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Archive for January, 2010
If I Have Group Disability Insurance, Do I Need to Supplement?
Friday, January 8th, 2010
If you are a full time employee and work for an employer who offers group benefits, chances are you have group disability insurance benefits. Group benefits typically cover about 60% of your gross income to a maximum level amount (for example $10,000/month). If the employer is paying the premiums, the benefits are taxable. If you leave your employer, you may not be able to take your disability policy with you.
Is your group disability insurance enough? Calculate your monthly needs after tax. Then calculate your salary at 60% and tax the remaining amount. If the net amount is less than your monthly expenses, you should consider adding an individual disability policy to supplement your benefits.
Supplemental disability insurance fills in the gap between your employer sponsored plan and the amount you need to survive financially if you become disabled. When applying for supplemental disability insurance, there is a maximum amount of supplemental benefit you are eligible for based on your income and group benefits in force.
There are several advantages of carrying supplemental disability insurance.
- If you leave your employer, you can carry your individual policy with you and increase it as your income increases.
- It protects your insurability. If you experience an adverse change in health, you can increase your supplemental policy in the future without worrying about losing your group benefits if you leave your employer.
- Your supplemental disability benefits are non taxable if you are paying the premiums with after tax dollars.
For more information, contact the Set for Life Insurance office today!
Discounted Disability Insurance Available to Colorado Medical Residents
Wednesday, January 6th, 2010
Attention Colorado Medical Residents: Don’t miss out on this special opportunity to purchase disability insurance at discounted rates!
These rates are available to medical residents, fellows and physicians at the following hospitals:
- University of Colorado Health Sciences Center UCHSC
- Denver Health Medical Center
- Children’s Hospital of Denver
- St. Anthony’s Hospital of Denver
- St. Joseph’s Hospital of Denver
Monthly Benefit |
$1000 |
$5000 |
$7500 |
Availability |
All Residents and Fellows |
All Residents and Fellows |
Residents/Fellows in their last 180 days of residency |
Definition of Disability |
Own Occupation, Specialty Specific |
Own Occupation, Specialty Specific |
Own Occupation, Specialty Specific |
Riders |
3% Cost of LivingIncrease options up to $15,000/month benefit.Residual, partial disability |
3% Cost of LivingIncrease options up to $15,000/month benefit.Residual, partial disability |
3% Cost of LivingIncrease options up to $15,000/month benefit.Residual, partial disability |
Monthly Premium: |
Non-surgical Specialist:$23Surgical Specialist:$27 |
Non-surgical Specialist:$115Surgical Specialist:$135 |
Non-surgical Specialist:$172Surgical Specialist:$202 |
- Policies subject to medical underwriting.
- Rates are unisex and discounted; rates are the same for men and women.
- Rates may vary according to age. Example shown is for a 28 year old.
- To obtain the discounted rates, policies must be purchased before graduation.
- Discounts remain on the policy until age 65. Premiums on increases also at the discounted rates.
- For more information, contact Set for Life at 303-320-3559 or visit www.setforlifeinsurance.com.
Disability Insurance Discounts Available to Medical Residents and Physicians at New York Presbyterian Hospital
Tuesday, January 5th, 2010
Set for Life Insurance has discounts available for physicians, medical residents and employees of New York Presbyterian Hospital.
When shopping for disability insurance, it is important to look at all of your options available. In addition for looking for the right coverage for your needs, it is important to see if you have discounts available to you. This can save you a significant amount of premium over the course of your career.
Rates are based on several factors including age, gender and occupational class . Female rates tend to be approximately 40% more expensive than male rates. Therefore, if women are able to obtain unisex discounts, they will save significantly. Men will also receive a discount, but the change won’t be as dramatic as their rates start out at a lower premium than their women counterparts.
Sample Rates for Medical Residents/Fellows.
$1000/month benefit: Premium $23/month
$5000/month benefit: Premium $115/month
$7500/month benefit: Premium $172/month
•· Example for a 30 year old non smoker, female, non-surgical specialty.
•· Rates are guaranteed to age 65.
•· Covers you in your medical specialty.
•· Increase options up to $15,000/month in the future without further medical underwriting.
•· Discounts remain on the policy throughout your career, even if you change employers in the future.
•· AM Best A+ Rated company.
•· Includes a 3% Cost of Living and Partial, Residual Disability Rider.
•· Non cancelable, Guaranteed Renewable.
•· Policy subject to Medical Underwriting, Rates may vary based on gender, age, health and medical specialty.
•· Applicants must apply for a policy while still employed at the discounted employer.
If your current employer or residency program does not currently have discounts available, contact Set for Life and we can help implement a discount program for you and your colleagues.
Read More…
- Who Needs Disability Insurance?
- Are You Prepared For a Disability?
- Disability Insurance Policy Provisions
- Individual vs. Group Disability Insurance
- Disability Statistics
- Disability Shopping Tips
- Business Disability Insurance
- Available Discounts
- Insurance Companies
- Disability Insurance Process
- Disability Insurance Glossary
Disability Insurance Discounts Available to Medical Residents and Physicians of Children’s Hospital of Columbus
Sunday, January 3rd, 2010
Set for Life Insurance has discounts available for employees of Children’s Hospital of Columbus.
When shopping for disability insurance, it is important to look at all of your options available. In addition for looking for the right coverage for your needs, it is important to see if you have discounts available to you. This can save you a significant amount of premium over the course of your career.
Rates are based on several factors including age, gender and occupational class . Female rates tend to be approximately 40% more expensive than male rates. Therefore, if women are able to obtain unisex discounts, they will save significantly. Men will also receive a discount, but the change won’t be as dramatic as their rates start out at a lower premium than their women counterparts.
Sample Rates for Medical Residents/Fellows.
$1000/month benefit: Premium $23/month
$5000/month benefit: Premium $115/month
$7500/month benefit: Premium $172/month
•· Example for a 30 year old non smoker, female, non-surgical specialty.
•· Rates are guaranteed to age 65.
•· Covers you in your medical specialty.
•· Increase options up to $15,000/month in the future without further medical underwriting.
•· Discounts remain on the policy throughout your career, even if you change employers in the future.
•· AM Best A+ Rated company.
•· Includes a 3% Cost of Living and Partial, Residual Disability Rider.
•· Non cancelable, Guaranteed Renewable.
•· Policy subject to Medical Underwriting, Rates may vary based on gender, age, health and medical specialty.
•· Applicants must apply for a policy while still employed at the discounted employer.
If your current employer or residency program does not currently have discounts available, contact Set for Life and we can help implement a discount program for you and your colleagues.
Read More…
- Who Needs Disability Insurance?
- Are You Prepared For a Disability?
- Disability Insurance Policy Provisions
- Individual vs. Group Disability Insurance
- Disability Statistics
- Disability Shopping Tips
- Business Disability Insurance
- Available Discounts
- Insurance Companies
- Disability Insurance Process
- Disability Insurance Glossary