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This plan is administered by:
Michael Vincent
Insurance Broker
Cell Phone: 517-282-3535
Toll Free: 866-569-2450
Fax: 314-787-7431
Email: michael.vincent@larsonfinancial.com
Website: www.larsonfinancial.com
Larson Financial Group
The Physicians Specialist ®
Saint Louis - Home Office
275 N Lindbergh Blvd, Suite 10
Saint Louis, MO 63141
SUMMARY
This summary provides information regarding the
student disability income plan offered by Wayne
State University School of Medicine.
STUDENT DISABLITY PLAN
Student Disability Insurance Plan
Understanding Your Student Disability Insurance Plan
A properly designed plan of disability insurance provides protection for today as well as the
future. The Wayne State University Student Disability Insurance Plan does just that!
FAQ About Your Disability Insurance Plan
What is Student Disability Insurance?
Disability insurance is a benefit which will provide you with an income should a sickness or an
accident render you completely unable to attend Wayne State University School of Medicine
(or a similar institution) on a regular basis and maintain your status as a student in good
standing. After the first 60 months of benefits the definition of your disability changes and
you must be completely unable to attend school or work in any reasonable occupation.
To qualify for benefits you must be disabled for at least 90 days. The maximum monthly
benefit you can receive as a student is $1,500 and benefits may be paid based on the terms of
the contract, up until your normal social security retirement age.
What Happens to My Student Loans?
Additional benefits are available to help you pay off loans you have received from a qualified
financial institution to pay for your medical education. If your sickness or injury is severe and
meets the terms of a Functional Disability; you are unable to perform two of six activities of
daily living (bathing, dressing, toileting, continence, eating or transferring) or you have a
cognitive impairment, then a $5,000 lump sum is paid and you will have access to up to
$200,000 to pay off your loans. (You must be functionally disabled for twelve consecutive
months to qualify).
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Important Insight
Your plan can provide an income for you as well as help you pay
off your student debt.
How Do I Acquire Disability Income Insurance?
The program you have as a student at Wayne State University School of Medicine provides you
with important coverage now and options to continue coverage through residency and into
practice. This unique offering is a valuable benefit of your association with the school.
You are required to purchase and maintain this coverage as a condition of your annual
registration for school. Coverage is purchased each year with a single premium payment.
There are unique provisions which allow you to continue a plan of coverage (called a
conversion) when you graduate and go on to a residency program. You have an additional
conversion when you graduate from your residency program.
More detailed information regarding these conversion options is below.
How Much Does This Disability Insurance Plan Cost?
Currently you are charged $48 a year plus transaction fees. The premium may change in the
future.
Why Are Conversion Options Important To A Young Physician?
One thing is certain; the first disability insurance policy you purchase will not be your last.
Your income will grow and your responsibilities will change.
You will have invested at a minimum 35,000 hours (a board
certified Internal Medicine physician) to as much as 50,000
hours (board certified Thoracic Surgeon) in medical education
and training. Your ability to provide for you and your family
and to pay back the almost certain debt you will incur during
your journey to become a physician hinges on your ability to
generate an income.
Your student disability plan is the first step in protecting your future! The conversion options
may become an important part of your future income protection plan.
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Option 1 – upon graduation from Wayne State University School of Medicine, you will have an
option to convert your student plan into a residency plan.
This policy will offer a monthly benefit of $2,000 a month in your first two years of a qualified
residency plan and then increase to $2,500 a month in years two through four. There will be
no offset against your benefit for any work earnings during your disability unless the sum of
earnings and benefits exceed $7,500 a month. The loan payoff benefit will be provided on this
policy.
Option 2 – after your training is completed, you will have the option to convert your residency
program into an individual, non-cancelable disability income policy. This plan will have a
monthly benefit of up to $5,000.
More details on these options will be provided to you as you near graduation.
Important Insight
You have the ability to “convert” your student plan to a plan you
can take with you into residency without medical evaluation.
Upon leaving training you will have another option to improve
your plan even more!
All Benefits Are Based on the Terms and Conditions of the Policy
Additional details regarding these and other provisions are contained in the certificate of
coverage. Please contact Michael Vincent to request this information.
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