Ever since completion of my professional training, Set for Life has been a tremendous help and resource with my Disability Insurance needs. They are readily accessible and inform me on any updates as they happen. I feel comfortable that I am getting excellent advice and accurate information.
Archive for February, 2010
Disability Insurance Discounts Available to Medical Residents and Physicians at St. Joseph’s Hospital of Denver
Wednesday, February 3rd, 2010
Set for Life Insurance has discounts available for physicians, medical residents and employees of St. Joseph Hospital of Denver.
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 Physicians and Medical Residents of Denver Health Medical Center
Wednesday, February 3rd, 2010
Set for Life Insurance has discounts available for physicians, medical residents and employees of Denver Health Medical Center.
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
Disabilty Insurance Now Available to Cover Student Loan Payments for Physicians and Dentists
Monday, February 1st, 2010
Did you know that most student loans must be repaid in the event you become disabled? Most loans do not need to be repaid if you die.
According to the American Medical Association, student loans are on the rise.
Student debt statistics
- $156,456 – According to the Association of American Medical Colleges (AAMC), the average educational debt of indebted graduates of the class of 2009.
- 79 percent of graduates have debt of at least $100,000.
- 58 precent of graduates have debt of at least $150,000.
- 87 percent of graduating medical students carry outstanding loans.
Source: AAMC 2009 Graduation Questionnaire
These extra payments can be burdensome to pay back as you start to earn an income. What would happen to you if you became sick or injured and couldn’t work? How would you repay these loans?
Disability income insurance policies are now available to cover student loans. This can be a much more cost effective way to insure that extra $1-2000/month you are paying for your loans. This policy is only available for dental and medical school loans.
A loan policy works to protect the duration of the loan. For example, if you have $100,000 of student loans and are expected to be paid off in 10 years, the policy would pay the monthly benefit (debt payment amount) to pay off the loan. If you became disabled in the third year, the policy would pay off the remaining 7 years.
Cost:
To insure $2000/month benefit, 10 year total disability policy for a 30 year old female surgeon, the premium would be $67/month. To insure $2000/month to cover a 10 year loan, the premium would be $28/month. Keep in mind the first policy would cover for 10 years regardless of when the disability occurred whereas the ladder would only cover the duration of the policy. However, it significantly reduces the premium needed to cover the monthly loan repayment expense.
Why medical education debt has increased
Medical education debt is driven by rising tuition. AAMC data show that median private medical school tuition and fees increased by 50 percent (in real dollars) in the 20 years between 1984 and 2004. Median public medical school tuition and fees increased by 133 percent over the same time period. Other recent 20-year periods show similar trends.
Tuition is just one source of increasing debt burdens. Other causes include:
- Interest accrued on loans over time significantly adds to the total cost of student debt.
- Students are now entering medical school with more education debt from undergraduate education.
- Increasing numbers of “non-traditional” students who have children to support.
For more information on insuring your student loan payments, please contact the Set for Life Insurance office today.