Disability Income Insurance with Level Rated Premiums for Resident Physicians

Coverage Details

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Monthly Benefit Amount Up to $5,000

Resident physicians under age 40 can apply for up to $5,000 in monthly benefits regardless of their current salary, debt, or other insurance. Benefits are payable regardless of whether your covered total disability is caused by accident, illness, or organ donation.

Level rates that won’t increase due to age

These rates are designed to remain level over time and cannot be adjusted due to changes in your age or health. Rates may change only if they are changed for all others in the same class of insureds. Rates are based on your age on the effective date of coverage.

Choose your Definition of Disability

This coverage includes an “Own-Specialty” definition of disability, which means, benefits are payable if you are unable, as the result of a covered illness, injury, or organ donation to perform the duties of your own medical specialty and are not gainfully employed – even if you have the ability to work in another field of medicine. However, you can enhance the protection of this coverage by choosing the “True Own-Specialty” definition of disability to allow you to collect 100% of the monthly benefits  if you choose to return to work in another occupation. Additional cost applies. Benefits can be payable up to age 67.

Long-Term Benefit Periods

If you are disabled by accident, illness, or organ donation before age 62, benefits under this policy are payable up to age 67. If you are disabled at age 62, benefits are payable for up to 60 months. At age 63 and after, the benefit period is reduced by six months depending on your age at disability. From age 70 to 75, benefits are payable up to 12 months.

Benefit Period Limitation

If you are disabled due to mental, nervous or emotional disorders before age 69, benefits under this policy are limited to 24 months. At age 69 and 70, benefits are limited to 18 and 12 months, respectively. This limitation does not apply to any period you are institutionalized in any treatment facility.

Medical School Loan Payment Benefit” up to $200,000 if totally and permanently disabled.

This benefit is available to physicians insured prior to age 40. This benefit could pay up to $200,000 of eligible student loans if you are totally and permanently disabled before age 45. This benefit is paid in addition to your monthly disability benefit and its’ included in your coverage at no additional charge.

Catastrophic Disability Rider

Increase your base monthly benefit by 30% if you become Totally Disabled plus and unable to perform two of six activities of daily living-bathing, dressing, toileting, transferring, eating, or continence. You will also be eligible for this benefit if your disability results in a Cognitive Impairment: the deterioration or irreversible loss of intellectual capacity. Benefit is available for an additional percentage of premium, based on your selected waiting period: 6% with a 60 day waiting period; 8% with a 90 day waiting period; 10% with a 180 day waiting period and; 13% for a 365 day waiting period.  You must have a minimum of $3,000 in base benefits to elect the rider.

Note: If you choose more than one rider, the resulting total cost will be multiplicative not additive.

Cost of Living Adjustment (COLA) Option

This optional feature, available for an additional premium, automatically adjusts your monthly benefit
to reflect changes in the cost of living based on the Consumer Price Index for All Urban Consumers. Note: Cost is a perentage of premium based on your age at coverage issuance, as follows: Under age 30 for 26%; 30-34 for 24%; 35-39 for 21%; 40-44 for 18%; 45-49 for 15%; 50-54 for 12%; 55-59 for 9%; 60-64 for 6%; and 65-75 (renewal) for 6%. Benefits can’t be increased in the first year of disability, but adjustments can be made in each succeeding one. Years will be measured from the start of the Waiting Period. Adjustments will be based on the Consumer Price Index for All Urban Consumers (CPI-U). All items, as published by the Bureau of Labor Statistics. If New York Life no longer considers this a valid index, or it is no longer published, a new index will be used. If you choose more than one rider, the resulting total cost will be multiplicative not additive.

Extra Benefits for Rehabilitation

To help you recover, you may also qualify for rehabilitation benefits in addition to your monthly disability benefit if you participate in an approved accredited occupational rehabilitation pro

Residual Benefits for Part-Time Work

Collect partial benefits, if you return to work part-time in your specialty (true-own-specialty definition) or collect partial benefits, if you return to work part-time in your specialty or any other occupation (own-specialty definition), provided you first qualify for a covered Total Disability and provided your monthly income is reduced by at least 20%. Benefits will be based on a percentage of your total monthly benefit.

Future Benefit Increase Option

If you are under age 40, this option may allow you a future increase in benefits with no health questions or medical exams required if your income increases and you remain actively at work. This one-time option must be exercised within the first three years of your original effective date and before your 40th birthday. The rate you will be charged for any future increases in coverage will always be based on your original issue age, saving you money.

Communicable Disease Benefit

If you contract a Communicable Disease* before age 67, you may qualify for benefits without the requirement that you suffer a covered total disability. You’ll be eligible for this benefit if the illness causes you to earn less than 75% of you average monthly income for the period before your practice was limited and/or condition was disclosed as a result of contracting the disease.

*Communicable Disease means any of the following conditions, but only if: (a) the medical profession recommends; or (b) an appropriate governmental agency requires; the disclosure of the diagnosis of the Communicable Disease and/or a limitation of his or her practice due to contracting the Communicable Disease: Acute Viral Hepatitis of a non A type, Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS) or tuberculosis.

Family Care Benefit

This coverage will pay up to one basic monthly benefit to you to care for a close family member with a Serious Health Condition.* Your spouse or domestic partner; child, including a step-child, adopted child or child of your domestic partner; or your parents, are considered ‘close family members.’ The health condition must be certified by the family member’s licensed attending physician.

You must be working at least 20% fewer hours and have a loss of 20% or more of your average monthly income, due to the time off to qualify. The monthly benefit is the amount payable in proportion to the loss of monthly income up to a maximum of one basic monthly benefit.

0%-19%: No benefit
20%-25%: 25% of the Basic Monthly Benefit is payable
26%-50%: 50% of the Basic Monthly Benefit is payable
51%-75%: 75% of the Basic Monthly Benefit is payable
76%-100%: 100% of the Basic Monthly Benefit is payable

*Serious Health Condition is a condition that causes the family member: to be unable to complete, without substantial supervision, two of six ‘activities of daily living’, including bathing, dressing, toileting, transferring, (e.g., in and out of bed), eating and continence; to require substantial supervision due to severe cognitive impairment; to be hospitalized; or to become terminally ill with a condition that is reasonably expected to result in death within 12 months.

Layoff or Leave of Absence Benefit

Your insurance can continue beyond the end date of the coverage if you cease to be employed full-time due to layoff, leave of absence, or a leave of absence required by state law or by the Family and Medical Leave Act of 1993 (FMLA). Your coverage will continue for up to 90 days during a temporary layoff or a leave of absence other than state mandated leave or FMLA; or the greater of the period required by state law or by FMLA provided the leave authorization is in writing and required premium is paid.The insurance will then end on the earliest of 90 days after the temporary lay-off or leave of absence (other than state mandated leave of FMLA) began; the date the layoff becomes permanent; the date the state mandated leave or FMLA leave ends; or the date insurance would otherwise end.

Your Choice of Waiting Periods

Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period. (Note: for organ donation, the waiting period is waived as long as insurance has been in effect for at least six months.)

Waiver of Premium

Once claim payments begin, any premium becoming due will be waived; no further premiums will be due while you remain disabled.

Worldwide Coverage

Subject to U.S. government regulations on restricted countries. You’ll have 24-hour/7-day a week protection, whether you are at home, at work, or on vacation anywhere in the world.  U.S. residency is required to maintain coverage.

You’re eligible to apply for this group policy if you’re a physician residing in the U.S. under age 40 and actively engaged full-time in the duties of your profession.

All applications are subject to medical underwriting and approval. Any required medical exam will be conducted at your convenience and at no cost to you. Membership in the American Medical Association is not required.

Your coverage will be effective on the 1st of the month following the date your application is approved by New York Life Insurance Company. Coverage will be in force from the effective date provided you are eligible, actively at work, and premiums are paid when due.

Coverage terminates at age 75.

As long as you are a physician actively at work, as a resident of the United States, under the age of 75 (not retired), pay your premiums when due, the group policy remains in force, and the AMA continues to sponsor this policy and you have not received the maximum benefits payable under the policy, your coverage can be renewed. Coverage will be terminated upon the suspension or revocation, or voluntary surrender in any state, of your license to practice medicine as a result of a criminal act, ethical violation or gross malpractice.

You also cannot be singled out for a rate increase, regardless of how many claims you have made or the changing status of your health. However, rates may be adjusted on a class-wide basis. For example, a “class” may be a group of insureds of the same age group.

No monthly benefit will be paid for Disability due to:

      • Intentionally self-inflicted injury or attempted suicide, while sane or insane;
      • A declared or undeclared war or an act of war;
      • The use of any narcotic drug or other substance which is (a) subject to the Federal or the various state controlled substances acts, unless the prescription shall have been written by an Attending Physician other than you, or (b) required by law to be dispensed by prescription only and used for other than a bonafide medical purpose as it relates to you or for other than the treatment of an existing medical condition. Benefits will not be paid, or accrued, for any period of time while you are incarcerated.
      • A disability that does not require the regular care of a doctor.
      • Any impairment which has been restricted from your coverage.

Benefits will not be paid, or accrued, for any period of time while you are incarcerated.  See Step exclusions for reference. Benefits will be paid either for Injury or for Sickness, but not for both, during any concurrent period of Disability.

This policy is not currently available in:

NH, VT, and WA

Carrier Information
New York Life Insurance Logo

Group Disability Income Insurance is underwritten by:
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
On Policy Form GMR-FACE/G-G-30641-0
Under Group Policy No. G-30641-0

trademarks of New York Life Insurance Company. Other
trademarks are the property of their respective owners.

New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. Not all group policies it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability. New York Life’s state of domicile is New York, and NAIC ID# is 66915.

 The American Medical Association incurs certain expenses in connection with the policy and is reimbursed for such expenses.

This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy, the terms of the policy apply. All benefits are subject to the terms and conditions of the policy. Policy underwritten by New York Life Insurance Company. Exclusions, limitations, reduction of benefits and terms under which the policy may be continued in full or discontinued are detailed in the Certificate of Insurance issued to each insured individual and complete details are in the Group policy issued to the policyholder. This program may vary and may not be available to residents of all states.

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