Guaranteed Standard Issue Disability Insurance
Why your Business or Hospital Should Have it
Have You Ever Tried to purchase individual Own Specialty Disability Insurance before?
If the answer is yes then you understand that the process can be long and you are required to complete lengthy applications that require a complete medical history and release of medical records. You are required to complete paramedical exams and provide the insurance carrier with proof of income. The average Disability Insurance application takes 4-6 weeks to underwrite. And 1 in 3 applications get denied or they approved with limitations, ratings or exclusions related to pre-existing medical conditions.
Did you know that your employer can make this process easier to where you can purchase a True Own Specialty Disability plan without the underwriting and regardless of your health?
Many Physician Practices and Hospitals have found success by utilizing Guaranteed Standard Issue (GSI) Programs.
What is GSI? GSI allows the insurance carrier to actuarially spread the risk of coverage over a larger pool of applicants that work at a common employer reducing their risk and eliminating the need to medically underwrite each and every individual applicant.
How will this Benefit You? If a GSI plan is established at your place of employment True Own Specialty Disability Insurance would be made available to you without the need for medical underwriting, without exclusions regardless of your health history. You are guaranteed coverage. And these are NOT watered down plans. A GSI plan offered through a True Own Specialty Disability carrier is the same exact coverage you would get if you applied on your own and at a savings of between 15-35% a year off the normal price.
Common areas of concern when purchasing Own Specialty Disability Insurance on your Own
Extremely High Premiums
The average physician pays over $6,500 per year on their Own Specialty Disability Insurance.
Pre-Existing Medical Exclusions
After you complete your medical underwriting you may find that your preexisting conditions have been excluded or you may have been denied coverage altogether.
Physician Income often fluctuates and providing consistent proof of income can limit the benefit amount you qualify for during financial underwriting.
Advantages of a GSI Plan offered to the employed Physicians of a Hospital or Medical Institution
Coverage is offered at unisex rates with mult-life discounts making the cost between 15 - 35% cheaper for life.
No Medical Requirements
Pre-existing medical conditions are covered and coverage is offered regardless of your health.
Note** This can depend on the carrier providing the plan. A common stipulation is the term "3/12" - pre-existing condition is an illness or injury for which you received treatment within the 3 months prior to your effective date of coverage. Disabilities that occur during the first 12 months of coverage due to a pre-existing condition are excluded.
No individual income verification
No need to provide proof of income to determine benefit eligibility. Income is provided through the census that the employer provides to the carrier. W-2 and 1099 can be combined for greater overall income replacement if derived from the same employer.
GSI Payment Options
Payment options exist to where the company can pay the premiums, the employee can pay the premiums individually, or the employer can split the premiums with the employee through payroll. Coverage participation is completely voluntary for the employee.
A Benefit for the Employer too
You define the eligible employees.
Individual, portable policies are issued-Eligible employees can obtain an individual non-cancellable DI policy with no exclusions or ratings.
You are removed from the claims process.
You have a potential deductible business expense- The premiums paid may be a deductible business expense, if the medical group pays the premium.
You enhance the benefits you already offer.
Contact William D. Kibler
From the White Coat, Insurance Group to Learn More