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Buy Sell Funding

Most small practices will purchase life insurance to fund a buy-out in the event of a death, but few practices consider this option to account for the possibility of a disabling event. A Buy-Sell agreement is intended for practices with fewer than 10 shareholders and designed to fill a large gap in a practice's financial planning and protect the partner(s) in the event that a disability begins to affect the business.

By incorporating such a policy, a practice is able to compensate a disabled physician for his/her share in the practice. It is a very cost effective way to avoid substantial payments in the event that you or one of your partners becomes disabled.


The information on this page has been developed to give you a more complete understanding of the coverage you are offered through this plan. For a more complete description of coverage please refer to your plan document or contact InsMed at (800) 214-7039.

Insurance Carrier Guardian
Covered Disabilities This plan covers you 24 hours a day, in and out of your residency program.
Enrollment Requirements You are automatically enrolled as long as you are actively at work in your house staff program.
Benefit Level 60% of income up to $3,000 per month
Duration of Benefits Social Security Retirement Age except for nervous and emotional or alcohol and drug abuse diagnoses - for details see below.
Duration of Benefits for Mental and Emotional or Alcohol and Substance Abuse Diagnoses The duration of benefits is two years unless the disabled person is hospitalized, in which case it is the same as above.
Elimination Period The Elimination Period is the first 180 days of disability
Interruption of Elimination Period Up to half the number of days in the Elimination Period
Definition of Disability The disabled person must be unable to perform in his or her own specialty for the first two years of disability. Thereafter, qualification for disability is the inability to perform duties as a doctor of medicine.
Total and Partial Disability Both are covered. The resident does not have to be totally disabled throughout the Elimination Period to qualify for benefits. A combination of total and/or partial disability will qualify the resident for disability benefits. The partially disabled resident's benefits payments are then reduced by 50% of his of his or her current monthly earnings.
Income with which this Plan Integrates Disability payments are directly reduced by any Social Security disability benefits paid to the disabled person and his or her family. The Plan also integrates disability benefits with other forms of income, such as Workers' Compensation.
Work Incentive for Partial Disability The partially disabled resident may receive up to 100% of his or her prior income from all sources for the first 12 months of partial employment. The Plan will not reduce the benefit by the resident's part-time earnings. If the total exceeds 100% of the resident's prior full time earnings, the Plan will deduct only the excess over 100% from the benefit.
Rehabilitation Incentive 110% of the benefit is otherwise payable.
Recurrent Disability A disability related to a prior disability is covered if it recurs within six months after the resident was last entitled to a benefit payment.
Taxation of Benefits Benefits will be taxable upon receipt.