Short answer
Check the definition of disability, the knockout questions, whether there's pre-existing conditions wording, the level of riders offered, the insurance company's financial strength, and whether it has a future increase option. Just because a GSI is available doesn't mean it's a good one.
A short clip from his webinar for residents and fellows, with captions.
Watch the full webinar from 23:26Not all GSIs are created equal
There are really strong GSI policies and there are scaled-back ones. Just because a GSI is available to you doesn't mean it's a robust offering.
Six things to check
- The definition of total disability. Look for medical specialty specific true own-occupation.
- The knockout questions. Every company has its own.
- Pre-existing conditions wording. Most GSI policies have pre-ex wording or carve-outs. Some insurance professionals selling them may not disclose it, so ask.
- The riders. Some companies let you get top-shelf riders on a GSI. Others only offer scaled-back versions.
- The insurance company's financial strength.
- The future increase option. Make sure you can increase coverage later without answering health questions.
Who offers GSI policies
A few companies are in the GSI space. Guardian has the widest reach, at roughly 200 teaching hospitals. The next closest company has give or take 50, and the one after that around 15. The Guardian GSI is medical specialty specific true own-occupation, asks no health questions, and has no pre-existing conditions clauses.
Where Jay covers this
Jump to each moment in his webinars.