No announcement yet.

Maintaining LTD DI policies when going part time

  • Filter
  • Time
  • Show
Clear All
new posts

  • Maintaining LTD DI policies when going part time

    I've recently decided to reduce my shifts in the ED to 12 from 15, they are a mix of 8 hour, 9 hour and 10 hours.  I'm employed and my contract considers me for full benefits at 12 shifts a month.  I have existing individual LTD policies from the Standard that I have had for several years and a group policy through my employer.

    It just occurred to me that at 12 shifts a month I won't meet the 30 hour a week full time requirements of most DI policies.  I'm sure I'm not the only ED doc to run into this issue and am curious what my options are other than working more.  I'm still 10-15 years away from retirement and have small children and a stay at home spouse, so need the insurance.

    Does anyone know how the 30 hours a week is calculated, is it just over a week, a month a year?  Any advice appreciated.

  • #2
    Don't worry, the only time you need to be working 30 hours is at the time the policy is originally purchased. Once inforce, there is no requirement that you maintain the 30 yours in order to keep your policy active.
    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF


    • #3
      Wow!  Thanks for the quick response.  I appreciate it.


      • #4
        Larry is right on the Standard but make sure of two things.  Double check with your HR person to make sure there is not a minimum number of hours on the group policy which has be worked, you might find it is for full time only and they will have a definition probably in the policy of what a "full time" person has to work.....  As for the Standard policy most carriers say that you have some work in your specialty to maintain your definition.  You are certainly doing that but for example if you were to take time totally away from your specialty and then become disabled, what is the definition of disability?  The individual contracts are all based on what you are doing at the time of claim not what you were doing at the point of policy acquisition.