Disability Income Protection for Resident Physicians in NY State
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If you are a medical resident, the time to put personal insurance protection 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.
Resident physicians who are members of the Medical Society of the State of New York, and under age 40, may apply for up to $5,000/month ($60,000/year) without proof of income, with the policy that is endorsed by MSSNY. The only financial information required is the amount of individual disability income insurance you currently have in force, if any. 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.
$5,000/month Disability Benefit Amount
(90-day waiting period, Benefits to Social Security Normal Retirement Age*)
|Attained Age||Semi-Annual Premiums|
* The Social Security Normal Retirement Age, for individuals born in 1960 or later, is age 67
Other Advantages for Residents
This coverage is portable. 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.
The rates in this program are unisex, so female residents don’t pay more than male residents. Rates do not vary by medical specialty, either.
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!
This coverage is administered by Charles J. Sellers & Company, Inc. and underwritten by Life Insurance Company of Boston & New York.
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.
For complete details concerning your eligibility to apply, policy benefits, limitations and exclusions, please refer to Policy Form DIC-N (0900) NY or contact Charles J. Sellers & Company.
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