Frequently Asked Questions
GENERAL
How does PhysicianInsure select the companies you work with?
What is the benefit to me of using your services?
How do I know if my current policy is any good?
What if my partner and I are not married?
Does your service cost me anything?
How do I choose the right policy and the right company?
DISABILITY
When is the best time to purchase disability insurance protection?
How much does disability insurance cost?
How do I know which waiting period to choose?
If I change jobs, what happens to my policy?
Are disability benefits taxable?
What is the difference between Group and Individual DI policies?
Can I choose my own doctor if I become disabled?
TERM
What is the basic concept of term life insurance?
What happens at the end of a level term period?
How do I know how much term insurance I need?
UNIVERSAL
What is the basic concept of universal life insurance?
Is the UL premium guaranteed?
How do I know how much universal life insurance I need?
LTC
What is the basic concept of long term care insurance (LTCi)?
Doesn’t Medicare cover long term care?
Doesn’t Medicaid cover long term care?
I’ve got plenty of money in the bank. Why should I purchase long term care insurance?
ANNUITIES
What is an annuity?
What is a deferred annuity?
What is an immediate annuity?
GENERAL
How does PhysicianInsure select the companies you work with?
PhysicianInsure works only with insurance companies in the top 20%, as determined by Comdex scores. Comdex is not a rating itself, but an objective composite of all ratings the company has received, based on a scale of 1 to 100 in relation to other companies’ ratings.
What is the benefit to me of using your services?
• Convenience – we’ll do the shopping for you and present you with the option(s) that best fit your individual circumstances. You can work with us online or on the phone, and we’ll schedule conversations with you that fit your schedule; one call or email from you and we take care of the rest. No need to call multiple companies for quotes.
• Expertise – we specialize in matching busy, successful physicians and their families with solutions that will protect them now and in the future
• Licenses – we are licensed in 50 states and can provide service to you no matter where you move as you advance in your career
• Experience – we have been helping physicians tailor insurance products since 1992; however, our experience goes well beyond that with our team’s work with other, reputable companies
• Outstanding Customer Service – our team is committed to providing the highest level of customer service, and we work with you to create the most convenient, enjoyable experience possible. That experience begins when you first contact us and continues with policyholder services as long as you have your policy. We’ll even help you convert your term policies when necessary.
How do I know if my current policy is any good?
Simply ask us for a policy review. With input from you, we’ll analyze your policy and assess whether or not it meets your current and future needs. Click here for more about our Policy Review Services.
What if my partner and I are not married?
Today’s families are diverse. Only 24% of U.S. households consist of married couples with kids. Non-traditional families, now the norm, can be single parent households, step-families, unmarried couples, same-sex couples, grandparents caring for children … the list goes on. While the types of households may be different, one thing remains the same: they all need financial security. Click here for more aboutNon-Traditional Families.
Does your service cost me anything?
No. You pay the same for your policy whether you purchase it directly from the company or through us. With us, you don’t pay more, and you save time and energy.
How do I choose the right policy and the right company?
That is one of the benefits of working with PhysicianInsure. We’ll present you with coverage options just right for you, usually from more than one insurance company. And because it’s critical to choose a company that’s strong and financially stable, we’ll recommend options only from organizations in the top 20%.
DISABILITY
When is the best time to purchase disability insurance protection?
Now! It’s best to get coverage when you’re young and healthy because:
• Premium and eligibility depend on your age and health status
• Pre-existing conditions are usually not covered
• Serious medical conditions may keep you from getting coverage at all
How much does disability insurance cost?
The answer to that question depends on many factors:
• Your occupation
• Your gender
• Your health
• Is the policy any occupation or own occupation?
• Is the policy non-cancelable, guaranteed renewable or does the insurance company have the right to raise premium or cancel your policy?
• The financial stability of the insurance company
• Optional riders on your policy
How do I know which waiting period to choose?
The pricing for most policies is usually the decision-maker for this question. Often, the premium doubles when you decrease the waiting period from 90 to 60 days. If you have a comprehensive financial plan, wise investment of that premium savings can save you in the long run.
If I change jobs, what happens to my policy?
As long as your policy is non-cancelable and guaranteed renewable, the policy goes with you and your benefits do not change as long as premiums are kept current.
Are disability benefits taxable?
• If your employer pays your premiums, any benefits you might receive will be taxable. It’s always a good idea to consult with your financial advisor about these things.
• If you pay your premiums with after-tax dollars, any benefits you receive if disabled will be tax-free.
What is the difference between Group and Individual DI policies?
Group DI policies:
• Generally less expensive, but read on
• Benefits are taxable because employer typically pays
• Not portable; the policy belongs to the company
• The insurance company or your employer can cancel the coverage at any time
• May not cover partial disability
• Definitions may be more restrictive
• Benefits based on a percentage of base income. Bonuses and/or commissions aren’t typically taken into consideration
• The insurance company can raise your rate at any time
• Benefits are dependent upon your other sources of income and coverage
Individual DI policies:
• Benefits are usually tax-free (as long as you pay the premiums, not your employer)
• Your policy is yours regardless of your job or occupation
• Own occupation coverage (instead of “any occupation” which is typical of most group plans)
• Benefits can increase with inflation
• Bonuses and commissions considered, giving you a more realistic benefit than a group’s salary-only scenario
• Rates are guaranteed to age 65
Can I choose my own doctor if I become disabled?
Most insurance companies will allow you to choose your doctor, but they may require a second opinion.
TERM
What is the basic concept of term life insurance?
Term insurance is often considered "pure insurance protection." It offers guaranteed level premiums and a set amount of coverage for a specified period of time – a term as short as one year, but typically in increments of 5: 10, 15, 20, 25, 30. There are no cash values.
What happens at the end of a level term period?
• If your health is good, you can reapply for new coverage;
• If your health is not good, you can continue to pay increasing term rates; or
• You can convert your term policy to a permanent life insurance policy
How do I know how much term insurance I need?
Visit the Term Life Insurance section of our website for a helpful insurance calculator.
UNIVERSAL
What is the basic concept of universal life insurance?
Universal life insurance is permanent insurance coverage with cash value accumulation. Interest is credited to this cash value at a rate specified by the company. You can select your death benefit option: pay face amount at death, or pay face amount plus the cash value.
Is the UL premium guaranteed?
There are two types of permanent UL insurance. Accumulation Universal Life (AUL) is designed to be flexible and accumulate cash values as premium is added. Guaranteed Universal Life (GUL) is less flexible because it has a guaranteed premium that guarantees a death benefit as long as all contractual obligations are met.
How do I know how much universal life insurance I need?
Visit the Universal Life Insurance section of our website for a helpful insurance calculator.
LTC
What is the basic concept of long term care insurance (LTCi)?
Long term care refers to assistance with ADLs (Activities of Daily Living), the basic, everyday activities most of us can do for ourselves. As a result of illness, injury, or aging, many people need assistance with ADLs like eating, dressing, or bathing. LTCi helps pay for services not covered by other sources, and it can help protect the savings and assets you have worked so hard to accumulate.
Doesn’t Medicare cover long term care?
Medicare covers only limited skilled care in limited situations. It was designed to cover acute care or care received during hospital stays, not ADLs.
Doesn’t Medicaid cover long term care?
Yes, but Medicaid is also very limited. It typically applies only to very low-income individuals with limited assets. For those who are eligible for Medicaid, benefits are very sparse. Recipients may not be able to choose physicians or facilities, may be required to share rooms with multiple others, and many other limiting factors.
I’ve got plenty of money in the bank. Why should I purchase long term care insurance?
The purchase of long term care insurance involves more than just financial planning. It is a life plan, and having LTCi lets everyone know what your plan is. Instead of using savings and investments to pay for LTC, LTCi allows you to ensure you don’t deplete your assets, and frees your loved ones from the guilt they may feel about not taking care of you personally, even though they may not be trained to provide such care.
ANNUITIES
What is an annuity?
A contract from an insurance company that allows you to accumulate money for retirement on a tax-deferred basis, guaranteeing a fixed or variable payment to the annuitant in the future.
What is a deferred annuity?
A retirement savings tool purchased with a single sum or with periodic payments. Earnings are not treated as taxable income until they are withdrawn. The two most common types of deferred annuities are fixed (you know what the interest rate is) and variable (premiums are invested in a number of sub-accounts with rates of return determined by market performance).
What is an immediate annuity?
An annuity that enables you to guarantee income payments that you can’t outlive. Payments begin anywhere from 30 days to one year from date of purchase.
