The significance of “Guaranteed Issue” disability insurance offerings.

The disability insurance program selected by your institution for its residents and fellows was chosen for its ability to offer comprehensive insurance protection without being concerned about any current or pre-existing health conditions that may deny your right to protect your income during and after training. 

PHYSICIANS AND INSURANCE COMPANIES VIEW MEDICAL CONDITIONS DIFFERENTLY

While physicians evaluate medical conditions for their impact on the patient’s present or near term quality of life, an insurance company’s underwriters (the people who evaluate requests for coverage)  look at the condition’s long term potential of resulting in a claim. risk potential for the long term. It is not unlikely that have little or no effect on the present can result in a carrier declining the application for insurance or restricting terms of coverage. 

Typical “Decline to Cover” Conditions

There are certain medical conditions that are likely to result in an application being declined. While many of these conditions may not manifest a claim for several years, insurance carriers view the long term consequences of these conditions. Conditions that could result in coverage being declined include:

• Hepatitis 

• Lupus

• History of cardiac issues 

• Cancer 

• In counseling and taking   medication

Typical “Modified Coverage” Conditions

Companies also reserve the right to add language in a policy coverage that may exclude claims associated with a specific part of your body that may have been subjected to previous trauma or illness. Conditions that can result in modified coverage include: 

• Back or Neck issues 

• Damage to ACL 

• Taking medication for stress 

• Elevated cholesterol (if not treated) 

• Height/weight ratios

In many instances, the existence of one of these conditions will result in either an exclusion for that condition, a reduction in monthly benefits, or an increase in premiums the insured must pay.

Request a proposal today to determine how a” guaranteed issue” individual and portable policy can better protect you and everyone you care about, without having to answer any medical questions or throughout your practice years.