NON-CANCELABLE DISABILITY INSURANCE
- SVS plans are portable so a move to another practice doesn’t affect coverage.
- SVS plans are guaranteed renewable, while group plans can be canceled by the insurer.
- SVS plan rates are locked at enrollment. Group plans can raise rates annually.
- SVS members receive a 10 percent rate discount and a possible additional 10 percent discount.
- Principal Life recognizes medical specialties and subspecialties “if the analysis would bear out that the main duties would show that a person was limited to those duties associated with a specialty or sub-specialty.” Examples include specialties and sub-specialties recognized by such groups as the American Board of Medical Specialties.
- SVS plan benefits are not taxed. If you are in an employer group plan your benefits are taxed which means a $15,000 benefit is only $9,000 a month or $108,000 a year vs. a SVS plan paying $15,000 month is $180,000 a year and is tax free.
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