About the Offering
Guaranteed Supplemental Coverage During and After Training
Guaranteed Supplemental
Coverage During and After Training
Benefit eligible residents and fellows may obtain up to $15,000 per month of specialty specific disability insurance coverage on a guaranteed basis. This benefit will increase the amount of income you would receive during a disability. You may obtain this policy at any time during your program.
This individual policy is offered without you having to complete any medical questionnaires, tests or lab work and will be issued regardless of any current or previous medical history†† and with permanent and portable premium discounts.
Terms of Coverage
- Initial benefit from $2,500 to $7,500 of monthly tax-free benefit. Total of $15,000 future monthly benefit is available.
- Provided after 90 days of total or partial disability
- Benefits provided until Age 67 or until insured no longer satisfies definition of disability
- Own specialty definition of total disability for the duration of the benefit period
- 10% Permanent Premium Discount
- Enhanced or basic Residual (Partial Benefit), Student Loan Protection, Catastrophic Disability Rider, 3% Cost of Living Adjustment (Inflation Protection) and Future Insurability Option
Guaranteed Conversion Coverage for Dental Residents and People Previously Declined
If you are a dental resident or if you have been previously declined coverage by any carrier, you are eligible to participate in this guaranteed standard issue program.
Full-time residents and fellows, when you are within 60 days of completing your house staff training you are entitled to apply for specialty-specific disability insurance coverage that can increase the amount of income you would receive during an accident or illness.
This individual policy is offered without having to complete any medical questionnaires, any medical tests, or labs and will be issued regardless of any current or previous medical history.
Offer Benefits
- $5,000 a month tax free monthly benefit
- Provided after 90 days of total or partial disability
- Benefit period to age 67
- Own specialty definition of total disability for the duration of the benefit period
- Residual (Partial Benefit) riders included
If you are a dental resident or if you have been previously declined coverage by any carrier, you are eligible to participate in this guaranteed standard issue program.
Full-time residents and fellows, when you are within 60 days of completing your house staff training you are entitled to apply for specialty-specific disability insurance coverage that can increase the amount of income you would receive during an accident or illness.
This individual policy is offered without having to complete any medical questionnaires, any medical tests, or labs and will be issued regardless of any current or previous medical history.
Offer Benefits
- $5,000 a month tax free monthly benefit
- Provided after 90 days of total or partial disability
- Benefit period to age 67
- Own specialty definition of total disability for the duration of the benefit period
- Residual (Partial Benefit) riders included
Request a Personal Proposal
Keep Me Informed
Please complete the following information to learn more about the nuances of disability insurance and the Northwell “Guaranteed Issue” offering
- Product changes that may affect the rates or terms of coverage
- Reminders as you near graduation
- On-site or virtual lectures for your department
- Information about the issues associated with income protection
Risk Calculators
FAQs
How does this coverage differ from the Group Long-Term Disability Insurance Benefit available as an employee of Northwell Health Medical School?
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?
$15,000 per month benefit. 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.
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 Northwell Health Medical School 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 Northwell Health 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 initial and future increases of coverage.
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
