Principal announced several changes that will be effective as of February 6, 2017:
The Simplified Single life disability income monthly benefit will increase to $6000/month benefit.
Disability Income Retirement Security monthly benefit limits will increase to $4550/month for individual paid and $5850/month for employer paid policies.
Several occupations are reclassified:
- 5A Pharmacists
- 4AM Nurse Practitioners
- Dentists and dental specialties
- Surgeons (general, plastic and orthopedic)
- Pain Management Physicians (including anesthesiologists)
Individual disability insurance maximum issue and participation limits for all M occupations change:
- For ages 18-55
- Issue limit: $17,000/month
- Participation limit with other individual coverage: $25,000/month
- Participation limit with group policies $30,000/month
- For ages 56-60 the issue and participation limits are $17,000/month
- For ages 61+ the issue and participation limits are $10,000/month
The 10% Affiliation Discount (sex-distinct rates) will now be used for Medical and Dental Residency Programs with 3 or more lives (new and existing cases). The unisex discounted rates are no longer available to medical residents. If you purchase your policy prior to February 5th or already have a unisex discounted policy, this will not apply to you. If you are a nonresident physician who purchase a policy, you may still be eligible for discounted rates.
For more information about these changes, please contact Set for Life Insurance today!