McGaw Medical Center of Northwestern University
Guaranteed Issue Disability Insurance
About the Offering
The McGaw Individual Disability insurance program guarantees its residents and fellows the right to secure permanent and portable income and loan payment protection during and after their training program. For more information about the group disability insurance policy you automatically receive from McGaw, please click here.
Supplemental Coverage During Training & Portable Coverage for Graduates
Supplemental Coverage During Training
& Portable Coverage for Graduates
From the beginning of their training program until nine months prior to graduation, residents and fellows can obtain a policy that would increase the amount of income they would receive during an unexpected accident or illness.
This policy is made available without regard to current or pre-existing medical conditions and will include permanent rate discounts.
Terms of Coverage
- $2,500 or $5,000/month tax free benefit
- Provided after 90 days of total or partial disability
- Benefits provided until Age 67 or until insured no longer satisfies definitions of disability
- Specialty-Specific Definition of Total Disability
- Includes protection for long-term partial income loss claims
- Gender Specific Rates that cannot be increased as long as the insured remits premiums on time
- Cost of living benefit rider (COLA) – 3%
- Benefit Increase Rider (BIR) – Ability to increase the monthly benefit every 3 years to as much as $15,000/month
- Student Loan Rider (Optional)
- Catastrophic Rider (Optional)
- 15% permanent rate discount
Guaranteed Portable
Coverage for Graduates
Residents and fellows who are within 9 months of graduation are able to secure a portable policy designed to protect current and future income and any ongoing loan obligations during a claim.
This policy is made available without regard to current or pre-existing medical conditions and will include permanent rate discounts.
Offer Benefits
- Choice of $2,500, $5,000 or $7,500 monthly benefit
- Provided after 90 days of total or partial disability
- Benefit Increase Rider (BIR) – Ability to increase the monthly benefit every 3 years to as much as $15,000/month
- Specialty-specific definition of total disability
- Guarantees level premiums to age 67
- Cost of living benefit rider (COLA) – 3%
- Optional catastrophic disability benefit riderof up to $10,000/month
- Optional student loan benefit rider providing up to $2,500/month
- Student Loan Rider (Optional)
Request a Personal Proposal
The terms and pricing of the McGaw Disability Program allows you to select from a range of benefit amounts and several optional plan provisions. To obtain a personalized proposal or to arrange a time to speak with a local representative please complete the information requested below.
Keep Me Informed
Please complete the following information to learn more about the nuances of disability insurance and the McGaw “Guaranteed Issue” offering
- Information about the issues associated with income protection
- On-site or virtual lectures for your department
- Reminders as you near graduation
- Product changes that may affect the rates or terms of coverage
Risk Calculators
FAQs
How does this coverage differ from the Group Long-Term Disability Insurance Benefit available as an employee of University of Pennsylvania Health System?
This coverage is offered through an individual contract that can be maintained throughout your training program and career. It is designed to protect your ability to perform your “own specialty” for the duration of any claim and can guarantee your right to increase the monthly benefit during your practice years.
How much coverage can I obtain during my training program?
Does this coverage include any rate discounts?
Yes, these policies will include a permanent 20% discount
If I apply for an individual disability coverage from another insurance company and am denied, will this affect my opportunity to secure the University of Pennsylvania Health System Guaranteed Issue portable policy?
The guaranteed issue coverage will not be available if you have applied for coverage with another insurance company and have been denied coverage to a medical condition . However, you will be eligible for a guaranteed issue policy of $5,000 per month income tax free which will be available to you upon completion of training.
Will this policy be reduced by the UPHS long term disability insurance policy or coverage provided by a future employer?
The benefits provided through this policy will not be offset by any benefits you receive during or after your training program.
Can the term of coverage or the rates be changed at any time?
Once this policy is issued, the insurance company cannot change the policy’s definitions and the rates are guaranteed not to increase until you reach Age 65.
Are the benefits available from this policy taxable or tax-free?
If you are paying for this coverage personally the benefits will be tax-free.
Do rate discounts apply to the amount I initially apply for or will they be included in future increases of coverage?
The rate discount will apply to the initial policy amount
Will this policy insure all of my practice income or just my base income?
An individual policy can be used to insure a physician’s basic monthly salary and any performance-based compensation.
Will I be insured for my ability to perform my own specialty?
Yes, the coverage will insure you for the duties of the specialty you are performing at time of claim.
Does this policy provide protection if I am working in a reduced capacity during a recuperative period of from the initial onset of an accident or illness?
Yes, this coverage is designed to provide a proportionate benefit once you satisfy the waiting period and benefits will continue until you reach the end of the benefit period or the percentage loss of income falls below 15%.
Is my benefit protected from inflation during a long term claim?
Yes, the policy includes a cost of living provision that will increase the monthly benefit by 3% on each policy anniversary during a claim.
How soon are benefits provided?
Benefits will be provided after 90 days days of total or residual (partial loss) disability.
How long will benefits be provided?
Benefits will be provided until you reach the Age of 67 or no longer satisfy the definitions of total or residual disability
Are there any other special provisions available through this coverage?
In addition to the Catastrophic, you may also choose to purchase a Student Loan Repayment provision
