According to a press release, CCP’s new disability plan allows physicians to purchase up to an additional $1,000,000 in tax free benefits – regardless of the amount of disability insurance they already have. When they become disabled, these benefits will be paid to them to be invested so their retirement assets will grow just as if they were working.
In addition, the plan will pay benefits if the disability prevents the physicians from practicing in their own specialty, and the insurance can be issued without medical examinations on a guaranteed issue basis, the press release said.
The insurance is issued on a group basis and requires that at least 10 physicians participate, and that they are either employees of a medical unit or members of a medical practice group.
CCP recently introduced another offering that would protect non-qualified deferred compensation benefits (see New Program is Designed to Protect NQDC Benefits ).
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