This document discusses different definitions of "own specialty" disability insurance coverage for physicians. It explains that true own specialty coverage will pay full benefits if a doctor cannot work in their specialty, regardless of other work. However, some policies have limitations, only paying full benefits for a set time period or if the doctor is not working in any other occupation. The document recommends reviewing policy definitions carefully to understand coverage and advises that only some carriers, like Guardian, offer true own specialty coverage. It provides contact information for questions about disability insurance options.
1. The document discusses various disability insurance options for solo practitioners and small group practices to protect their personal income and business operations in the event of a disabling illness or injury.
2. It provides examples of how individual disability insurance, business overhead expense insurance, buy-sell disability insurance, and salary continuation plans can help meet different needs and concerns of practice owners and their employees.
3. The document emphasizes that disability can significantly impact one's livelihood and finances, so having adequate insurance in place is important to avoid putting a practice, income, and lifestyle at risk if a disability occurs.
RE now has a professional alliance in insurance! Please let us know if you want one of our affiliated specialists to assist you with your individual disability insurance needs....
The document summarizes voluntary benefits that can be offered as part of an employee benefits package, including accident, cancer/critical illness, disability, hospital confinement, life, and limited medical insurance. It provides an overview of each type of coverage and how they can help employers provide protection to employees affordably. It also introduces the agency, MCM Agency, that can assist companies with selecting and administering a voluntary benefits program.
This document summarizes B&B Inventory Protection's company policies. It outlines policies regarding equal opportunity, discrimination, harassment, immigration compliance, family medical leave, and health requirements. Employees are required to sign an acknowledgement form confirming they have read and understand the policies. The manual is not an employment contract and B&B reserves the right to modify policies at any time.
Being indian not a prerequisite to buy health insurance in indiaRoot India Healthcare
- The document discusses various questions about health, motor, and personal accident insurance policies in India.
- It explains that Indian citizenship is not required to purchase health insurance in India. Foreign citizens can buy coverage.
- For vintage car insurance, the insured and insurer jointly determine the agreed value. Only cars made before 1940 certified by the Vintage and Classic Car Club of India qualify.
- Making frequent small claims for repairs is not recommended as it increases premium costs and risks loss of no-claim bonus. It's better to weigh the costs and benefits of each claim.
- A personal accident policy provides broader coverage than health insurance, including fixed payouts for accidental death and permanent disability.
This employee handbook provides policies and procedures for Just Architecture employees. Key policies include employment being at-will, equal opportunity employment, attendance and timekeeping requirements, conduct policies, safety policies, benefits overview, and electronic media and confidentiality policies. The handbook is intended as a guideline and policies may change at the company's discretion.
This document provides information about supplementing Medicare coverage. It discusses major gaps in Medicare coverage, types of supplemental insurance policies like Medigap plans, consumer protections, filing claims, and illegal sales practices to watch out for. It emphasizes reading policies carefully, comparing options from multiple insurers, and verifying a policy and company are legitimate before purchasing supplemental insurance.
This document provides a summary of a General and Products Liability Insurance Policy. It outlines important information about the policy, including definitions, insuring clauses, exclusions, claims conditions, and general conditions. It notes that the policy covers legal liability for personal injury, property damage, and advertising injury that occurs during the policy period. It also summarizes information about the insurer QBE, the insurance broker Steadfast, privacy practices, the General Insurance Code of Practice, and dispute resolution procedures.
1. The document discusses various disability insurance options for solo practitioners and small group practices to protect their personal income and business operations in the event of a disabling illness or injury.
2. It provides examples of how individual disability insurance, business overhead expense insurance, buy-sell disability insurance, and salary continuation plans can help meet different needs and concerns of practice owners and their employees.
3. The document emphasizes that disability can significantly impact one's livelihood and finances, so having adequate insurance in place is important to avoid putting a practice, income, and lifestyle at risk if a disability occurs.
RE now has a professional alliance in insurance! Please let us know if you want one of our affiliated specialists to assist you with your individual disability insurance needs....
The document summarizes voluntary benefits that can be offered as part of an employee benefits package, including accident, cancer/critical illness, disability, hospital confinement, life, and limited medical insurance. It provides an overview of each type of coverage and how they can help employers provide protection to employees affordably. It also introduces the agency, MCM Agency, that can assist companies with selecting and administering a voluntary benefits program.
This document summarizes B&B Inventory Protection's company policies. It outlines policies regarding equal opportunity, discrimination, harassment, immigration compliance, family medical leave, and health requirements. Employees are required to sign an acknowledgement form confirming they have read and understand the policies. The manual is not an employment contract and B&B reserves the right to modify policies at any time.
Being indian not a prerequisite to buy health insurance in indiaRoot India Healthcare
- The document discusses various questions about health, motor, and personal accident insurance policies in India.
- It explains that Indian citizenship is not required to purchase health insurance in India. Foreign citizens can buy coverage.
- For vintage car insurance, the insured and insurer jointly determine the agreed value. Only cars made before 1940 certified by the Vintage and Classic Car Club of India qualify.
- Making frequent small claims for repairs is not recommended as it increases premium costs and risks loss of no-claim bonus. It's better to weigh the costs and benefits of each claim.
- A personal accident policy provides broader coverage than health insurance, including fixed payouts for accidental death and permanent disability.
This employee handbook provides policies and procedures for Just Architecture employees. Key policies include employment being at-will, equal opportunity employment, attendance and timekeeping requirements, conduct policies, safety policies, benefits overview, and electronic media and confidentiality policies. The handbook is intended as a guideline and policies may change at the company's discretion.
This document provides information about supplementing Medicare coverage. It discusses major gaps in Medicare coverage, types of supplemental insurance policies like Medigap plans, consumer protections, filing claims, and illegal sales practices to watch out for. It emphasizes reading policies carefully, comparing options from multiple insurers, and verifying a policy and company are legitimate before purchasing supplemental insurance.
This document provides a summary of a General and Products Liability Insurance Policy. It outlines important information about the policy, including definitions, insuring clauses, exclusions, claims conditions, and general conditions. It notes that the policy covers legal liability for personal injury, property damage, and advertising injury that occurs during the policy period. It also summarizes information about the insurer QBE, the insurance broker Steadfast, privacy practices, the General Insurance Code of Practice, and dispute resolution procedures.
Gleevec, a drug that treats a rare form of leukemia, was approved in 2001 with a list price of $26,400 per year. Since then, its price has steadily increased, reaching over $120,000 per year currently. While the drug has competition now, its price increases were incremental at first and accelerated even before competitors entered the market. The price hikes have helped make Gleevec a top revenue drug for its manufacturer, Novartis, even though it was initially not expected to be a major moneymaker due to the small patient population. However, critics argue there is a lack of meaningful competition in the drug market that would normally drive prices down.
Real Estate Sector In India - Certain Tax and Regulatory Aspects (2013) - RSM...RSM India
The document discusses the proposed Real Estate (Regulation and Development) Bill 2013 in India. The bill aims to regulate and bring transparency to the real estate sector. It mandates the registration of real estate projects and agents. It also requires 70% of funds from projects to be deposited in a separate account. The bill establishes authorities to oversee projects and resolve disputes. If passed, the bill would help protect home buyers and ensure timely completion of projects.
Hướng dẫn lập trình viết ứng dụng trên mạng xã hội Zing me
Thông tin chi tiết xem tại
http://developer.me.zing.vn/
Download config & sample files
http://code.google.com/p/zingmeapis/downloads/list
The document summarizes the defining events and trends of the 2000s decade (referred to as the "Noughties"). It discusses the impact of 9/11 and the subsequent War on Terror under Bush and Blair, the rise of China, India, and the EU as global economic powers, the wars in Iraq and Afghanistan, the housing bubble and financial crisis, the growth of social media and user-generated websites, the popularity of reality television, concerns about climate change and environmental disasters, and the elections of Barack Obama and his message of hope. The decade is portrayed as one marked by conflict, economic turmoil, and social and technological change.
Operations Consulting Overview - RSM India publicationRSM India
This book, published by RSM India group (before 2010), intends to give an overview of the various standards and the Operations Consulting services offered by us.
Este documento explora las razones por las que la naturaleza, la música y los gitanos son tan prominentes en la obra de Federico García Lorca, así como su obsesión con la muerte. La naturaleza está presente debido a que Lorca creció en el campo y le fascinaba la naturaleza. Sus poemas son musicales porque creció escuchando canciones populares y aprendió a tocar la guitarra. Los gitanos son protagonistas porque Lorca los veía como representativos de la cultura andaluza. Finalmente, su obses
Este documento describe las responsabilidades de un ingeniero biomédico, incluyendo el mantenimiento y evaluación de equipos médicos, la capacitación de usuarios, el inventario y mantenimiento de equipos, la formación de recursos humanos y la colaboración en comités y protocolos de investigación. También menciona algunos dispositivos desarrollados por la ingeniería biomédica como prótesis, sistemas de control para el hogar y un bastón con radar para personas ciegas.
Income protection insurance provides income payments to replace lost earnings if someone is unable to work due to an accident, injury, illness, or unemployment. There are different types of income protection insurance plans that vary in payment amounts, duration of payments, and definitions of disability. It is important to compare income protection insurance quotes and carefully review policy details and limitations to find the most suitable plan.
HealthCompare Insurance - Understanding other types of insuranceHealth Compare
Understanding your options when it comes to Health Plans or Health Insurance can be a complicated experience, especially if you are unfamiliar with your options. HealthCompare has put together this slideshare to help you navigate and know your options. Learn more at HealthCompare.com
This document discusses the importance of disability insurance. It notes that anyone can become disabled, interrupting their income and career. Disability insurance provides monthly benefits to help cover living expenses if one is unable to work due to illness or injury. The document promotes MetLife disability insurance and notes that it can safeguard income and provide financial security until one recovers. It highlights some benefits of MetLife plans such as high coverage limits and options to increase coverage over time without medical exams.
MCM agency provides a variety of voluntary benefits to employers to offer their employees, including accident, cancer/critical illness, disability, hospital confinement indemnity, life, and limited benefit medical insurance. These voluntary benefits can help employers attract and retain employees by providing a competitive benefits package while controlling costs and allowing employees flexibility to choose additional coverage tailored to their needs through payroll deduction.
- Group long-term disability insurance (GLTD) typically covers only 60% of income and has maximum monthly caps, leaving many people with significantly lower incomes if disabled. GLTD also excludes bonuses, commissions, and may not cover partial disabilities.
- Over 90% of disabilities are caused by illnesses rather than accidents, and can happen to anyone. However, most people assume they are young and healthy or covered by their employer so do not purchase individual disability insurance.
- Purchasing a supplemental individual disability income policy can fill in the gaps in coverage left by GLTD policies to better protect one's full income and lifestyle in the event of a disability. It can be designed to cover bonuses and partial disabilities
Medical insurance covers unforeseen medical expenses like illness, injury, or accidents. It protects individuals and families in the same way other types of insurance like auto or homeowner's insurance provide protection. Medical costs have risen sharply in recent years. Private health insurance companies offer a variety of medical insurance plans that vary in coverage, costs, benefits, and complexity making it important for consumers to understand the differences between plans. Government programs also provide some forms of medical insurance coverage for specific groups.
Assurant Employee Benefits offers various disability insurance plans, including their most common true group disability plan. Their definition of disability focuses on the inability to perform one material duty of your regular occupation or earn more than 80% of your monthly pay. They strive to approve legitimate claims promptly through their three disability benefit centers. Their plans also include additional benefits and options to support claimants' financial security and return to work.
The document describes a Personal Benefits Plan as an alternative to traditional group health insurance. It allows employers to fund individual Benefits Savings Accounts for each employee, which the employee can then use to purchase their own health insurance and other benefits. This exempts the employer from many Affordable Care Act requirements for group plans. The Personal Benefits Plan is presented as offering lower costs, more choice and flexibility for employees, and simplifying administration compared to group health insurance. Expert advisors help employees select the health insurance and benefits that best fit their individual needs and circumstances.
Personal Benefits Plan- Employer PresentationMinal Jalil
This presentation explains to an employer the benefits of the AHR Personalized Benefits Plan for their business and employees. For more information, please visit us at ahr.net
Gleevec, a drug that treats a rare form of leukemia, was approved in 2001 with a list price of $26,400 per year. Since then, its price has steadily increased, reaching over $120,000 per year currently. While the drug has competition now, its price increases were incremental at first and accelerated even before competitors entered the market. The price hikes have helped make Gleevec a top revenue drug for its manufacturer, Novartis, even though it was initially not expected to be a major moneymaker due to the small patient population. However, critics argue there is a lack of meaningful competition in the drug market that would normally drive prices down.
Real Estate Sector In India - Certain Tax and Regulatory Aspects (2013) - RSM...RSM India
The document discusses the proposed Real Estate (Regulation and Development) Bill 2013 in India. The bill aims to regulate and bring transparency to the real estate sector. It mandates the registration of real estate projects and agents. It also requires 70% of funds from projects to be deposited in a separate account. The bill establishes authorities to oversee projects and resolve disputes. If passed, the bill would help protect home buyers and ensure timely completion of projects.
Hướng dẫn lập trình viết ứng dụng trên mạng xã hội Zing me
Thông tin chi tiết xem tại
http://developer.me.zing.vn/
Download config & sample files
http://code.google.com/p/zingmeapis/downloads/list
The document summarizes the defining events and trends of the 2000s decade (referred to as the "Noughties"). It discusses the impact of 9/11 and the subsequent War on Terror under Bush and Blair, the rise of China, India, and the EU as global economic powers, the wars in Iraq and Afghanistan, the housing bubble and financial crisis, the growth of social media and user-generated websites, the popularity of reality television, concerns about climate change and environmental disasters, and the elections of Barack Obama and his message of hope. The decade is portrayed as one marked by conflict, economic turmoil, and social and technological change.
Operations Consulting Overview - RSM India publicationRSM India
This book, published by RSM India group (before 2010), intends to give an overview of the various standards and the Operations Consulting services offered by us.
Este documento explora las razones por las que la naturaleza, la música y los gitanos son tan prominentes en la obra de Federico García Lorca, así como su obsesión con la muerte. La naturaleza está presente debido a que Lorca creció en el campo y le fascinaba la naturaleza. Sus poemas son musicales porque creció escuchando canciones populares y aprendió a tocar la guitarra. Los gitanos son protagonistas porque Lorca los veía como representativos de la cultura andaluza. Finalmente, su obses
Este documento describe las responsabilidades de un ingeniero biomédico, incluyendo el mantenimiento y evaluación de equipos médicos, la capacitación de usuarios, el inventario y mantenimiento de equipos, la formación de recursos humanos y la colaboración en comités y protocolos de investigación. También menciona algunos dispositivos desarrollados por la ingeniería biomédica como prótesis, sistemas de control para el hogar y un bastón con radar para personas ciegas.
Income protection insurance provides income payments to replace lost earnings if someone is unable to work due to an accident, injury, illness, or unemployment. There are different types of income protection insurance plans that vary in payment amounts, duration of payments, and definitions of disability. It is important to compare income protection insurance quotes and carefully review policy details and limitations to find the most suitable plan.
HealthCompare Insurance - Understanding other types of insuranceHealth Compare
Understanding your options when it comes to Health Plans or Health Insurance can be a complicated experience, especially if you are unfamiliar with your options. HealthCompare has put together this slideshare to help you navigate and know your options. Learn more at HealthCompare.com
This document discusses the importance of disability insurance. It notes that anyone can become disabled, interrupting their income and career. Disability insurance provides monthly benefits to help cover living expenses if one is unable to work due to illness or injury. The document promotes MetLife disability insurance and notes that it can safeguard income and provide financial security until one recovers. It highlights some benefits of MetLife plans such as high coverage limits and options to increase coverage over time without medical exams.
MCM agency provides a variety of voluntary benefits to employers to offer their employees, including accident, cancer/critical illness, disability, hospital confinement indemnity, life, and limited benefit medical insurance. These voluntary benefits can help employers attract and retain employees by providing a competitive benefits package while controlling costs and allowing employees flexibility to choose additional coverage tailored to their needs through payroll deduction.
- Group long-term disability insurance (GLTD) typically covers only 60% of income and has maximum monthly caps, leaving many people with significantly lower incomes if disabled. GLTD also excludes bonuses, commissions, and may not cover partial disabilities.
- Over 90% of disabilities are caused by illnesses rather than accidents, and can happen to anyone. However, most people assume they are young and healthy or covered by their employer so do not purchase individual disability insurance.
- Purchasing a supplemental individual disability income policy can fill in the gaps in coverage left by GLTD policies to better protect one's full income and lifestyle in the event of a disability. It can be designed to cover bonuses and partial disabilities
Medical insurance covers unforeseen medical expenses like illness, injury, or accidents. It protects individuals and families in the same way other types of insurance like auto or homeowner's insurance provide protection. Medical costs have risen sharply in recent years. Private health insurance companies offer a variety of medical insurance plans that vary in coverage, costs, benefits, and complexity making it important for consumers to understand the differences between plans. Government programs also provide some forms of medical insurance coverage for specific groups.
Assurant Employee Benefits offers various disability insurance plans, including their most common true group disability plan. Their definition of disability focuses on the inability to perform one material duty of your regular occupation or earn more than 80% of your monthly pay. They strive to approve legitimate claims promptly through their three disability benefit centers. Their plans also include additional benefits and options to support claimants' financial security and return to work.
The document describes a Personal Benefits Plan as an alternative to traditional group health insurance. It allows employers to fund individual Benefits Savings Accounts for each employee, which the employee can then use to purchase their own health insurance and other benefits. This exempts the employer from many Affordable Care Act requirements for group plans. The Personal Benefits Plan is presented as offering lower costs, more choice and flexibility for employees, and simplifying administration compared to group health insurance. Expert advisors help employees select the health insurance and benefits that best fit their individual needs and circumstances.
Personal Benefits Plan- Employer PresentationMinal Jalil
This presentation explains to an employer the benefits of the AHR Personalized Benefits Plan for their business and employees. For more information, please visit us at ahr.net
The document summarizes the First Choice Health Insurance plan offered by Central United Life. It is a guaranteed renewable health insurance policy offered in 28 states. The summary highlights key benefits including hospital room coverage up to $14,000 for the first 6 days, surgical coverage up to $10,000 per event, $100 for 4 doctor visits annually, accidental injury benefits, and access to the Beechstreet PPO network to reduce costs. A 12-month pre-existing condition limitation applies. Applications can be completed online or with an agent.
The document discusses critical illness cover, which provides a tax-free lump sum if diagnosed with a critical illness. It covers illnesses like cancer, heart attack, stroke, and loss of limbs or senses. Critical illness cover can help pay off a mortgage or provide financial support during illness. The policy specifics which illnesses are covered and may have age limits or survival periods before payout. It recommends seeking advice to choose the right critical illness policy tailored to individual needs and circumstances.
This document provides information about income protection insurance, including:
- Income protection insurance provides a monthly income if you are unable to work due to illness or injury, to help pay bills until you can return to work or retire.
- Statutory sick pay only lasts 28 weeks and is usually much less than full earnings. Income protection can help cover lost income after statutory sick pay ends.
- Coverage amounts for income protection are usually 50-65% of pre-tax earnings to replace lost income while adjusting for any state benefits received.
The document outlines the essentials individuals need to know about the new individual health insurance marketplace. It discusses 5 key points: 1) guaranteed issue mandate which prohibits health-related questions, 2) open enrollment periods during which one must enroll, 3) special enrollment periods for life events, 4) shared responsibility requiring all individuals to have coverage, and 5) minimum essential coverage defining standardized plan levels and essential benefits. The individual marketplace aims to give more choice and access to individuals seeking health insurance.
Allows you to comprehensively and objectively assess the detail of your current life or income protection insurance policy against itself and the market from a quality and cost point of view
A step by step guide to critical illnessKelly Shultis
Critical illness insurance provides a lump sum payment if the policyholder is diagnosed with a specified critical illness. It can help cover costs if the person is unable to work due to a serious illness like cancer, stroke, or heart attack. The payment is made as long as the policyholder survives more than a month after diagnosis. Policies vary by insurer but typically cover around 30 illnesses and can be purchased through an insurer or advisor. The cost of coverage depends on factors like age, health, smoking status, and amount of coverage. Claims require medical evidence and meeting the insurer's criteria for the illness.
Just because you have term life insurance, it doesn’t mean that your life insurance coverage is going to cover everything.
Does your term life policy cover disability? Let's see.
Every American is entitled and bound to avail Minimum Essential Coverage (MEC) under the Affordable Care Act (ACA) - also known as Obamacare. While some opt for individual health insurance plans offered by private institutions, more than 60% opt for Employer-Sponsored Health Insurance. Employer-Sponsored Health Insurance makes your work easy because you don't have to go through multiple insurance plans available online. Employers, on an average pay 82% of your premium for a single insurance policy. For employers also this is a win-win situation because it results in employee retention, better health of employees thus more productivity. Employers use good health benefits as a great tool to recruit sought-after talent in the industry.
The slide deck talks about Employer-Sponsored Health Insurance, its comparison to individual health insurance and the win-win situation for employee and employer.
Guide to Long Term Disability in OntarioPage1content
Long term disability coverage can be tricky to navigate, especially when you're in poor health and trying to adjust to life changes resulting from a catastrophic injury. This guide provides an overview of long term disability coverage and how a lawyer can help you get the benefits you are entitled to.
1. Defining Own Specialty
What does it really mean? How many variations are available? And which version is right for you?
271 Rt. 46 West Suite C205
Fairfield, NJ 07004
Phone: 888-400-0262
Fax: 973-689-3882
Info@doctordisabilityshop.com
www.doctordisabilityshop.com
2. DEFINING OWN SPECIALTY - 1
Own Specialty:
What does “Own Specialty” really mean?
“Own Specialty” is a phrase that is used primarily for physicians. Its use began because of an effort
to help Doctors understand the difference between the various different types of specialty specific
disability coverage. The official term is known as Own Occupation.
The most sought after definition of disability is referred to by physicians as “Own Specialty”
coverage. Own Specialty coverage protects a doctor from his/her inability to perform the material
duties of one’s specific specialty. It does not limit the doctor from continuing to work in his/her
specialty in a different capacity and it does not limit the doctor from working in a different
occupation entirely. If a physician’s ability to work in his/her specialty in the same manner as
he/she was doing prior to disability is effected, this is considered to be a total disability claim and
the physician is entitled to receive their full benefit regardless of how much money they are earning
while still working in a different capacity.
Every carrier that sells disability insurance markets the coverage as “Own Specialty” or “Own
Occupation” coverage. But there are at least 3 different versions. This leads to great confusion in
the medical community and we often find that physicians have purchased policies up to 15 years ago
from extremely reputable insurance companies on the notion that they were buying a true “Own
Specialty” disability plan because their agent told them it was “Own Specialty” coverage without
reading the definition for themselves.
So how do you know how to tell if you have a True “Own Specialty” plan?
This is very easy. You do not need years of experience in the insurance industry to figure this out.
Simply go to the definition sections of your policy and find the definition for Total
Disability/Totally Disabled.
If you are convinced that before looking at this definition that you have a true “Own Specialty”
definition of disability then your definition of Total Disability will read virtually identical to this:
Total Disability or Totally Disabled means that, solely due to Injury or Sickness, You are not able to
perform the material and substantial duties of Your Occupation.
**The above definition was taken from a Guardian plan**
Now what does your policy say?
3. DEFINING OWN SPECIALTY - 2
Different Variations of “Own Occupation” coverage
Does your policy say something else? Does the policy you are being quoted seem similar but not the
same?
Here’s what to look out for:
• Definitions of Total Disability that have words like: Not Gainfully Employed or Not
Engaged
• Definitions of Total Disability that have time limits like 24 months or 60 months
• Definitions of Total Disability that have phrases that included “Any other occupation for
wage or profit”
What are some of the other commonly misinterpreted definitions of Own Specialty?
1. Total Disability, this Medical Definition of Total Disability Options replaces section 1.4 of
this policy with the following: The Insured is totally disabled when both unable to perform
the principal duties of the regular occupation and not gainfully employed in any occupation.
**This definition was taken from North Western Mutual and their advertised definition of Medical Your
Occupation Coverage**
2. Totally Disabled or Total Disability means: during the Elimination Period for up to the next
60 months, your complete inability to perform the substantial and material duties of your
current occupation and not engaged in any other occupation. After benefits have been paid
for up to 60 months benefits will continue only due to your complete inability to perform
the substantial and material duties of any gainful job for which you are reasonably fit by
training, education, or experience.
**This definition was taken from the AMA sponsored Disability plan**
Let’s go over number 1. What exactly is different in this definition provided from a North Western
Mutual policy to the definition of true “own specialty” provided from the Guardian policy?
The answer is not much, but SO much. Notice how the definitions are virtually identical until you
get to the last 7 words. “And not gainfully employed in any occupation.” This means that North
Western Mutual is only agreeing to pay you your full disability benefit if you are disabled from doing
your specialty but only if you are not working in any other occupation. If you do work in any other
occupation your benefits are reduced or eliminated based on your new salary. With the Guardian
plan, it doesn’t matter what your new salary is. You will always receive your full benefit if you are
working in another occupation.
4. DEFINING OWN SPECIALTY - 3
Let’s now review number 2. I think by now you are getting the point. So how does the plan from
the AMA differ from the plans offered from Guardian and North Western Mutual?
In addition to not being able to work in any other occupation the AMA plan has an extra clause that
states after 60 months they will only continue to pay you your benefit if you are not working at all,
and you are not capable of doing any reasonable job based on education, training, or experience. So
after 5 years of receiving disability coverage they will stop paying the benefit if they feel you are
capable of doing any reasonable occupation.
We speak to thousands of physicians a year. And it’s rare that we find a doctor that doesn’t have
existing coverage or that has not received quotes from carriers like North Western Mutual and the
AMA which they are seriously considering because the North Western Mutual Agent told them it’s
the best definition of disability from the strongest carrier. And the AMA advertised to the client
that they offer a cheap group rate for own specialty benefits. Our clients also tell us that their
human resource directors often confirm with them that their group sponsored long term disability
plan is own specialty coverage. So why are these companies and groups allowed to do this?
They aren’t breaking any laws. The fact is that they are selling own occupation coverage. They just
aren’t selling or offering “Your Specialty Occupation Coverage.”
Any disability policy can be advertised as “own occupation” coverage if there is at least a period of
time where if the client becomes disabled that the insurance carrier will not stop paying your
benefits if you are capable of doing some other job. So you have the option to not work again if
you are totally disabled in your specialty, but if you start to work again doing something different
voluntarily, that’s where the confusion lies.
Now with the AMA plan you have the option to not work again for only the first 60 months of
benefits. After 60 months they add the clause that prohibits you from not working if you are
capable to do so.
With the North Western Mutual policy, they will never tell you that you have to go to work in
another field if you are capable of doing so. However, if you voluntarily choose to do so your
benefits that you were receiving from your own occupation plan will be reduced or eliminated based
on what your new income is in your new line of work.
This is why it’s important to make sure you review the definition of “total disability” before you
purchase any long term disability plan.
Most physicians want the plan offered by companies like the Guardian example above where there is
no clause prohibiting you from working in another occupation if you so choose and there is
especially no clause that will force you to work in another occupation after a certain period of time.
5. DEFINING OWN SPECIALTY - 4
Now that you know this here are a list of companies and group sponsored Long Term Disability
organizations offering this type of modified definition of “own occupation:”
• North Western Mutual
• New York Life
• AMA
• ACOG
• ACOS
• AAP
• UNUM Provident
• Paul Revere
• Employer sponsored Group Long Term Disability
• Life Insurance Company of Boston & New York
• Medical Society Sponsored Long Term Disability
Where can you purchase:
Currently there are 6 carriers in the medical field that are offering own specialty benefits:
1. Guardian
2. Ameritas
3. Principal
4. Standard
5. Mass Mutual
6. MetLife
Now just because you are purchasing or receiving a quote from one of the six carriers above does
not automatically mean that you are purchasing an own specialty plan. When buying from MetLife,
Standard, Mass Mutual, and Principal you must be sure that “specialty your occupation” or “own
occupation” is included as a rider. To make certain of this, request that your insurance agent
provide you with a detailed quote with definitions or a specimen contract for review. Here you can
read the definition for “own occupation” or “total disability” and make certain it matches the true
own specialty definition listed above before going through the underwriting process.
When considering which carrier to pick please keep in mind that at least half the carriers offer
discounts related to various hospital affiliations, group affiliations, and professional association
affiliations.
It is also important to notice that you cannot receive different quotes from different insurance
agents. If agent “A” is showing you a price from one of the six carriers above, then agent “B” is
6. DEFINING OWN SPECIALTY - 5
going to have the same thing. The only reason a quote from the same carrier would be different was
if something was different within the coverage quoted. Every detail within the quote will create a
price change.
Summary
We’ve learned that when purchasing disability insurance the most important thing is to make certain
you are buying a true “Own Specialty” definition for total disability.
Just because the carrier, agent, or piece of advertisement says Own Specialty coverage, you are still
responsible for making sure it’s the type of coverage that will pay your FULL disability benefit even
if you decide to work in another occupation or within your occupation in a different capacity.
You are now armed with the knowledge to understand what the AMA and North Western Mutual
are really offering and what carriers and organizations offer modified versions of “own specialty”
coverage versus what carriers offer true “own specialty” coverage.
Contact us
If you still have questions or you would like us to help you review your current plan(s) please do not
hesitate to contact us:
Phone 888-400-0262
Email: info@doctordisabilityshop.com
Visit our website: www.doctordisabilityshop.com