Group Disability Income Insurance

If you are an ACP member, affiliate, physician or non-physician, under age 62, at FULL-TIME WORK (at least 20 hours per week), and a U.S. resident*, you are eligible to apply for a monthly benefit amount up to $15,000 (in $500 increments), provided the benefit you select does not exceed 66⅔%** of your Average Monthly Income.

You will become insured on the date approved by New York Life Insurance Company provided the first premium contribution has been paid, satisfactory evidence of insurability is submitted, and you are at FULL-TIME WORK on that date. If you are not at FULL-TIME WORK coverage will not become effective until you return to FULL-TIME WORK for at least one full day, provided such day is within three months of the date insurance would have been effective and you are still eligible for insurance.

Once coverage is validly in force, it may be continued to the April 1st anniversary date on or immediately after you reach age 70. Coverage will end earlier if: you cease FULL–TIME WORK other than for reasons of disability, fail to pay premium contributions when due, or the policy is modified or terminated by the policyholder or New York Life Insurance Company to end insurance on the group of insureds to which you belong.

Successive periods of disability, which are due to the same or related causes, will be considered a single period of disability unless separated by return to FULL–TIME WORK for six consecutive months or more. Separate, unrelated periods of disability will be considered a single period of disability unless separated by a return to FULL-TIME WORK of at least one full day.

After you have been Totally Disabled for 90 consecutive days or your waiting period, whichever is greater, and you begin to receive benefits for Total Disability, all future premium contributions will be waived for as long as you receive benefits for that disability.

Yes, for these reasons:

Many internal medicine physicians find that as their income has increased over time, the level of disability protection they carry hasn’t kept pace. Your current Disability Insurance may no longer be enough to help cover the living expenses that would continue should you become totally disabled. Disability is a great way to bring your total disability coverage more in line with your current income; this can help you avoid having to deplete savings and investments intended for other purposes, including retirement, if a disability should prevent you from working.

Any monthly benefit received through an employer-paid policy is likely to be taxable, reducing the amount available for you to have and apply to your living expenses. In contrast, your disability benefits are typically not subject to income taxes when you pay the premiums with your own after-tax dollars. Consult your tax advisor.

Unlike many employer-provided policies, this coverage is yours to keep without interruption, even if you change jobs or start your own practice. This policy adds an extra layer of protection that you control, and it will move with you throughout your career.

Some disability policies limit their definition of total disability to the inability to work in any occupation. This means you might not be eligible for benefits if you are sick or injured but still able to work in another profession.

Other policies may include an own occupation definition of disability, meaning that you might not be eligible for benefits if you were able to perform any occupation in the medical field, even though you were no longer able to carry out the duties and responsibilities of your specialty.

This policy contains a preferred definition of disability, called own specialty, that is important for internal medicine physicians. It means you are eligible to receive benefits if you’re unable to perform the duties of your own medical specialty – not just any occupation in the medical profession or any other profession. To be considered totally disabled, you must not be engaged in any gainful occupation.

The waiting period is the length of time you must be totally disabled before benefits may be paid. You can choose from waiting periods of 30, 60, 90 or 180 days. The longer the waiting period you select, the lower your monthly premium. 

Unlike employer disability coverage, you may keep this insurance through your career, whether you change jobs, start your own practice, or experience a change to your employee benefits package.

This insurance is designed to help replace your income while you’re unable to work, so the money is sent directly to you, and you may use it any way you wish. Under current federal tax laws, these benefits are typically tax-free provided you pay your premiums with your own after-tax money. Consult your tax adviser for more information.

You can never be singled out for a rate increase or have your coverage cancelled due to your health. You are also assured that your rates will never increase due to the number of claims you’ve made. Rate increases occur as you move from one age bracket to the next. Additionally, the insurance company can only change premium rates for the group as a whole, not you as an individual.

Once your application is approved and coverage is issued, you’ll receive a Certificate of Insurance. Then you’ll have 30 days to decide if you’re completely satisfied with your coverage, provided there have been no claims. If you decide this coverage isn’t right for you, return your certificate within that 30-day period. Your coverage will be cancelled, and you’ll be under no further obligation.

Yes, Disability is sponsored by ACP.

The ACP Insurance Trust incurs costs in connection with this sponsored Program. To provide and maintain this valuable membership benefit, it is reimbursed for these costs.

Administered by:
A.G.I.A., Inc.
P.O. Box 9947
Phoenix, AZ 85068-9952

A.G.I.A., Inc. is licensed/authorized to transact business in all 50 United States, and the District of Columbia. Their state of domicile is California. Joseph Guerrero CA Insurance License #0B54298. Joseph Guerrero AR Insurance License #766720.