Uninsurable young doctors get a second chance... for now

Do you know somebody who's a resident or fellow and doesn't qualify for disability insurance for some reason, or got a policy with limitations? Yesterday I spoke with Larry Keller, a disability insurance agent (guru, actually) who serves over 1500 physicians nationwide. Larry tells me that the AMA, through its AMA Insurance Agency, will be offering a guaranteed issue disability insurance policy this week.

So what's the big deal?

It means that you can get insurance even if you've been declined in the past. It also means that if you do have a policy in place but it has some exclusions, you have a chance to get a clean policy at standard rates.

This is a rare opportunity for young doctors to get a solid policy in place, regardless of their insurability. The enrollment period is April 1 to June 15 of this year. The AMAIA is sending out materials to eligible residents and fellows. Those who elect not to participate will not have another shot at this.

Since this will look like all the other "financial junk mail" you get, you'll probably throw it in the trash, but this could be a big mistake.

The program is called the Essentials Disability Insurance program, it's offered by the AMA's insurance agency, and the product is put together by MetLife. For more details, you can contact the AMAIA, or speak with Larry Keller CFP® at Physician Financial Services for details. (Note: Larry's company name is similar to mine but we're not affiliated.)

By the way, I don't sell insurance. I just heard about this and thought you might like to know.