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Disability Insurance

Mensh Insurance is an independent insurance agency providing the most comprehensive and price competitive disability income protection policies in the nation (including group insurance). We are particularly adept in offering reliable information and a streamlined application process for members of the medical world, including all practicing physicians, residents and fellow physiciansnurses and physician’s assistants, who need the very best protection options.

What is Disability Insurance?

Disability insurance for any professional is designed to replace lost income in the event of a disabling condition from illness or an accident. (Partially disabled or totally disabled.) An event that causes a disabling condition is essentially the definition of disability in this context.

Typically, most insurance companies will allow the insured to protect up to 60% of their pre-disability earned income and pay monthly benefits to age 65, 67, or even 70. That’s particularly helpful for the high income earner.

Mensh Insurance works with you to determine your monthly payout eligibility, supplement your employer provided protection, or increase to become more fully insured from within an older policy already in force.

Additionally, features or added benefit riders are available to customize your plan to fit your needs, with insurance providers such as:

  • Own Occupation Disability Insurance (true own occupation)
  • Specialty Own Occupation Disability Insurance (true own occupation which is critical for most physicians)
  • Residual/Partial benefit
  • Cost of Living adjustment for monthly income
  • Catastrophic
  • Non-Cancelable benefit period
  • Guaranteed Renewable
  • Future Purchase Options

The younger the insured is when a policy is purchased, the lower the cost. What’s more, purchasing early means it is fixed for your entire career and portable from state to state.

As a physician, and depending upon your stage in training, you may be eligible for significant discounts from several of our carriers, which helps with financial planning. Should you be employed by a hospital or larger practice, we can work with you, your HR team, or partners to determine the best way to lock in voluntary or employer paid discounts for you, as well.

The Leading Disability Insurance Providers for Physicians

Our foundation lies in working with physicians and designing the most comprehensive insurance programs for individual doctors, practices, and hospitals to protect their most valuable asset…earned income. Our independence allows us to offer exceptional protection policies by working with only the leading disability insurance providers for physicians to save money, which include major carriers such as:

  • Ohio National
  • Guardian Life Insurance Company
  • Principal
  • Mass Mutual
  • The Standard
  • Ameritas
  • Lloyds of London
  • Special Insurance Offers for GMEs

It’s worth exploring even as an add-on to your existing policy, whether as part of a group policy or as individual disability insurance.

What is Supplemental Disability Insurance?

Most employees of a company will be automatically enrolled in a Group Long Term Disability Insurance policy program. Typically, this will be designed to replace 60% of base salary up to a stipulated monthly maximum, such as $5,000/$10,000/$15,000. When the employer pays the premiums for these programs, as is typically the case, the benefits paid to the insured during a claim are considered taxable as ordinary income. This scenario leaves an employee with a significant income loss and we use individual disability insurance to SUPPLEMENT the tax loss. Here’s an example…

If someone is earning $200,000 of base pay and another $50,000 of bonus, the group plan only insures the base in most cases. So, 60% of the base salary would be $120,000 or $10,000/month. If the group plan is capped at $10,000, many will incorrectly assume they are fully insured. But, remember, that $10,000 is taxed as income leaving the employee with closer to $6000/month NET…So, we have to fill in the $4000 we lost in tax AND insure the $50,000 bonus! This individual needs closer to $7000/month of individual disability insurance to be sure to get income truly replaced.