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Disability insurance and disclosing prior (not current) medical conditions

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  • Disability insurance and disclosing prior (not current) medical conditions

    Good evening. I will be finishing training in 2017 and need to start looking into disability insurance. During medical school (~5 years ago) I had a "rheumatologic type flare." I was treated with immunosuppressants at that time and have been off all medications for > 3 years without any sequelae. All my laboratory results have been completely normal over this time as well. I never needed to take time off from medical school or residency.

    I want to start looking for good own occ disability insurance but am worried I will either get denied or have extremely high rates if I disclose this information. I also do not want to have a company deny any potential future claims with the claim of fraud. I fully expect a physical examination and any laboratory testing needed for underwriting to be normal at this time.

    My question is: Is this something I will need to disclose for disability insurance? If so, would I be better off looking for insurance without medical underwriting?

    Thank you.

  • #2
    You will definitely need to disclose any visits that you had with physicians, their names, office address and phone number along with any details and diagnostic testing that was done along with the results. Based upon what you have stated, I would expect that any policy issued with medical underwriting would likely have a rating (extra premium charge), a limited benefit period (not to age 65 or longer) and no increase options will be available.

    An agent that specializes in this type of coverage can easily get details from you and speak with underwriters informally to get a very good idea of what will happen before you ever apply.

    Depending upon where you are doing your residency or fellowship, if a Guaranteed Standard Issue (GSI) plan is available, I would strongly suggest that you go that route.

    If you want to email me or post where you are doing your training, I would be happy to let you know of find out if a GSI plan is available to you.
    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF


    • #3
      Thank you for the quick reply. I have sent a PM.


      • #4
        WCICON24 EarlyBird
        I think you would be best to disclose as well.

        I disclosed my esophagus issue (eosinophilic esophagitis).  As part of the insurance approval process they did an 'anonymous' search into my medical history.  They came back asking me questions about a diagnosis of an esophageal ring that was made before my docs figured out I had eosinophilic esophagitis.  This was 12 years ago in another country...  so, a fairly thorough search I guess.

        I explained it to them and they understood.  But, they added a rider excluding further esophagus issues...........

        Just my experience, YMMV.