InsureSTAT has become the leading website based Physician Disability Insurance agency to provide Individual Disability Insurance solutions to Graduate Medical Education programs nationally, leading with WakeMed and UNC Medical System. With over 40 years in the medical market plus nationally recognized digital marketing and strategy systems, InsureSTAT is positioned to design and customize all facets of a hospital’s income replacement benefit platform to include individual and group offerings.
InsureSTAT has helped resident physicians and fellows nationally by making sure they have secured as much individual disability insurance before graduating as possible. Here are several reasons as to why this is critical:
- Physician Disability insurance is never less expensive than buying it today…the individual locks in their insurance age pricing and with non-cancelable and guaranteed renewable policies, the cost is fixed to age 65/67.
- Policies are often discounted 10-15% via the GME programs, and in some cases, as much as 50% when Unisex pricing is available to females. (more explanation on this is found below)
- The industry allows unlimited employer funded group LTD (Long Term Disability) benefits to be added on top of pre-existing individual plans without limiting the total percentage of income replaced. When done in the reverse order, group LTD and THEN individual protection, the insured is always capped at 50-60% combined replacement. By securing GME Disability insurance the graduating resident/fellow avoids these limitations.
- Access to future pools of benefit beyond the initial graduating amount, all without medical review, and in most cases, all discounted over time.
All major insurance carriers are represented such as The Standard, Ohio National, Guardian, Principal, and Ameritas. These carrier products can be offered to GME programs who choose to partner with InsureSTAT to offer maximum discounts and access, per institutional approval, to Guaranteed Standard Issue (GSI) underwriting. GSI allows physicians to secure individually owned policies with all desired features WITHOUT medical review, exams, or any financial requirements. The biggest hurdle for any individual who seeks their own disability income replacement policy is the medical review or underwriting process that can lead to modifications or reduction in benefits offered or even declinations leaving the applicant uninsured completely.
InsureSTAT is uniquely positioned based on experience in helping major medical centers and their GME programs to bring highly sought Guaranteed Issue designs to residents and fellows. After a thorough and detailed examination of program circumstances, such as HR support, numbers of graduating residents annually, and access to educational forums within the institution, formal GSI offers can be made to the program via InsureSTAT. Not all GME programs are ideal candidates for insurance carriers to offer such extreme discounts etc so it’s strongly recommended to contact InsureSTAT to discuss any possible GME interest.
Typically, these policies allow for up to $5000/month in benefit before graduation with access to up to $15,000/month via financial qualification only after graduation…all without medical review and WITH UNISEX rates. As we know, individual disability insurance typically bases pricing on morbidity risk vs life insurance’s mortality risk. As such, disability insurance can be 40-50% more expensive for females without UNISEX pricing to level the costs for all.
InsureSTAT is prepared to offer direct access to our quoting systems for individual traditional disability insurance; a proprietary disability insurance product backed by Lloyd’s of London to help pay Student Loans in the event of disability; and immediate Term Life Insurance solutions. InsureSTAT maintains total independence to offer the best available products to all residents and fellows.
Student Loan Protection is Disability Insurance that can offer up to $200,000 paid in lump sum amounts directly to the insured in the event of a disabling injury or illness in 4 equal installments during a 24-month period, every 6 months if continually disabled. Policies have level fixed premiums for 5 years and are mutually renewed at that time should the insured decide to continue to the policy. Own Occupation and Residual riders are also part of the contract definitions so as to protect the physician in a similar manner to the traditional disability insurance policy they are securing or have already purchased. Additionally, if an individual disability insurance policy has been secured via any major insurance carrier in the previous 12 months, OR, is in the process if securing a policy from InsureSTAT now, THERE ARE NO MEDICAL QUESTIONS OR EXAMS REQUIRED. Our unique Quoting engine provides immediate cost options and the ability to buy the policy…right away!
In the event of interest from the GME program in offering a more comprehensive Guaranteed Issue benefit option, InsureSTAT partners with local disability insurance specialists to provide onsite education and assistance for interested residents and fellows. Through this unique partnership strategy, InsureSTAT is best able to provide the combination of our “one-of-a-kind” website technology, access to maximum insurance company discounts and independent approach, and the possibility of Guaranteed Issue Underwriting. Without the experience and industry success most local or regional insurance agents are limited in what they can even offer these physicians. By partnering with InsureSTAT, independent disability or life insurance specialists who may have current relationships with their local and regional teaching hospital now have the ability to increase their own array of product availability without actually having to pay for the technology and experience. All GME partnerships are evaluated separately and agreement options are available depending upon the scope of service that is required of InsureSTAT.
InsureSTAT is actively seeking new direct GME relationships and welcomes any discussion concerning partnership opportunities to offer the best solutions to all residents and fellows for any disability insurance need. From basic education via email correspondence and website videos, to custom quoting for Individual Disability, Student Loan Protection, and Term Life Insurance, InsureSTAT is prepared to help today!