy from InsureSTAT.