FAQ

Frequently Asked Questions

You are still eligible! We recommend you use this coverage to supplement your group disability plan.

This is your only chance to have a quality disability plan while in the military.

  • Those that have been on disability claim within the last 12 months.
  • If you have ever been declined or postponed coverage by any individual carriers in the last seven years.

Coverage will begin the first of any month starting in October of your exiting year and up to 60 days to your exiting date.

You may still qualify. Please contact us to discuss your individual situation.

These policies are portable to follow you as you transition from residency into fellowship or residency into practice. Renaissance is licensed in all 50 states to assist you no matter where you go.

Disability insurance can be the key to protecting your assets if you have a car accident or a serious illness. If you have people who depend on your salary – it’s a must.

Working Men: Believe it or not a male age 35 has a 32% chance of disability.

Women: The statistics show that a female age 35 has an over 52% chance of becoming disabled for at least 90 days prior to age 65. That’s over half of all females. So that’s why Disability Insurance is so important for both men AND women.

Head of Households: if you are the major breadwinner in your family, you need Disability Insurance. For example, a 35 year old making $150,000 today will earn over $7.1 million dollars during their working career up to age 65. Should an injury or illness occur, where will money come from to help pay for ongoing mortgage, car, and ongoing expenses?

Employees with a Group Long Term Disability Plan: Most employers will offer or provide a group long term disability plan (group LTD). The typical structure is designed to pay 60% of your pre-disability income to a maximum of $10,000 or $15,000/month.

Just like your own medical practices, we don’t share your personal information with anyone. But, we do need the basics such as Name, Gender, Age, State of residence, Current medical institutions, Medical specialty and date of graduation in order to prepare the most accurate quotes from our carriers. This information will be kept confidential. A member from our team will reach out to you via phone or email to review your options and answer any questions you may have.

You are a medical Resident or Fellow 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 Renaissance Financial.

From the moment you land on our site to get educated, to ultimately placing your first disability insurance policy with us, Renaissance will be 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!

 

First of all, Disability Insurance is designed to protect your number one asset as a physician…your ability to EARN an income. But, in order to even get to your graduation date, lots of time and a HUGE amount of money has been invested in your training. So, many younger physicians enter their practices under large debt loads yet haven’t begun to grow money to repay those obligations. Additionally, should a disabling event occur before the debts are paid, most loans AREN’T forgiven as they are upon death. This catastrophic scenario leaves the physician in a dire situation if insurance benefits aren’t available to offset the risk. Based on this possibility, here are several key reasons to buy policies NOW!

  • The fixed cost of disability insurance is locked in at your purchase age and the younger you are, the lower the annual cost.
  • GME programs or special offers from insurance companies can provide a graduating resident with a discounted rate compared to other professionals at the same age.
  • Industry regulations allow for existing individual disability insurance to precede employer provided group Long Term Disability Insurance and not be capped at traditional 60% income protection caps. The resident can lock in $5000 or up to $7500/month of personal protection and then not be subject to issue and participation limits when stacking a new hospital or employer provided group plan on top. However, if the resident waits to secure the policy until after graduation, there is likely no discount available and all issued benefits will be subject to the 60% or lower issue caps.
  • We may be able to help you secure individual disability insurance without medical exams before your graduation. This is almost never available after you graduate. In some cases, we can design Guaranteed Issue programs that require no medical review whatsoever. This is critical for those with any pre-existing conditions as many are declined coverage or have significant policy exclusions upon medical review.
  • Unisex rates- Unlike Life Insurance where the cost of coverage is less for females than males, it’s the opposite for disability insurance where costs can be 50-60% higher for females! In some cases, we can secure special offers to bring the same costs to both males AND females with discounts on top.

If we’re talking about the same insurance companies, Nope…It’s impossible. While we are certainly the most experienced in helping residents and fellows with their insurance needs, the states all step in here to protect you as a consumer. All rates from all insurance carriers are filed with each state and include maximum discount structures that can be made available via one medical institution to another. Now, based on our history with the insurance companies and the level of endorsement from a hospital , we can bring additional features such as Guaranteed Issue underwriting (no medical review) and Unisex rate pricing (same for males and females) These critical features may or MAY NOT be available from any other agencies or websites.