Graduate Medical Education (GME) Disability Plan Offered by Standard Insurance Company

This program of disability income insurance is offered to certain residents and fellows engaged in or completing training in Rochester, MN, Scottsdale, AZ or Jacksonville, FL.

Information and enrollment is provided by designated independent financial service professionals who offer this and other insurance and financial products.

 

Why should I consider purchasing this insurance plan?

Standard Insurance Company’s GME Disability Plan offers unique features which make it advantageous for you to consider. This plan includes highly sought after features, all extremely important to physicians.  An “own specialty” definition of disability.  A long term partial disability provision which protects you when an impairment limits your ability to practice as effectively as you were before your disability.  A cost of living adjustment feature which increases your benefit if your disability claim should last for more than a year. The ability to guarantee your right to purchase additional insurance as your income grows without having to prove you are medically insurable.  A Catastrophic Disability option to provide more benefit dollars to you and your family if your impairment affects your ability to perform certain activities of daily living.  You can take advantage of special GME Plan discounts and gender neutral pricing – not only for your initial policy but also for any increase you apply for in the future.  And… you will benefit from a Guaranteed Standard Issue program providing a streamlined underwriting process, no medical testing and no limitations or extra premium costs due to your current or prior medical history.

Who is eligible for this plan?

There are two eligible groups.  Residents and Fellows in the last year of this training are allowed to purchase the full program offering.  Residents in training are eligible for a “Starter Plan” and Fellows in training are eligible for the “Fellows Plan”.  These programs are described in more detail below. 

What are the eligibility guidelines for Residents and Fellows who are in the final year of training?

You must be a current resident or fellow in your final year at the Mayo Clinic Graduate Medical Education program.  You must be a US citizen, a lawful permanent resident or in the US under a temporary Visa that allows you to participate in the Mayo Clinic GME program.  You must not have been declined or postponed at any time for any individual disability insurance with Standard or any other insurance company.  You must not be on claim, have been on claim or submitted a claim for benefits in the last six months prior to the policy effective date.  

What are the eligibility guidelines for Residents and Fellows who are still in training?

In addition to the eligibility guidelines noted above, if you are not in your final year of training, you may apply for a starter policy ($1,500 a month) or a Fellows policy ($2,000 a month).  Additional qualification criteria must be met.  Please inquire for additional details.  

What are the plan maximum monthly benefits?

Graduating residents and fellows may apply for either $5,000 or $3,500 a month of benefit.  The waiting period (deductible in days) is 90 days and the maximum benefit duration is to your age 67. Fellows in training can apply for $2,000 a month and residents in training can apply for a $1,500 “starter policy”.  Policies include the right to purchase up to an additional $10,000 a month in benefits in the future with only proof of qualifying income required (no medical underwriting).  

How do I enroll?

You must complete a short enrollment application form (samples are provided in the Resource area of this website).  These applications must be completed with the guidance of a qualified financial professional who has been designated to assist you with enrollment (a list is available to you in the Contact area of this website).

Are there any enrollment deadlines?

Yes, an enrollment period applies to all graduating residents and fellows.  You must enroll prior to the later of August 31 or 62 days after the completion of your training program.  All policies are effective as of the first of the month following the submission of the enrollment application.  Requests for alternative effective dates may be made with the submission of the enrollment application.  

Who are the financial professionals who can help me learn more or enroll?

We believe you should have the choice of doing business with people who meet your criteria and needs.  That is why we have a number of financial professionals available to you with significant experience in insurance and financial planning.  When you request additional information you can indicate the financial professional you would like to work with if they are listed in the approved list or we can refer someone to you.  

Tell me more about Standard Insurance Company?

The Standard Insurance Company is one member of the family of companies operated by StanCorp Financial Group, Inc.  Founded in 1906 in Portland, OR, Standard Insurance Company is known as a national leader in the disability income insurance marketplace.   You can learn more about StanCorp Financial Group by Clicking Here.

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