Recommendation for Company for Disability for Physician
- Thread starter rex
- Start date
- 15,041
MassMutual, Principal and MetLife have good DI policies. I'll let the crowd tell you which one to go with.
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- #3
- 1,271
Whoever their association endorses with a deep discount ..
- 15,041
No, I wouldn't recommend NWM. It is not own-occ for physicians. You go sell that doc a non own-occ DI policy and see what happens if he gets hurt and they tell him he better go teach and accept the lower salary.
I believe you can buy it as a rider, but then it ends up being more.
The fact you asked suggests you are an NWM agent. Nothing wrong with the company, but the agencies have to be the biggest kool-aid drinkers out there.
I believe you can buy it as a rider, but then it ends up being more.
The fact you asked suggests you are an NWM agent. Nothing wrong with the company, but the agencies have to be the biggest kool-aid drinkers out there.
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- #6
thanks
actually i am a physician. i have/am my own company since i work as a contractor. i was told by such an agent that they do now have the own occupation and that over the course of the policy (to age 65) it will be about 4k cheaper than guardian. not a bunch of money over that time period but just something im looking at. i guess i shouldnt consider it if it hasnt really been tested as own occ?
actually i am a physician. i have/am my own company since i work as a contractor. i was told by such an agent that they do now have the own occupation and that over the course of the policy (to age 65) it will be about 4k cheaper than guardian. not a bunch of money over that time period but just something im looking at. i guess i shouldnt consider it if it hasnt really been tested as own occ?
- 15,041
Since NWM is strictly captive, and I don't believe we have any active NWM agents here, no one on here can really tell you what they are doing. It is all based on examining policies and illustrations that clients, prospects and wholesalers give us.
If it were me, I'd probably go with Mass or Guardian. One thing I've always heard about NWM's policy, is that it is not a non-cancellable policy. With a non-can policy, the company cannot raise your rates or cancel the policy unless you fail to pay premiums or commit fraud. I believe NWM's policy is written on a guaranteed renewable policy. That means they can only take it away for failure to pay or fraud. But, they can raise your rate on renewal as long as they raise the rate of everyone in your age and rate class. NWM uses the dividends on their disability policies to offset premiums and try to keep it from going up. Mass and Guardian write non-can policies. The rate never changes if you don't change the policy. The dividends actually reduce your premium.
Again, I'm not a NWM and have never been one. This is information that has been relayed to me by people who have competed against them. But I trust them, so I feel comfortable telling it to you. I would ask hard questions of the NWM agent, and ask him to show it to me in writing if what he says goes against what I told you.
Remember, nothing a life, health, disability, etc. agent tells you can bind the company. If he tells you something that contradicts the written contract, the company follows the policy and you are left to sue the agent.
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- #9
- 4,132
ONE sentence. The definition of disability. READ everything you're looking at regarding Disability insurance with this one simple thought.... the shorter the definition the better. Guardian defines disability in one sentence and very few words.
You need to know the more words defining disability reduces the insurance company's risk, not yours. Short sweet and simple is best for the insured with these policies.
You also need to review residual disability as well. It too should only be a couple sentences long.
I am looking at guardian for my 4th year son right now. I like em.
What ever you do, read the definitions as they are the only things that matter.
good luck
You need to know the more words defining disability reduces the insurance company's risk, not yours. Short sweet and simple is best for the insured with these policies.
You also need to review residual disability as well. It too should only be a couple sentences long.
I am looking at guardian for my 4th year son right now. I like em.
What ever you do, read the definitions as they are the only things that matter.
good luck
