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DISABILITY INSURANCE: GROUP LONG TERM
Small physician practices where coverage is required for 2 to 9
lives, can obtain group Long Term Disability (LTD) contracts offering long term
"own occupation" definitions of total disability with up to $10,000 per month of
income protection. Availability of the coverage is dependant on specialty and
average age of physician group.
Larger practices where coverage is required for 10 or more, can
obtain as much as $15,000 per month of coverage. Long term specialty-specific
definitions of disability are available and mixed specialty practices can obtain
more competitively priced coverage. The type of coverage provided is driven
by physician specialty because certain insurance carriers decline to cover
invasive specialties.
Coverage is usually limited to basic monthly earnings and may
not protect performance based income or outside practice income of employed
physicians. Typically it replaces between 50% to 60% of income up to a pre-set
maximum monthly benefit. The level of maximum monthly benefit may be inadequate
for some physicians because it may not insure all of the physician's basic monthly
income. For example, policies offering:
Group and individual polices are also being combined by select
carriers on a guaranteed issue basis to:
You can choose from a variety of policy design features to tailor
a policy to help meet the income protection needs of your employees. Additional
levels of protection for infectious and contagious conditions are also available.
And with InsMed, you'll also discover how our onsite enrollment and
management capabilities can make managing benefits easier.
Benefit limitations may apply including those pertaining to envirnomental and self reported disabilities.
To receive a quote, please complete our online form, or for more
information send us an e-mail, or call
our office at 800-214-7039.
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