No. The Essentials disability income policy is non-cancelable and guaranteed renewable to age 65, or five policy years if later, depending on the state of issue. The “Your Occupation” definition of disability in the Essentials disability income policy is only available to new applicants that are between the ages of 18 and 45.* However, once the policy has been issued, the insurance carrier cannot change any of the policy provisions or premiums until the end of the non-cancelable and guaranteed renewable period. If the policyholder increases his or her benefit, there will be an additional premium associated with the benefit increase.

As a physician your job is highly specialized. It is therefore important to ensure that you have a disability policy that may pay you benefits, even if you are able to work in a different occupation.

* Not available in California.

Occupational classes can be defined differently by carriers. With MetLife, for instance, radiologists are classified as a 5S but another carrier may consider them a 5I. Therefore, it is important to understand the provisions of each carrier’s policy, including the definition of total disability – not just how they define occupational classes.

By leveraging the buying power of America’s residents & fellows, Essentials is able to provide an individual disability income policy at competitive rates. The program provides a non-cancelable policy that allows you to lock in rates, plus it utilizes a simplified application process with no intrusive or time consuming medical exams – yet still offers lower rates than typical MetLife fully underwritten policies.

However, there is a limited time period by which you must enroll. The open-enrollment period for the Essentials Disability Income Insurance program is from November 1 through December 1, 2012. In addition, the benefit amount has been pre-determined at $5,000 per month (although there is a future increase option available to purchase an additional benefit of $2,500 per month).

* The amount of benefit for which you are eligible may be reduced by the amount of other individual disability income coverage you have inforce.

Only financial advisors who are associated with the AMA Insurance Agency’s Physicians Financial Partners program are authorized to market the Essentials disability income policy. If your local advisor isn’t associated with Physicians Financial Partners, they are not authorized to market the Essentials policy – which is likely why you didn’t hear about it from them. The Physicians Financial Partners program offers physicians access to locally vetted financial professionals – screened by the AMA Insurance Agency. To learn more about the Physicians Financial Partners program visit www.pfpprogram.com.

The program provides a non-cancelable policy that allows you to lock in rates, so the rates will not increase until age 65, or five policy years if later (depending on the state of issue). This means that, as long as you pay the premium on time, the premium rate cannot be increased until the first premium due date on or after your 65th birthday, or on the fifth policy anniversary if later.*

*If you increase your benefit amount under the program, there will be an additional premium associated with the increased benefit.

To secure higher benefit amounts in a disability income policy you would typically have to purchase a fully underwritten policy. This would likely require the completion of a thorough questionnaire regarding the status of your health, a medical exam, as well as submission of financial documentation that could include your tax returns. The Essentials product provides an alternative to that process – yet still provides a comparable individual disability income policy, with extremely competitive rates. For those interested in higher benefit amounts, you might consider purchasing two policies – especially if the rates associated with the policy you’re currently considering are more expensive than the Essentials product.

The Essentials policy is the same type of individually owned policy one would purchase through a financial advisor licensed to sell insurance, except the underwriting is much more limited in scope. Prior to the introduction of the Essentials product, these limited underwritten policies were generally only offered as an optional, supplemental benefit through an employer. However, by leveraging the buying power of America’s residents & fellows, Essentials is able to provide a non-cancelable individual disability policy with competitive rates and limited underwriting. This is what makes Essentials unique. You can now receive some of the benefits of a fully underwritten policy, e.g., a “Your Occupation” definition of disability,* with simplified underwriting that does not require intrusive or time consuming medical exams.

As a physician your job is highly specialized. It is therefore important to ensure that you have a disability policy that may pay you benefits, even if you are able to work in a different occupation.

*Issue ages 18 – 45. Not available in California.

The most significant difference between Essentials for Physicians and the coverage offered by your local advisor is the limited underwriting nature of the policy. To obtain similar benefits through a local advisor you would likely have to go through both financial underwriting and full medical underwriting, which may include medical exams and long form applications.

Essentials for Physicians uses a “Your Occupation” definition of disability,* meaning that if you cannot perform the material and substantial duties of your occupation at the time of claim and you are under the appropriate care of a physician, full disability benefits will be paid even if you can work in another occupation. As a physician your job is highly specialized. It is therefore important to ensure that you have a disability policy that may pay you benefits, even if you are able to work in a different occupation.

*Issue ages 18 – 45. Not available in California.

You would still have to meet your financial obligations if you are no longer able to earn an income due to a disability. Such obligations may include re-paying student loans, a mortgage, or providing for loved ones.

In addition, as a physician your job is highly specialized. It is therefore important to ensure that you have a disability policy that may pay you benefits, even if you are able to work in a different occupation.

If your employer also offers disability insurance, you should review your coverage to ensure the benefits provided are appropriate for your needs should you become disabled and are no longer able to earn an income.

You can contact an Essentials representative to assist you with comparing the coverage provided by your employer and the Essentials disability program by calling 866.717.8029.

If you meet the definition of total disability under the “Your Occupation” rider,* income you receive from another occupation while you are disabled will not reduce the benefit payable under the Essentials policy. As a physician your job is highly specialized. It is therefore important to ensure that you have a disability policy that may pay you benefits, even if you are able to work in a different occupation.

*Issue ages 18 – 45. Not available in California.

The Essentials disability income policy contains a Residual Disability rider (Partial Disability rider in California). This benefit feature can allow you to receive a partial disability benefit, under certain conditions, if a partial disability causes you to lose at least 20% of your earnings.

Like most disability income insurance policies, MetLife’s policies contain certain exclusions, waiting periods, reductions, limitations and terms for keeping them in force. Ask your representative about costs and complete details.

All policies and riders may not be available in all states, at all issue ages and to all occupational classes. Eligibility is subject to underwriting approval.

For policies issued in New York: These policies provide disability income insurance only. They do NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department. The expected benefit ratio for these polices is at least 50%. This ratio is the portion of future premiums that MetLife expects to return as benefits when averaged over all people with the applicable policy.

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