If you are a medical resident, the time to put a personal insurance program in place is now. You have invested heavily in your education and training, resulting in a valuable asset – your ability to produce an income for years to come. But what if an accident or illness strikes? You need to protect your future income stream by obtaining high quality disability income insurance, which pays you a benefit if you become disabled.
Underwriting Requirements
Most disability insurance programs require that the individual applying for insurance qualify financially and medically for the coverage. That is, the individual must have enough income to justify the benefit amount applied for, as insurance companies will generally insure individuals for approximately 60% of their earned income.
The individual must also have good health and medical history in order to purchase the policy. In order to evaluate an applicant’s health (a process called medical underwriting), an insurance company will review your health history, and you may be required to have a medical exam and blood work performed. It is important to apply for disability insurance while you are young and healthy, because if you develop a health problem later, you may not qualify for coverage at that time. At the same time, it is likely that, as a resident, your current income is significantly less than what you stand to earn upon completing your residency, capping the amount of coverage for which you may ordinarily apply.
Exclusive Offer for Residents in New York State
To address these underwriting issues, Sellers & Co. has the following offer for residents. Resident physicians may apply for up to $4,500/month ($54,000/year) without any financial underwriting. You will not need to provide proof of your current or anticipated income to apply for this level of coverage.
Sellers & Co. also has simplified medical underwriting available to residents. Residents may apply for the amounts of Disability Income Protection listed below, with a two-year benefit period and a 90-day waiting period without a medical examination. Residents need to be working at least thirty hours per week, in good health, and under age 50 to apply.
Under age 35 - $4,000/month ($48,000/yr.)
Ages 35-39 - $3,000/month ($36,000/yr.)
Ages 40-49 - $2,000/month ($24,000/yr.)
Higher amounts of coverage, up to $15,000/month, with longer benefit periods and other waiting period options are available based on medical and financial underwriting. Please contact us to discuss your eligibility to apply.
As a resident, you’re probably concerned about the cost of disability income insurance. This coverage is offered at favorable group rates, as the chart below illustrates.
$4,500/month Disability Benefit Amount
(90-day waiting period, Benefits to Age 65)
Attained Age |
Semi-Annual Premiums |
| Under 30 | $ 329.20 |
| 30-34 | $ 403.40 |
| 35-39 | $ 515.05 |
| 40-44 | $ 659.75 |
| 45-49 | $ 859.25 |
| 50-54 | $1,090.35 |
| 55-59 | $1,359.75 |
| 60-64 | $1,447.20 |
If, upon completion of your residency, you move to another state or country, you may continue your coverage, as long as you continue to be actively at work in your profession and are otherwise eligible.
You may also protect your future insurability by adding a Guaranteed Purchase Option to the disability income policy under this program (for additional premium). With this option, available to applicants under age 40, you can increase your coverage by 25% on the second, fourth, sixth, and eighth anniversaries of your policy’s first renewal date, without medical underwriting. This option will protect more of your income as your earnings increase following your residency.
Act Now to Protect Your Income
Please call us today at (716)627-5400 or toll-free 1-800-333-5440 to speak with a licensed insurance agent who can assist you,
e-mail us, or click here to submit a request for information. We will be happy to discuss your eligibility to apply and other options with you by telephone or in person.
This coverage is administered by Charles J. Sellers & Company, Inc. and underwritten by Life Insurance Company of Boston & New York, 277 North Avenue, Suite 200, New Rochelle, NY 10801. Life Insurance Company of Boston & New York (LICOBNY) has a Best’s Rating of A- (Excellent). This rating reflects an evaluation of the Company’s financial strength, operating performance and market profile. The rating also provides an independent opinion of a company’s ability to meet its obligations to policyholders. A- represents the fourth highest rating out of a possible 16 rating categories. The current rating was affirmed by AM Best on May 4, 2011. For current rating information, see. www.ambest.com.
Required Disclosure Statement
This policy provides DISABILITY insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department. The expected benefit ratio for this policy is 60%. This ratio is the portion of future premiums which the company expects to return as benefits when averaged over all people with this policy. See Policy Form DIC-N (0900) NY.
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