- 4,686
He didn't ask for a recruiter when he started this thread. Please read the Forum rules.
DI for a Doctor
- Thread starter Ladeemelie
- Start date
mickey2
Expert
- 26
I'm not trying to recruit trying to help
- 4,686
If you're truly trying to help, why not give him some options (DI PLANS FOR THE DOCTOR) for what he is looking for? He's not looking for an MGA.
mickey2
Expert
- 26
While a company like Lloyds will ensure larger monthly benefits for doctors with large incomes. It is also a good idea to spread the risk out over a few carriers (for individual coverage aka IDI) maximize his group LTD (aka GLTD) and a Lloyds Policy to get as much as $100k monthly benefit. Example- $25k mb Standard (IDI) $25k mb MetLife (IDI) 60% to $15k GLTD (group) and $35k mb Lloyd (IDI)
Depending on what kind of doctor they could qualify for more IDI and GLTD benefits.
Depending on what kind of doctor they could qualify for more IDI and GLTD benefits.
- 4,132
Aw mickey you're so fine....
Now by chance of all the things you've mentioned, well would they all have the same provisions and definitions? Would some plans limit others? and would all these kids decide to camp together?
just asking my friend....
Now by chance of all the things you've mentioned, well would they all have the same provisions and definitions? Would some plans limit others? and would all these kids decide to camp together?
just asking my friend....
mickey2
Expert
- 26
Individual policies have the strongest definitions of disability (own occupation) and richest benefits (tax free where premiums are paid by employee). Group policies may contain strong definitions of disability (own occ or modified own occ) but the benefits recieved are taxable because the premiums are paid by the employer (using pre-tax dollars). Group policies are not portable, lose or change your job and lose the coverage. The coverages work well together. Employer sponsored Group plans offer significant savings. (Premiums) Individual plans are more expensive but offer more comprehensive coverages and tax free benefits. Individual policies also offer more optional riders, Non Cancellable, Catastrophic, Future Purchase Option, and Indexed Cost of Living Adjustment. The individual policies are designed to work together with other individual and group policies. All of the carriers have I&P limits (issues and participation limits) to insure the insured is not over insured.
Group policies usually only have own-occ or modified own-occ for the first two years. Premiums for group policies are not always paid by the employer...many companies have voluntary group DI where the employee pays the premiums and the benefits are tax-free, or when the employer pays the premium they offer an option to make the premium amount taxable to the employee as income, which results in tax-free benefits. Only when the employer pays 100% of the premium is it taxable. Group policies can be portable if there is a conversion option. Individual policies are not designed to "work well with" group policies, and group policies are not designed to "work well with" individual policies. In fact, some group policies specifically offset benefits that an insured receives from an individual policy, meaning they wouldn't work together at all and one of these group policies would largely be a waste of money.
mickey2
Expert
- 26
While I respect your opinion, I do not agree with you about the group and individual policies working "together"
Michael Sileo Jr. MGA
General Agent Center Inc.
Michael Sileo Jr. MGA
General Agent Center Inc.
They are two separate policies with different benefits and contract terms. Please share your thoughts on how a group policy and individual policy work "together".
mickey2
Expert
- 26
Agreed! I was answering the original question about getting the doctor with 1 million income the largest monthly benefit with a combination of individual and Group coverages. Individual companies offer greater monthly benefits to those with in force GLTD. (Issue and participation limits)
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