Any comparison of disability insurance policies is almost always going to include Union Central disability insurance, an established leader in offering customizable disability income protection for the medical community. With its DInamic Foundation disability insurance plan, physicians and dentists are protected with an Own Occupation definition of disability that includes specialty language and an Enhanced Residual Disability Benefit that replaces income loss below 15 percent.
Unique to DInamic Foundation is the option of choosing between a Non-Cancellable and Guaranteed Renewable (Noncan) policy and a Guaranteed Renewable (GR) policy. Both types of policies provide the same maximum level of protection with an Own Occupation definition of disability and high quality riders. The primary difference is that the GR policy is offered at a discount because it doesn’t include the non-cancellable provision. Physicians and dentists have long been taught to only consider Noncan disability policies to ensure they can never lose their coverage nor have their premiums increased.
While it’s true that you do take on an element of risk that Union Central will decide to raise the premium rates on its block of GR policies, the fact is that it hasn’t raised premium rates on any existing block of policies since 1996. Once issued, a GR policy cannot be canceled by the insurer except for non-payment of premiums. And, its policy features cannot be changed prior to age 65 except to the betterment of the insured. Any increase in premium among a class of individuals must be actuarially substantiated and is subject to state approval.
For a discount of between 18 and 19 percent that may be a small risk some people would be willing to accept, however, the amount of discount diminishes at older ages.
It’s just another way Union Central provides the opportunity to customize a disability insurance plan to meet your specific needs, preferences and priorities. It would be important to work with a disability insurance specialist experienced in advising physicians and dentists and with knowledge of Union Central’s products.
About Union Central
Union Central is affiliated with the UNIFI Companies – Ameritas Life, Acacia Life, The Union Central Life Insurance Company and their affiliated companies. Today, through the UNIFI Companies, individuals, families and businesses can access a full range of products and services, including life insurance and annuities, disability insurance, group dental and eye care insurance, mutual funds, investments, retirement plans, banking, worksite benefits and public finance. Ethical market conduct practices have always been an integral part of our mission statement and business practices. Union Central’s membership in IMSA (Insurance Marketplace Standards Association) reinforces our commitment to providing our customers with high quality products and services.