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We have several packages available to physicians still in training.
Our graded premium schedule allows residents to purchase larger
amounts of coverage at lower premiums.
As first year physicians,
residents, and interns, Berkshire understands that you are the future
of the medical community. It is extremely important that while you work
to establish yourself among your chosen field, you protect your present
and future income in the unfortunate event of a sickness or injury. By
purchasing your policy now, you are not only taking advantage of lower
costs, but also protecting your future.
Graded Premium Plans
The
Provider Plus Form 1100/0100/2100 disability insurance policy offered by Berkshire
Life Insurance Company of America can be structured with a graded premium
scale. This premium scale allows one to purchase up to $3,500 a month
in coverage while still in training, and pay a much lower premium than
a level premium policy. As an example, instead of purchasing a level premium
policy with an annual premium of $1,800, a resident could purchase that
same contract for only $1,300 a year. The graded premium scale continues
to increase the premium every year, however we guarantee you the ability
to convert your graded premium policy into a level premium policy at attained
age rates at anytime before the age of 45. If you compared the premiums
on a graded policy to a level premium policy you would see that on average
you save money through the first 11 years of the contract. To residents
and first year physicians that are not making a lot of money yet this
is an attractive option. It allows you to lock in your insurability, buy
a large amount of coverage now, and keep your premiums lower.
Graduating Residents / First Year Physicians
As a physician in your last year of training, you have a couple options
when it comes to disability insurance with Berkshire. You can take the
special resident offer amount of $3,500 a month regardless of current
income, or if you already have an employment agreement signed for your
first year income outside of residency we will use that agreement as income
verification to issue you a higher amount of coverage now. Quite often
residents come to us in April, May and June with employment agreements
for their first year income signed. With these agreements we are able
to issue a much higher amount of coverage, normally in the 5-10K a month
range. The only question is how to pay for this higher level of coverage
in the Spring and early Summer when the new income does not begin until
the end of Summer of Fall.
We offer these special
limits for medical residents, interns and first year physicians. We will
give you this amount regardless of your current income. You do not need
to send in a tax return, or financial documentation with your disability
insurance application.
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First
Year Physician - $4,500 a month in coverage |
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Residents
- $3,500 a month |
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Interns
- $2,500 a month |
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Senior
Medical Students - $2,100 a month |
Own-Occupation Disability Insurance
One of the most important aspects of our policy is that we offer own-occupation
disability insurance to age 65 for physicians who fall within our occupational
classes 4P, and 4. For physicians in our class 3, we have 5 years of specialty
own-occ in each claim, followed by modified own-occ to 65. None of our
policies have a limitation on mental and nervous benefits except in the
state of Florida where we have a limitation of two years. We are one of
very few insurance carriers to offer a pure own-occupation definition
of total disability, with no mental and nervous restrictions. As a resident,
we protect your ability to perform the material and substantial duties
of a resident. Once residency is completed, you do not need to notify
us, the definition of total disability is designed to protect your occupation
in which you are engaged at the time you are disabled.
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