The Keane Insurance Group, the first company to introduce a tax-free lump sum disability insurance plan for physicians, has launched a new open enrollment period with a guaranteed issue of $1,500, 000. Due to the overwhelming success with the first enrollment in January, The Keane Group has been given authority to offer the higher limit without requiring a medical exam. Under the terms of their progressive plan, policyholders will be paid $1,500, 000 in tax-free cash when they experience an accident or illness that prohibits them from practicing medicine in their specialty.
The highly-discounted rates are guaranteed for 5 years, and physicians can purchase up to a $5,000, 000 benefit with underwriting approval. Because physicians typically do not have enough disability insurance to provide for their families, this is a significant help in closing the gap in case of a career-ending event.
The new insurance plan, which is insured by Lloyd’s of London, provides unique benefits to Keane’s policyholders:
1. Physicians will receive lower rates than any other similar offer
2. Physicians will be paid $1,500, 000 in tax-free lump sum cash 12 months after an accident, illness, or stroke prevents them from continuing to work in their medical practice or specialty even though they can continue working in another occupation. (This true “your specialty” definition of disability is necessary to provide the complete protection physicians require).
3. Physicians can buy their $1,500, 000 benefit without a medical examination or the need to answer medical questions if they have been actively at work for the past 180 days and have not received disability benefits in the last five years.
4. Physicians can buy their $1,500, 000 benefit in addition to their in-force disability insurance and it is not offset or reduced by payments from it.
5. Physicians can increase the limit to as high as $5,000, 000 with underwriting approval.
“There is no plan available offering a higher guaranteed benefit to doctors than this. We are excited to bring this product to our clients at the best rates available as well, and because we were the first to introduce it, we are able to provide better service than anyone in the marketplace,” commented John Keane, President of The Keane Insurance Group.
Enrollment began June 1st and runs through July 31, 2013 for Keane clients. The enrollment process can be completed online and only takes about 5 minutes. Interested physicians can go to to view a short video and check rates. The site also gives detailed answers to frequently asked questions.
The Keane Insurance Group is an independent broker specializing in risk management solutions for physicians and other healthcare providers. With over 4,000 clients nationwide, The Keane Group is uniquely qualified to provide insurance services for any specialty in any state.