As a CRNA, you understand the importance of carrying a quality individual disability insurance policy. When it comes to choosing the best policy to suit your needs, it is important to consider all options. For instance, should you consider an individual policy or a policy through your association?
The answer is: it depends on what you are looking for. Cost vs. benefits.
Individual policies for CRNAs are going to be more comprehensive, but can be more expensive as a result. They will also require medical underwriting. If you have a serious health condition, you may be better off considering your association policy. If you are healthy, you ought to consider an individual policy as it will have more comprehensive policy provisions:
- · Non cancelable, guaranteed renewable. Individual policies will have rates guaranteed to age 65. Association policies are guaranteed renewable, meaning the rates can increase in the future and are not guaranteed. If you are younger and plan to carry the insurance for a long period of time, this could be risky if your premiums increase in the future and you have an adverse change of health.
- · Definition of Disability. Many individual policies have an own occupation definition of disability which will cover you if you can’t work as a CRNA. The association plan will, too, cover you if you can’t work as a CRNA. HOWEVER, only for a set period of time—either 24 months or 5 years. After that period of time, the definition becomes much more restrictive.
- · Discounts available. If you are employed by one of the Set for Life Insurance discounted hospitals, you may eligible for a significant discount not found elsewhere. These discounts are permanent and apply to any increases in the future.
For more information about individual disability insurance for CRNAs and to request a personalized quote comparison, please visit the Set for Life Insurance office today!