Broker Check

Residents: Disability Insurance

We believe the most valuable asset that you have is your ability to generate income throughout your career, making individual disability income insurance in a non-cancelable policy a cornerstone of a sound financial strategy. Individual disability income insurance provides a monthly benefit (possibly tax-free) if you are unable to work for an extended period of time due to sickness or injury. At Corto Financial Group, LLC we are able to offer significantly discounted own occupation physician specific disability policies from the 5 major carriers - Principal, Ameritas, Guardian, MassMutual and Standard.  Based on your gender, specialty, current health status and the Hospital you currently train with, we will be able to determine which carrier is the best fit for your personal circumstances.  You will be able you are able to lock into excellent policy definitions, fixed rates, and significant discounts.

The main features are as follows:

  • Possible Guaranteed Issue based on training Hospital (up to 15k of coverage with no medical underwriiting).
  • Own-Occupation Rider specific to your profession and specialty.  
  • Non-cancelable which means the carrier cannot cancel this policy.  
  • Discounts up to 30% and the policy is portable until age 65/67.
  • Up to $30,000 per month of individual coverage. 
  • Fixed premiums until age 65/67; additional coverage will increase the premiums for your policy.
  • Student Loan Rider available. 
  • Catastrophic Rider available.  
  • Protects you in your own occupation (and insurer cannot change the policy terms)
  • The ability to increase coverage as your income rises annually (provided insured is not hospitalized, not disabled, and not collecting benefits) without further medical underwriting.

Residents during training
By putting coverage in force now, you lock into this policy through age 65/67. If you wait 1-4 years to get coverage, you may pay substantially more for a policy. Even a small amount of coverage gives you the right to keep the discounts and apply for more coverage in this policy at a later date when your income rises. Provided you are eligible for benefits, we believe you should be protected during your training to the highest possible level.

Residents leaving WITHOUT group long-term disability (LTD) coverage.
Many physicians have to provide their own long-term disability insurance. Additionally, many association plans do not offer non-cancelable coverage at fixed prices. This is one of the most important features of a policy for doctors because insurance companies, in some association plans, can cancel coverage or raise prices. You have a limited time to apply for this policy with simplified underwriting and discounted rates. After that period, you can still apply for the policy; however, you will be subject to the full underwriting requirements of the issuer. You reserve the option to apply for more coverage as your income rises in this policy with the discounts each year (up to the maximum monthly issue limit). Through this offer, as long as premiums continue to be paid on time, the policy cannot be canceled or altered by the insurance company before age 65/67. If you do not know what your income will be or where you will work, you can still apply for this policy. 

Residents leaving WITH group long-term disability (LTD) coverage from employer.
Not all employers offer group LTD as a benefit. If they do, benefits payable under this group coverage would be taxable to you if your employer pays the premiums and you could still have a serious income deficit during a period of disability. The benefits payable under the individual disability income insurance policy are non-taxable because you pay the premium. By purchasing an individual disability income policy, you spend a small fraction of your income to help ensure that you have adequate income protection. As a disability income insurance policy is the cornerstone of your financial strategy, this is an important consideration. For higher income physicians, this policy will supplement your taxable group coverage and give you a higher possible net benefit, should you be eligible.*

*The information provided is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties
This supplemental individual disability income insurance does not coordinate with your group long term disability coverage. Claim decisions are rendered independently of each other.