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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.
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
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.
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.