Common Questions You May Encounter When Presenting MGIS Disability Insurance for Doctors—and How to Respond

Eddie Whalen

MGIS Disability Guard for Doctors™ is specialized disability insurance designed exclusively to address the unique coverage needs faced by doctors while safeguarding their earnings and professional standards. Doctors understand disability insurance is important for them and value quality coverage. Yet, doctors and their group administrators may likely still have questions. Answering these questions with clear responses may help you with your doctor group clients and prospects. This blog post will help you address some common questions by highlighting the value of Disability Guard for Doctors™.

Understanding Common Questions

Before we tackle the questions, let’s outline what you’re likely to hear:

  • This costs more than other insurance plans.
  • Group LTD is lower quality than what we want for our doctors. 
  • I am a general practitioner, so why do I need specialized disability insurance?
  • My individual disability insurance (IDI) policy is sufficient for me.

These are natural questions, and you can usually easily address them with simple explanations.

Higher Pricing Concerns

In a competitive market, brokers often face pushback when presenting MGIS products as a higher-priced option. However, it’s important to note that insurance costs are not the only factor to consider. With MGIS, clients also gain access to specialized benefits and services that can provide added long-term financial security and peace of mind.

“This program costs more than other insurance plans.”

Response Strategy: When confronted with concerns about MGIS’s pricing, it’s key to emphasize the comprehensive coverage and exceptional claims servicing that MGIS offers. Explain that the higher price is justified because MGIS pays claims when doctors need it the most. Use a comparison with IDI coverage to illustrate this point: most people don’t choose the least expensive IDI policy; they select the one with the best policy language and richer benefits. Highlight the specific features that justify the higher cost, such as better benefits for partial disability and longer payout periods for older claimants.

In this same vein, some doctor groups may think a CPT code definition of disability is unnecessary and doesn’t justify the higher price. However, it’s important to explain that this definition is the most comprehensive and beneficial way to determine disability.

“Isn’t a specialty/sub-specialty definition good enough?”

Response Strategy: Clarify that while specialty/sub-specialty definitions are available in the market, MGIS focuses on the actual procedures performed by the doctor. This ensures that coverage aligns more closely with the doctor’s day-to-day activities, providing more accurate and unambiguous coverage. Use examples to show the potential gaps in typical specialty/sub-specialty definitions. Additional content could include case studies or testimonials from doctors who have experienced the benefits of MGIS policies firsthand.

MGIS pioneered specialty/sub-specialty in the 1980s but has since innovated further to define disability using the actual procedures (CPT/CDT codes) the doctor uses. This is because medicine continues to become more specialized. When you explain this to a doctor, they will usually immediately understand the distinction.

By thoughtfully explaining to groups why the price of MGIS policies may be higher than other options, agents can highlight the superior coverage and benefits that justify the cost. This can also help to build trust with potential clients, showing them that you want them to have the best coverage on the market.

Negative Perceptions of Group LTD

Doctors are often told early in medical school to not rely on group LTD policies. This is not surprising, as many financial advisors sell IDI coverage by giving doctors negative perceptions of group LTD. They associate this coverage with generalized coverage and slow claims processing. However, MGIS aims to change this perception by offering a different type of group LTD policy that caters specifically to doctors’ unique needs.

“Group LTD is lower quality than what we want for our doctors.”

Response Strategy: Many clients believe that Group LTD policies come with too many restrictions, making claims less likely to be approved. While this is true for many typical Group LTD policies, Disability Guard for Doctors™ is different.

Here is an example of what a response to this concern might look like:

“You are correct that many Group LTD policies are too restrictive and less likely to pay a claim. However, the Disability Guard for Doctors™ policy mirrors the provisions of IDI and has much fewer exclusions and limitations. For instance, there are no mandatory rehab requirements, no part-time work requirements, no 40-hour workweek limitations, and no restrictions on international residence. These fewer mandates and restrictions make it significantly easier for doctors to qualify for and receive their benefits.”

“I’m a general practitioner, so why do I need specialized disability insurance?”

Response Strategy: General practitioners might feel they don’t need specialized coverage. Emphasize the importance of being protected for their actual duties and hours worked, not just typical practices. Explain that the perceived “bells and whistles” in MGIS policies are often the very provisions that allow a claimant to qualify for disability and receive richer benefits for a longer period.

“I don’t want to buy Group LTD for my employees.”

Response Strategy: While it may seem like an added expense, offering Group LTD coverage to employees can actually benefit both the employer and employees. By providing this type of insurance, employers can attract and retain top talent by showing they value their employees’ well-being.

Also, groups can select certain employees to be covered based on criteria such as job title or years of service, reducing the overall premium. For instance, employers can choose to provide this valuable benefit to key employees, ensuring they are protected without incurring unnecessary costs.

By addressing these negative perceptions with clear, factual information about the unique features of Disability Guard for Doctors™, brokers can help clients understand the distinct advantages and dispel common misconceptions about Group LTD policies.

IDI Coverage Benefits

Since most doctors already have some form of IDI coverage, it can be challenging to convince them of the benefits of adding on Disability Guard for Doctors™.

“My individual disability insurance policy is sufficient for me.”

Response Strategy: Many doctors believe their IDI policy is sufficient to cover their needs in the event of a disability. However, it’s important to help them understand that IDI alone may not provide the comprehensive coverage they need to maintain their current lifestyle.

Here is a follow-up question for your clients:

“What percentage of your income needs to be insured for you to live a similar lifestyle if you become disabled? Does your individual disability coverage alone protect your needed percentage?” And, “Would your spouse agree?”

This question prompts the client to consider whether their current IDI policy adequately covers their income needs. Many clients may realize that their IDI coverage falls short, creating a coverage gap.

Key Points to Emphasize:

  • Adequate Income Coverage: Ensure the client understands that IDI alone may not provide the full income replacement they need to maintain their lifestyle.
  • Complementary Benefits: Explain how IDI and Group LTD can work together to offer more comprehensive protection.
  • Simplified Underwriting: Highlight that Group LTD does not require medical questions, blood tests, urine tests, or para-med exams, making it easier to obtain additional coverage.

Learn More by Contacting the MGIS RVP of Sales in Your Area

While these are some of the main questions you may encounter, there may be others specific to each client. That’s why it’s important to have open and honest conversations with your clients and address any concerns they may have about MGIS. If you would like more information or help in addressing these questions, please reach out to the MGIS RVP of Sales in your area. They are experts in our products and can provide valuable support in helping you close the sale and protect doctors’ financial security.

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