Pros and Cons of Guaranteed Standard Issue or GSI Disability Insurance
What's so great about GSI?
No medical underwriting: With GSI, there's no need for a medical exam. It's a breeze for those with a history of medical conditions, and it may be a smart option for those without medical conditions to consider.
Group pricing perks: GSI usually comes with group pricing, which can sometimes mean cheaper premiums. In many instances, GSI policies cost less than fully underwritten policies. However, because these policies are guaranteed sometimes the premiums can come in a little higher than fully underwritten plans so it’s always best to shop and compare.
Full package: GSI plans often offer almost all the features you'd find in traditional plans with medical underwriting—with just a few differences and limitations.
It goes where you go: GSI plans are like a trusty sidekick. You can take them with you even if you switch jobs.
GSI policies have drawbacks too:
Less customization: You might not have as many choices with GSI disability insurance compared to individual fully underwritten disability insurance. Some features available through traditional underwriting may not be available under a Guaranteed Issue plan, such as retirement protection, higher cost of living riders, and catastrophic disability coverage.
Group risks: Your rates and coverage depend on the group's health and occupational profile. GSI can make coverage more accessible and cost-effective, but it may come with standard terms and limitations for the entire group.
Some limits: GSI policies could have limitations, especially when it comes to mental health and substance abuse risk.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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