WELCOME, WAKE FOREST

Disability Income Protection for
All House Officers & Fellows

Start Your Quote

WELCOME, WAKE FOREST

Disability Income Protection for All House Officers & Fellows

Disability Insurance Quote

Wake Forest Baptist Medical Center Logo

Welcome to Mensh Insurance, your hospital endorsed provider of Disability Income protection for all Wake Forest House Officers and Fellows. Mensh Insurance is the leading independent disability specialist in the region. Our agency takes care of all aspects of your Disability Insurance while training at Wake Forest including your hospital paid Group Long Term Disability plan and the only Guaranteed Issue1 individual policy program available. This unique guaranteed issue1 program lets applicants avoid a full medical review for approval. Approval is based solely on the eligibility requirements below. We also bring discounts from the other recognized major carriers such as Principal, The Standard, Ameritas, Berkshire/Guardian and Lloyd’s of London.

Guardian, Ameritas, Principal, Ohio National, The Standard

Hospital Provided Group Disability Plan

All residents and fellows are insured by a group Long Term Disability Insurance plan via The Standard Insurance Company. Benefits cover 66 2/3% of salary to a maximum of $3,000/month, with benefits payable to age 65. It’s not until you reach an annual income of $54,000 that you would exceed the maximum of $3,000 in monthly benefit. For those earning in excess of $54,000, many will secure individual supplemental policies to insure the difference.

Medical Students

2019 Graduating Residents/Fellows

Simply email danny@menshinsurance.com or complete the Quote Request Form to get started immediately. We only need your name, medical specialty, date of anticipated graduation and male/female status…Nothing more to do on your end to get started!

For eligible graduating residents and fellows, the guaranteed issue1 plan from Ohio National allows up to $5,000/month for graduating residents and fellows and is available beginning January 1, 2019 for June 30(or later) 2019 graduates. Plans can be designed with a fixed level cost for the $5000 or on a Graded/Annual Renewable basis to start far lower for the first few years to help with initial cost before locking in to a level fixed cost in year 3+.

Discounts from Principal, Guardian, Berkshire/Guardian, Standard, Ameritas can also be compared and secured via medical review. Additionally, if you have a signed employment contract we can secure up to $15,000/month based on that before graduation!

This plan can be increased to $15,000/month after graduation. If you have a signed employment contract before graduation, we CAN USE THIS to secure up to $15,000/month of benefit before you finish your training to lock in the single higher benefit right away

This is one of the most critical pieces of all insurance discussion for residents and fellows: When an employer pays the premiums for any disability insurance on your behalf and you do not pay tax on the premium amount, all benefits would become taxable as ordinary income to you if you go on claim. So, for example, if you are a Wake Forest faculty physician and are eligible for the maximum of $20,000/month of group disability insurance benefit, you would end up with closer to $12,000/month NET after taxes. So, we SUPPLEMENT the tax loss by helping you secure an Individual policy for the $8000 you lost in tax. This would be tax free because you pay the premiums with after tax dollars.

The definition of Total disability can vary. The basic language says that if you cant perform your regular duties at the time of a disability, you are deemed disabled and eligible for benefit as long as you are not earning any other income. When we add an OWN OCCUPATION rider, the benefits are designed to pay EVEN IF you can do other things and earn other income as long as you cant perform your original duties.
“Specialty Own Occupation” adds another sentence to the contract to define your regular duties as your medical specialty which recognizes that you may have specific tasks inherent to that medical specialty that differ from other specialties. If you can’t perform exactly those tasks, you are deemed totally disabled. This is typically critical for all surgeons or anyone with invasive or interventional medical training.

All Guaranteed Issue program policies as well as ALL medically underwritten policies proposed by Mensh Insurance DO CONTAIN OWN OCCUPATION LANGUAGE.

3 BIG reasons…1. No GUARANTEED ISSUE offer once you finish at Wake Forest. So, if there are ANY health issues, you face declination and not getting coverage issued at all if you wait. 2. You lose access to all carrier discounts and the UNISEX rates for all females! 3. The insurance industry rules allow you to secure Individual protection and stack an unlimited amount of new Employer Provided Group coverage (typically without own occupation language etc) on top. However, if you wait and try to add individual policies on top of new group coverage, you will be limited to income and benefit maximums.

You sure do, it’s yours and totally portable with all discounts in effect to age 67.

The Guaranteed Issue plan includes a 15% multi life discount for all applicants and for females accessing the UNISEX rates, it lowers your cost by nearly 40% more! All available carriers include a range of 5-30% discount depending on company.

All plans proposed by Mensh Insurance including the Guaranteed Issue plans include Residual/Partial, Cost of Living increase, Non cancelable and Guaranteed Renewable, Own Occupation Riders. All plans provide access to future increase options that won’t require medical review. All plans CAN add Catastrophic benefit riders to pay additional monthly amounts for long term care related benefits.

You can always fix and guarantee the cost and pay annually, semi-annually, quarterly, or monthly. A NEW FEATURE unique to The New Guaranteed Issue program offers a way to lock in the full $5000/month of benefit at your age today but with a way to pay far lower for the first 3 policy years. While the cost will slowly increase during policy years 2 and 3, the cost is far lower than the original fixed/level cost which is possibly ideal for the resident who enters fellowship and wont quite jump to the higher income level yet. OR for a graduating resident who will become a partner in year 3 or 4. Starting in policy year 4, you can fix the cost from that point forward for only a slight increase over what the original fixed cost would have been in year one. Remember, you enjoyed the major savings in the first few years so the increase at higher income is less of a burden.

A few of our available insurance carriers can offer an additional rider to the base disability insurance policy that would provide an additional benefit to pay loan payments if disabled. Additionally, we have a unique program via Lloyds of London that allows you too secure lump sums paid directly to you versus the bank to help pay loans or use for any particular need.

Of course! We offer Term Life Insurance to provide fixed cost and level benefit amounts for 10, 15, 20, 25, 30 years and can help you or a spouse with this process. We also provide Whole, Universal and Index Universal Life for those who seek permanent coverage and cash accumulation options.

**Critical Information Regarding Eligibility if You are Graduating**
We understand and value your independence and freedom to work with any agency to secure valuable disability insurance. However, please note that should you apply with any insurance company and have medical conditions that could exclude you from protection, you could become immediately ineligible for our guaranteed issue1 program that Wake Forest has procured on your behalf. We strongly urge you to talk to us before applying anywhere else and risking ineligibility. We provide access to all carriers and all discounts are the same from all agencies. We will go above and beyond by protecting not only your income but your insurability under all circumstances.

Non Graduating Residents

The hospital provides your Group Disability plan while in training and it is designed to replace 66 2/3% of your income up to a monthly maximum of $3000. Yo u Do Not Have to do anything at all to be insured by this plan.
Keep in mind that if you are on claim receiving benefits that amount will be taxed as ordinary income. We suggest that all residents consider securing an individual policy without medical review and this will pay $2,500/month tax free. This will help replace what you lose in tax from the Group plan benefit and allow you to lock in the first $2,500/month of your individual protection at a younger age. As a resident, you will pay this cost but it will be fixed and is portable for your whole career.

Ohio National allows you to secure $2500/month of individual protection without full medical review and with UNISEX rates while in training but not in your final year. These plans include specialty own occupation and residual benefits. We also build in $7500/month of Guaranteed Increase Option benefits that allow you to avoid medical review for more benefit. Only income verification is required to complete the benefit increase. Once within 6 months of graduation, we can bump you up to the $5000/month plan without medical review by adding a second $2500/month at your older age. By increasing to the full $5000 by graduation, you can end up with a total of $5000/month and $10,000/month of Guaranteed Increase benefit options…this gives you $15,000/month of total discounted specialty own occupation protection available during your career. By locking in $2500/month now, you have one amount at a lower price (younger age) and the balance at the graduation age. For those with young families or health issues, many will seek to secure this intro level policy. We just need the Quote Request Form completed or email danny@menshinsurance.com review cost options.

A few of our available insurance carriers can offer an additional rider to the base disability insurance policy that would provide an additional benefit to pay loan payments if disabled. Additionally, we have a unique program via Lloyds of London that allows you too secure lump sums paid directly to you versus the bank to help pay loans or use for any particular need.

Of course! We offer Term Life Insurance to provide fixed cost and level benefit amounts for 10, 15, 20, 25, 30 years and can help you or a spouse with this process. We also provide Whole, Universal and Index Universal Life for those who seek permanent coverage and cash accumulation options.

Interested in Term Life Insurance?

Term Life Insurance Quote

Learn More About Individual Disability Insurance (PDFs)

Help protect your income. stay within budgetFilling the group LTD gapOwn occupation for physiciansProtect your incomeHow long can you afford to go without a paycheck

Guaranteed Issue Eligibility Requirements

  • You must be an active Housestaff officer or Fellow at Wake Forest Baptist Medical Center
  • You must have been actively at work 30 hours/week or more for the last 180 days
  • You can’t ever have applied elsewhere and been DECLINED for DISABILITY INSURANCE by another insurance company

[1] Approval is based solely on the eligibility requirements

Don't forget to request your quote

Physician Disability Insurance Quote

Interested in Term Life Insurance?

Term Life Insurance Quote