Guaranteed Standard Issue (GSI) disability insurance for medical residents is a type of disability insurance policy specifically designed  for medical residents and medical fellows to purchase prior to graduation.

1. Guaranteed Standard Issue: GSI disability insurance means that the policy is issued without requiring medical underwriting or individual medical assessments. This can be beneficial for medical residents who may have pre-existing health conditions or who may find it difficult to qualify for traditional individual disability insurance due to their profession.

2. Disability Coverage: The insurance policy provides coverage in case a medical resident becomes disabled and is unable to work due to an injury or illness. The definition of disability is typically own occupation. This would cover you if you couldn’t work in your medical specialty even if you can work in another medical specialty or occupation.

3. Benefit Amount: Most GSI policies allow residents to purchase up to $5000/month benefit and graduating residents up to $7500/month.

4. Future Increase Options: The policy typically has increase options on the policy allowing you to increase the policy in the future without any medical questions. Most GSI policies allow you to increase up to $15k/month benefit. If you will need more than $15k/month, you will need to apply for additional coverage with the same or different company. That policy will require medical questions.

5. Premiums: The premiums for GSI disability insurance policies are typically based on the individual’s age, gender, medical specialty, benefit amount, waiting period, and benefit period. Premiums can vary significantly depending on these factors.

6. Discounts: Most GSI policies have a 15% medical resident discount on the policy.

There are several considerations when it comes to GSI Disability insurance:

• If you have already applied for coverage elsewhere and were either denied medically or had an exclusion on your policy, you are not eligible for a GSI policy.
• It is important to purchase the GSI policy FIRST before applying for another policy due to the pre-existing limitation.
• Most GSI policies will not cover claims in the first year if you have been treated for a condition in the previous 12 months.
• If you are healthy, you should compare rates with a GSI policy and a traditional, medically underwritten policy. You may be able to acquire a policy with more increase options at better rates than a GSI policy if you are healthy.

For more information about GSI disability insurance for medical residents, contact Set for Life Insurance today!