|
Author
|
|
|
This Topic has 2 pages :
[
1
|
2
| Next
]
|
|
|
apdos
Junior Member
|
 |
Friday, January 23, 2009 11:12 AM
|
|
I have been looking for DI coverage for my spouse who is physician. Got quote from NWM, Guardian, Met and also asking agent to get me Standard quotes for $8000 monthly income. My agent strongly advising me to go with NWM over Guardian and doesn't want me to consider any other company. NWM premium is too much so I am not sure if agent is advising due to financial interest or because company is better then all other. Also NWM Own Occ definition different then Guardian.
Anyhelp in choosing the right one would be a get help.
Very essential topic but difficult to understand and choose the right company.
Message edited by: Disability Insurance moderator on 01/31/2009 08:01:43
|
|
Dann
Veteran Member
|
|
Friday, January 23, 2009 1:19 PM
|
|
The only one who can sell NML is a captive Northwestern employee you are not getting sound advice.
BK was being nice but the facts of the matter is that NML modified their disability contract for physicians in about 1988 stripping many things off it that other companys offer. The best picture would by that you are in the "Wizzard of OZ", you are Dorthy and the currtain has been pulled back and you see a little man. "Pay no attention to to him" That is how NML presents.
They do not offer "Your Occupation" for physicians - the little man says you don't need it.
They have two year mental/stress coverage - the little man says that's fine this will never disable you
They have no lifetime benefits even though 30% of all claims are perminent - little man says that will never happen
Seventy % of disabled people recover - they have a one year return to work benefit, medical groups are happy to hire 45 year old doctors who will mess up their health insurance, want more money then a nice new graduate, and is a bit out of touch with the latest methods. You do not need return to work to 65.
ect. ect. ect.
|
|
Larry
Veteran Member
View Profile
|
|
Monday, January 26, 2009 5:16 PM
|
|
You are correct, not easy to select the "IDEAL" carrier/policy ,however,FYI with regard to costs...there's not going to be a big spread between carriers and of course one get's what they pay for.
That being said, there are a couple of ways to lower the costs, some are temporary in nature while othrs may be permanent depending on the carrier, e.g.,graded/step rates, association discounts,unisex rates and the like, that might be appropriate.
The key components in a policy, besides costs are; definition of total disability,how residual is calculated,recovery benefit period,will mental nervous be paid beyond two years and about ten others.
Please feel free to visit my website in order to read one of my published articles, e.g.,"Ideal Policy", which then should be able to help you get through the maze and if not ,please send me a PM for additional information.
Best till then,
-------------------------
|
|
Dann
Veteran Member
|
|
Friday, January 30, 2009 7:14 PM
|
|
I reread my entry. NML changed their policy for MD's in 1998 not 1988
|
|
steve38
Junior Member
|
|
Thursday, July 16, 2009 5:16 PM
|
|
I am a Northwestern Rep. Let me assure you we ARE NOT captive agents. I've sold guardian, Met, Standard, etc. I'm not saying Northwestern can be all things to all people but look at the ratings and the company's financial position and tell me who you'd rather back your claim.
|
|
Larry
Veteran Member
View Profile
|
|
Thursday, July 16, 2009 6:26 PM
|
|
I can appreciate where you are coming from, but I know of plenty of banks with plenty of money to lend and they are holding back...are you saying that because NM is profitable, they will pay claims that are marginal, or are they just as frugal as any other carrier who will investigate thoroughly before paying?
Don't most, if not all of the major players have fairly good ratings and what about claim reserves?
I'm not saying bad things about your fine company,but.....tell me when was they made a significant improvement to their policy and what was it, if so?
Are you satisfied with their definitions for total disability and if so, why?
If they are not all things to all people, who then are they selling to?
-------------------------
|
|
curleylockey
Junior Member
|
|
Thursday, September 10, 2009 10:27 AM
|
|
Now a days there are lots of companies that offers affordable insurance,w ell one of the reason why they offer such deal is because of the competition among this insurance providers
-------------------------
|
|
InsureIncome
Senior Member
View Profile
|
|
Thursday, September 10, 2009 5:26 PM
|
|
Apdos,
Your post has resulted in several threads:
1. Financial strength: One of the most intuitive methods of assessing an insurer's financial strength is its COMDEX composite, based on a 100 point scale, this is a composite of all of the letter grade ratings that an insurer has received from the five rating agencies: AM Best, Standard & Poor's, Moody's, Fitch, and TheStreet.com. Northwestern's COMDEX is 100, Guardian 98, MetLife 96, and Standard 88.
2. Discounted unisex rates: Some insurers offer significant discounts to women provided they are members of an employer sponsored group (typically a residency program or employer group) or an association endorsed plan. Women have more claims more often than men and their premium can be as much as 70% higher due the their increased risk. Unisex rates or gender neutral rates are a blended rate structure that offers significant discounts to a female rated policy. These policies are not group LTD or association policies, they are individual, non-cancelable policies that offer the same features and benefits just with a discounted rate structure.
3. Different definitions of own-occupation definition: The best (most liberal) definition of total disability for physicians is own-occupation specialty definition for the entire benefit period. Be wary of "disabled in your own occ and not working defintion" also known as "modified own occupation definition". In CA, Guardian's definition of own occupation specialty definition is the latest iteration in the evolution of the definition to comply with CA's Dept of Insurance new requirements for insurers that offer own in CA. So if you want to see the future today, read Guardian's CA own-occ definition, it's a mouthful but it represents the most liberal language printed.
|
|
Dann
Veteran Member
|
|
Monday, September 14, 2009 5:14 PM
|
|
Sometimes things just chew at you until you have to say something. This thread has been going since January. There are two things that have been brought up by our NML agent, first it is better to buy your coverage from a highly rated company. In that I agree with him 100% all things being equal. I have seen COMDEX ratings from 100 down to 67 (lowest I have seen) though I am sure there are lower. The first point is the relitive difference between COMDEX ratings. If I am comparing 100 to 95 as an example what would one say the difference would be? This question might be easier if the difference was 100 to 35 as an example. The second point is NML is assuming both contracts are the same, this is not the case. If one company rated 100 had a contract which said that it would only pay you for a disability if it happened on Wednesday between 9:00 pm and 10:00pm while you were home in the shower. The other rated 95 which said it would pay you if you got disabled anytime doing anything. If I slipped in church and messed up my back on Sunday at 10:30am It doesn't matter that the first company is rated 100 it, by contract clause, will not pay me. They will not pay be because I did not meet the definition of disability set forth in the contract. The second company will pay me as I did meet the contract's requirements. Both things are important. To ignore one for the other does not make sense.
|
|
|
This Topic has 2 pages :
[
1
|
2
| Next
]
|
|
|
|
|
|
