Executives

High Limit Executive Income Protection

The maximum monthly benefit of the long term disability coverage provided by most healthcare institutions is based on the average income of the institution’s employees and is unlikely to provide C-Suite or senior leadership an adequate level of protection.

This gap in protection can be addressed by introducing or providing individual long term disability contracts. Through these contracts, highly compensated executives can receive the same percentage of income replacement that is provided to the balance of employees and can insure non-salary components of their compensation packages.

Individual Policies

Adding individual policies to an employer’s disability insurance program benefit program can strengthen the competitiveness of an employer’s benefit package and provide a more cost-effective solution when addressing the income needs of a highly compensated professional. Advantages of this approach include:

Raising the maximum monthly benefit to as great at $35,000
Providing coverage without having to satisfy medical underwriting requirements*
Locking in level premiums that aren't affected by future claims experience
Insuring non-salary compensation
Insuring retirement plan contributions**
Obtaining permanent rate discounts
Being able to maintain coverage after employment.

The introduction of these policies will not require any change to the coverage has in place at this time.

* The amount of coverage offered without medical underwriting will be determined by the number of individuals being insured and is only available when coverage is purchased by the employer.
** Not available in all states

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Executives

High Limit Executive Income Protection

Individual Policies

Did you know?

The “guaranteed right” to increase the benefit amount of an individual policy will be reduced as you age.

Medical underwriting can be waived when a practice purchases individual policies as part of its benefit package

If your employer provides you with long term disability coverage for free, any benefit amount provided during a claim will be taxed.

Residents and fellows can insure 100% or more of their incomes during training

Voluntary offerings to large healthcare populations can be offered without medical underwriting and permanently discounted rates.

Group insurance policies usually only protect base salary

Taking medication or seeking counseling to manage stress can affect your ability to secure coverage

Residents and fellows can forfeit their right to a teaching hospital’s “guaranteed issue” coverage if they apply elsewhere and are denied due to medical conditions

Contributions cannot be made into a qualified retirement account in the event of a disability

Some policies that insure student loan obligations require the insured to be out completely and not be expected to return to work ………ever.

Graduating physician who are entering practice can obtain coverage that’s greater than their actual earnings

The premiums paid by a practice owner for a policy that insures their ongoing business expenses is 100% tax deductible

Most employer provided long term disability coverage will require you to be out for as long as six consecutive months in order to qualify for benefits

Business overhead expense policies can cover hiring a locum tenens

Individual policies can be used to raise the income placement percentage and maximum monthly benefit for employed physicians and executives

Group long term disability policies can be obtained by practices with fewer than 10 full time employees

Rates and provisions of individual policies are guaranteed not to change until the age of 65. The same isn’t true for group or association coverage.

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