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disability insurance and chronic disease

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  • disability insurance and chronic disease

    I am a resident and I have type 1 diabetes. We had some financial planning guys come give us a basic talk about financial planning, insurance, retirement savings, and the like. I asked one of them if I would be able to get disability insurance with diabetes. He basically told me that I would not be able to get any personal disability insurance, and the best I could do would be to find a job that offers a good disability policy as a benefit. Anyone have any knowledge or experience with this situation?

  • #2
    That is incorrect.  You can still get disability insurance.  An employer policy is not all bad though is what we use--no physical required either.


    • #3
      Type 1 Diabetes is very tricky and the financial planners were more or less correct. When diagnosed prior to a certain age, such as 40, many carriers will decline to offer individual disability insurance regardless of how well your A1Cs are controlled. There are some carriers that would offer coverage but at a highly rated premium and reduced benefit period. It would be better than nothing, but far from desirable.

      Group coverage is certainly an option assuming your employer offers it. The group coverage provided by your hospital may even be convertible to an individually owned and portable policy. It is probably worth at least reviewing those options.

      If you don't mind listing the hospital at which you're completing your training, we can check to see if there are any Guaranteed Issue programs offered there. This would be the ideal option for you because you would still be able to buy a quality individual policy without having to undergo medical underwriting.




      • #4
        Yes, your best option would be to look for a Guaranteed Standard Issue (GSI) plan. This does not require an exam, blood test or urine test and, as stated above, no medical underwriting is required.

        Depending upon the hospital in which you are doing your residency, you may have access to one via Berkshire (Guardian), Standard Insurance Company, Ameritas (formerly Union Central), MassMutual or Principal.

        Feel free to post your hospital affiliation or message me or the above poster and we can let you know if any GSI plans are potentially available to you.
        Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF


        • #5
          I would advise you to shop around.  I was diagnosed with chronic condition after getting my original Guardian policy. When I went to increase to a larger policy when becoming an attending they would only give me one with a lower health rating with premiums that were more than double.   I shopped around and we found a policy that was true own occupation through Ohio national( same wording as the guadian policy) .  They gave me the top tier health rating and therefore much better premiums.  I still have the original Guardian policy, and now a second policy from Ohio national to cover the increased salary.    You wont know until you shop around.   My advise for the younger crowd is to get the disability policy as early as you can before you start to develop health problems, however small.