Jamie and her team make every effort to ensure your goals are well understood and provide information for you to consider on best next steps for your future.  The entire team is professional, knowledgeable and committed to providing tools that aide in the decision making process.

 

— –Rae Ann Paden, Director, Albuquerque, NM

Disability Insurance for Nurse Anesthetists CRNAs.

As a CRNA, you have put in many years of education and training to get to where you are today. You understand the importance of protecting your income if you became too sick or injured to work.

As a CRNA, look for the following provisions in an individual disability policy:

  1. Specialty Specific Language. Make sure the policy covers you if you can’t work as a CRNA, even if you can work in another occupation. This is usually called “own occupation” or “regular occupation” depending on the company.
  2. Non Cancelable, Guaranteed Renewable. This means that once you have your policy, the company can never raise premiums or modify or change your policy.
  3. Increase options. This allows you to purchase more benefit in the future as your income increases without having to go through additional medical underwriting.
  4. Discounts. If eligible, you may qualify for discounts saving you a significant amount on your premium.

Set for Life Insurance has discounts available at the following CRNA schools:

CRNA students within 180 days of graduating from CRNA school, you may purchase up to $4000/month benefit without income verification.

    • Medical College of Georgia
    • University of Maryland
    • Carolinas Medical Center
    • UMDNJ
    • Duke University
    • University of Cincinnati
    • University of Tennessee
    • University of Alabama
    • Oregon Health Sciences
    • University of Texas
    • Baylor University
    • Louisiana State University

Association policies.

As a CRNA, you may be eligible for a policy through your association. Here are some things to keep in mind about association policies:

  1. Policies may have an own occupation definition for a limited period ( 2 years, for example). After that period, the policy would only pay you if you were totally disabled and not working.
  2. Rates may not be guaranteed. While rates may look low now, they may increase significantly  in the future.

Group benefits vs. an individual policy

If you work for a group or a hospital, you may be offered a group policy. Usually you cannot opt out of taking the policy. Group policies typically offer a limited monthly benefit (60 percent of your income to a maximum amount). If your income exceeds $200k, the percentage of benefits replaced may start to reduce if you have maximum limits on the policy.

Group policies can’t discriminate – they must offer coverage to everyone in the group. Consequently, they often lack the important provisions of a personal policy.

  • Your group policy may require you to be totally disabled and not able to work in any capacity before you can receive any benefit.
  • The benefit may be taxable income to you if the employer is paying the premiums.
  • Your employer may cancel your policy at any time.
  • Even if you have a group policy, it is still important to consider supplementing with an individual policy.
  • Your individual policy is portable and you may take it with you if/when you leave your employer.
  • The policy definitions on an individual policy are usually superior (own-occupation, inflation protection).
  • If you are only partially disabled, your group policy may not pay you.
  • Having an individual policy protects your insurability by purchasing increase options. If your health changes, you may still purchase more coverage in the future based only on financial underwriting.

About premiums

If you are concerned about paying for your disability insurance while getting established, there are several things we can do to reduce your premium as much as possible.

  • Look for discounts available. Set for Life Insurance has discounts set up at companies and hospitals throughout the country. This can save you between 15 to 55% on your premiums (depending on gender and occupation). If discounts are not yet set up at your place of employment, contact Set for Life to help implement the discounted rates.
  • Some companies allow a “graded” or increasing premium. This is initially less expensive and your premium will increase each year. If you wish to lock it in at a later time, you may do so on any policy anniversary.
  • You may choose to simply supplement what your group policy already offers and load up your policy with increase options. This will allow you to keep your premium low during residency and still reserve the right to increase it in the future without any medical underwriting.

Read More…

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