Question 1

I already have disability insurance through SSM. Should I still consider this insurance?

Accepted Answer

Yes, for three reasons:

First, the monthly benefit amount paid through employer-sponsored disability insurance is likely to be taxable, reducing the true amount of protection the coverage provides. In contrast, the benefits of this plan could be free of income tax when you pay the premiums with your own, after-tax dollars. Consult your tax advisor.

Second, over time your income has probably increased, and the level of protection you now carry may no longer be enough to help cover the living expenses that would continue should you become disabled. Using this plan to increase your total coverage can help you avoid having to deplete savings and investments intended for other purposes, including retirement.

Third, unlike many employer-provided plans, this coverage is yours to keep without interruption, even if you change jobs or become self-employed. This plan adds an extra layer of protection that you control and it can move with you throughout your career.

Question 2

Why should I apply for coverage?

Accepted Answer

SSM has partnered with Guardian Life to provide supplemental income coverage to their Physicians and Executives

Advantages:
Replaces income that is not covered because of the group disability monthly cap
Replaces income that may be lost due to taxes with the group disability plan
No Medical underwriting- Guarantee Issue (No physician exams, lab medical records, or lengthy applications).
You can increase your protection (Monthly Disability Amount) Every year as your income rises. No medical information required, only income verification.
Rates are discounted from 15% to 25%
Once issued your premiums do not increase
Your coverage is fully portable. You can take it with you wherever you practice

Since 1860 Guardian has been committed to serving the insurance needs of their clients. Through their wholly owned subsidiary Berkshire Life they offer high-quality, competitive coverage designed to meet the unique needs of physicians and executives nationwide. This affords physicians and executives the buying power to secure competitive rates and focused coverage you won’t find anywhere else. Consistently high financial ratings mean that Guardian – Berkshire will be there when you need them most.

Question 3

What does own specialty definition mean?

Accepted Answer

Some disability plans limit their definition of 'total disability' to the inability to work in any occupation. This means you might not be eligible for benefits if you are sick or injured but still able to work in another profession.

Other plans may include an own-occupation definition of disability, meaning that you might not be eligible for benefits if you were able to perform any physician job in the field of medicine, even though you were no longer able to carry out the duties and responsibilities of your medical specialty.

This plan contains a preferred definition of disability, called own-specialty, that is so important for physicians. It means you are eligible to receive benefits if you’re unable to perform the duties of your own medical specialty – not just any job or some other job in the medical profession.

Question 4

Are there any enhancements for doctors providing Hands-On Patient Care?

Accepted Answer

If Your Occupation is limited to a Medical Doctor (M.D.) or Doctor of Osteopathy (D.O.) and more than 50% of Income is earned from providing Hands-on Patient Care, we will consider You to be Totally Disabled even if You are Gainfully Employed in Your practice or another occupation so long as, solely due to Injury or Sickness, you are not able to provide Hands-on Patient Care.

If 50% or less of Income is earned from performing Hands-on Patient Care, we will consider You to be Totally Disabled if You satisfy the definition of Total Disability above. Hands-on Patient Care means meeting with a patient in a clinical setting for the purposes of providing medical advice, evaluation, diagnosis, or treatment, that You regularly and personally provide during the 12 months prior to Your Disability.

Question 5

What is the definition of "Your Occupation?"

Accepted Answer

"Your Occupation" means the occupation (or occupations, if more than one) in which You are Gainfully Employed during the 12 months prior to the time You become Disabled. Your Occupation does not mean a specific job title, designation, industry, or job with a certain employer.

If You have limited "Your Occupation" to the performance of the material and substantial duties of a single medical specialty, we will deem that specialty to be Your Occupation.

Question 6

As my salary increases can I increase my coverage? How often can I increase it?

Accepted Answer

Yes, you are able to increase your coverage each year as your salary increases without medical underwriting. If you turn down three increases, Guardian will no longer make the increases available.

Question 7

If I leave my employer can I take the coverage with me?

Accepted Answer

Yes, you are able to take the coverage with you. Notify Guardian and they will bill you directly. You are also eligible for Enhance Portability Option (EPO) which allows you to have a one-time opportunity to increase your coverage to the maximum GSI (Guarantee Standard Issue) limit with no medical underwriting. You will have to be financially underwritten to exercise the EPO.

Question 8

How long will my benefits last?

Accepted Answer

That depends on your age at the time the disability begins. Please see the chart:

Question 9

Who is the underwriter for this plan?

Accepted Answer

Guardian Insurance Company, since 1860 Guardian has been committed to serving the insurance needs of their clients. Through their wholly owned subsidiary Berkshire Life they offer high-quality, competitive coverage designed to meet the unique needs of physicians and executives nationwide. This affords physicians and executives the buying power to secure competitive rates and focused coverage you won’t find anywhere else. Consistently high financial ratings mean that Guardian – Berkshire will be there when you need them most.

Frequently Asked Questions