Posted on: January 8, 2021
SALT LAKE CITY, Nov. 16, 2020 — MGIS, a leading provider of disability insurance products designed for physicians, dentists, and other specialized healthcare professionals, today announced it has extended its High Limits product offering to include High Limits Business Overhead Expense coverage and High Limits Student Loan Payoff coverage.
Jeff Brunken, president of MGIS notes, “MGIS is dedicated to providing high-value income protection to healthcare professionals. Both of our unique products solve specific problems that many healthcare professionals face in the event of a disability. When a practice owner becomes disabled, he or she is still on the hook for business expenses. When any healthcare professionals with student loan debt becomes disabled, they still owe their student loan payments. These products solve both problems.”
The High Limits Business Overhead Expense product can be structured as either an indemnity or reimbursement. Structured as an indemnity, benefits will be paid without the need for copious reimbursement paperwork. This accelerates the delivery of benefits.
According to the Association of American Medical Colleges, “The median education debt for indebted medical school graduates in 2019 was $200,000, and 73% of graduates reported having education debt.” The High Limits Student Loan Payoff boasts lump sum maximum limits up to $500,000 and monthly maximum limits of $3,500—some of the highest limits available in the disability insurance industry.
MGIS’ new High Limits disability insurance products unite MGIS’ experience and understanding of the physician disability insurance market with Lloyd’s innovative environment and financial strength. Both new products work off the powerful High Limits Disability Insurance contract which was designed specifically for healthcare professionals and reflects many of the product features fine-tuned for the group-physician disability market during the past 50 years.
MGIS is a leading national insurance program manager experienced in building and managing specialized insurance programs for healthcare professionals. We partner with the highest rated insurers and focus on group disability and life for medical practices of all sizes, types, and specialties. Insurance policies managed by MGIS are backed by members of the Sun Life group that are insurance companies and Certain Underwriters at Lloyd’s. We work exclusively through select brokers and insurance advisers. MGIS services are provided by MGIS affiliated companies: The MGIS Companies, Inc., Medical Group Insurance Services, Inc., and MGIS Underwriting Managers, Inc. (DBA as MGIS Professional Insurance Solutions in CA and MGIS Underwriting Agency in NY). www.mgis.com
Lloyd’s is the world’s specialist insurance and reinsurance market. With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress. Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.