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Mutual of Omaha Enters Physician Disability Space

NOW THERE ARE 7

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Since 2016 Physicians searching for True Own Specialty Disability Insurance have had to choose from 1 of 6 available carriers.  Beginning October 15th, 2020, Mutual of Omaha will be offering physicians their seventh option for competitive coverage and they promise to some popular features like Return of Premium and Unlimited Mental Nervous protection for certain medical specialties.

Mutual of Omaha

Key Features

  • True Own Specialty Definition of Total Disability Available
  •  Return of Premium Rider Available
  • 30 and 60 Day Elimination Period Available
  • Unlimited Mental Nervous Coverage for some medical specialties
  • Unique Discounts Available. 

True Own Specialty Definition Comparison

Ameritas

Total Disability or Totally Disabled means that due to sickness or injury, in and of itself, you are not able to perform the material and substantial duties of your occupation.  Your occupation means your occupation or occupations at the time disability began.

Guardian

You will be totally disabled, if solely due to injury or sickness, you are unable to perform the material and substantial duties of your occupation.  As long as you are totally disabled, benefits will not be reduced even if you are working in another occupation

Mass Mutual

Provides benefits for a condition caused by a sickness or injury in which You cannot perform the main duties of Your Occupation and you are working in another occupation.

Ohio National

You have a Total Disability or Totally Disabled if due to Sickness or Injury, in and of itself, you are not able to perform the Material and Substantial Duties of Your Regular Occupation.

If you become totally disabled from your regular occupation and choose to work in another occupation, you receive full benefits, regardless of the income you earn from the other occupation.

Receive full disability benefits if you can’t perform the material and substantial duties of your regular occupation, even if you work and earn money in another occupation.

Mutual of Omaha

Total Disability or totally disabled means, during and after the elimination period, that due to sickness or injury: (a) you are unable to perform the material and substantial duties of your regular occupation, and there are no reasonable job or worksite modifications that would allow you to do so; (b) you receive regular medical care.

MUTUAL OF OMAHA KEY FEATURES

RETURN OF PREMIUM RIDER

  • This rider will be unique to Mutual of Omaha and offered for an additional premium.
  •  Maximum Disability monthly benefit amount of $12,000 in coverage.  
  • If selected, Mutual of Omaha returns a portion (50 or 80%) of premiums paid less claims paid every 10 years.  
  • You will not be able to choose the return of premium option of you want Future Increase options on your policy.

UNLIMITED MENTAL NERVOUS PROTECTION

Permitted for certain medical specialities, a Mental/Nervous/Substance Abuse Extension rider is available which will extend coverage for the length of the benefit period.  

ELIMINATION PERIOD OPTIONS

Unique ability to choose a 30 or 60 day elimination period instead of the customary 90 day elimination period available from most other carriers.

EXTRA VALUE STACKABLE DISCOUNTS AVAILABLE

  • 15% Common Employer Discount – available to groups of three or more people working for the same employer
  • 15% Self-employed Discount – available to physicians who have been self-employed for at least 2 years.
  • 15% Association Discounts – available to physicians who are members of an approved association organization.
  • 10% Two Person Household Discount – Receive a discount when both you and your partner are issued a policy.
  • 10% Multi-Policy Discount – Receive a 10% discount if you’re issued an individual disability policy within 90 days of being issued an eligible fully underwritten life insurance or long-term dare insurance policy.
Mutual of Omaha will allow you to stack up to a maximum of 30% in premium discounts!

ALWAYS OFFERING PHYSICIANS EVERY AVAILABLE OPTION

At InsuranceMd, our specialty is protecting your specialty.  We always offer our physicians unbiased comparisons ensuring that your coverage will always be considered Own Specialty disability insurance and that you will be paying the best possible price for the coverage that is right for you.  

The importance of having True Own Specialty Disability Insurance is invaluable to physicians and our industry best agents work with every Own Specialty Disability Carrier providing physicians with a one-stop-shop solution to Disability Insurance planning.  

It’s not every day that a new Disability carrier will enter the Physician disability marketplace, but when they do, InsuranceMD will be here to bring it to you.  

REQUEST A COPY OF A SAMPLE MUTUAL OF OMAHA POLICY

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