PROBLEM: Many high-earning doctors don’t have enough disability income protection.
SOLUTION: MGIS High Limits Disability Insurance supplements other policies to provide high-earning doctors with true 70% income protection.
All MGIS insurance products were created with doctors specifically in mind.
MGIS High Limits Disability Insurance supplements existing individual and group disability insurance to provide up to 70% income replacement for high-earning doctors.
Disability Guard for DoctorsTM mirrors key features of individual disability insurance (IDI) while preserving the advantages of traditional group LTD coverages.
MGIS also offers short-term disability, group life, and accidental death and dismemberment insurance.
Monthly benefits are subject to 70% of income and payable for up to 60 months.
Monthly benefits of up to $80,000 or lump sum benefits of up to $2,000,000 may be available if an applicant completes the full underwriting process.
Monthly benefits of up to $80,000 or lump sum benefits of up to $2,000,000 may be available if an applicant completes the full underwriting process.
The definition of disability for doctors should be narrow and specific. A broad and subjective definition leaves doctors vulnerable to being disqualified from receiving benefits.
MGIS defines disability based on the actual procedures each doctor regularly performed for twelve months before the onset of disability.
The MGIS claims team determines “actual procedures” by obtaining billable procedure codes from the policyholder, including CPT, CDT/ADA, modifiers, and other codes relevant to the individual claimant.
If the MGIS claims team determines that the disability prohibits the claimant from performing one or more of these actual procedures, and there is a requisite loss of income, the claimant will be considered disabled.
Our process helps group practices, associations, insurers, and other approved affinity organizations achieve high participation. High touch and convenient online experience help individuals easily apply for coverage in all settings.
Up to 24-month payout for disabilities caused by mental/nervous or drug/alcohol conditions.
MGIS High Limits Disability Insurance offers benefits up to $19,500/month and $2 million lump sum with no individual underwriting for groups of five doctors or more. Monthly benefits of $80,000/month are available with underwriting.
MGIS High Limits Disability Insurance supplements existing individual and group disability insurance to provide up to 70% income replacement for high-earning doctors.
As with other MGIS disability insurance products, the MGIS high-limits disability insurance contract has been designed from the ground up to meet the specialized income-protection needs of doctors.
Healthcare employers must compete to employ doctors during the growing physician shortage. Savvy brokers can help healthcare employers recruit and retain doctors by understanding the importance of disability insurance. Offering the right type and amount of disability insurance can bolster recruiting and retention efforts, with physicians being three times more concerned about disability risk than professional liability risk. Brokers who help their clients achieve up to 70% income replacement will win in today’s competitive marketplace.
Our process helps group practices, associations, insurers, and other approved affinity organizations achieve high participation. A high-touch and convenient online experience helps individuals easily apply for coverage in all settings.
12022 Annual Survey of the U.S. Individual Disability Income Insurance Market, page 12.
2AMA 2013 Report on U.S. Physicians Financial Preparedness
3AMA, “How short-term financial goals undermine doctors’ retirement plans,” August 18, 2020
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