Individual policies can be designed to include the following key elements:
- Specialty own occupation language to insure exact trained duties
- Residual/Partial benefits to protect reduced earned income in the event of an illness or injury
- Ability to increase benefits over time as income increases during a career, WITHOUT having to re-satisfy medical review or exam requirements.
- Cost of living increase features if on claim to keep pace with inflation.
- Greater Discounts can be secured in Employer Paid scenarios with 3-5> lives and with greater employer participation, policies can also be issued without medical review and with unisex pricing which lowers female costs by 40%.
Many hospital or larger practice benefit programs have historically focused on the needs of the physician and as such, the benefit amounts for the Nursing and Physician Assistant world have remained far behind where they need to be to fully insure their needs. Often, we see group Long Term Disability insurance benefit maximums of $5000-$10,000/month for these professionals who now have incomes in the $100-$200,000 annual range.
Here’s a look at what happens to $100,000 of income and a $5000/month Group Benefit Maximum:
Typically, the group plan will insure 60% of gross earned income and in this case the monthly benefit maximum is $5000. While 60% yields $60,000 annually or $5000/month GROSS, the net benefit becomes more like $3000. This leave the insured with a $2000/month NET income LOSS. It is this monthly loss that InsureSTAT will find a solition for…an even greater scenario is the PA who earns $200,000 but has a $5000/month gross maximum…this professional is now close to $8000/month UNDERINSURED!
InsureSTAT works with the Nurse Practitioner, Nurse Anesthetist, or Physician Assistant to evaluate current income, current employer provided group Long Term Disability and their personal financial goals to determine how much additional individual disability insurance is necessary or appropriate.
From the evaluation period which requires no consultative fee or written obligation, InsureSTAT prepares the application, orders any required exam, and processes all information needed by the insurance company to allow underwriters from the insurance companies to approve and issue new policies. Here’s what InsureSTAT needs from you today!
- Visit InsureSTAT.com/nurses-di
- Take 2 minutes to complete our free quote request form
- Sit back and wait for our team to prepare your options
- Provide STAT team members with necessary income and health history to best customize your plans
- Apply to the identified insurance company
- Protect you income and feel Secured For Life!