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Do You Need A Residual Rider and Which Type is Best for You?

🩺In this video, we discuss what the Residual Rider is, as many don’t know this is the Partial Disability Rider on the Own Occupation (Physician Specific) Disability Insurance contracts.

Now which Residual Rider is best for you? Some specialties don’t have a hard time transitioning back to practice after suffering a disability, as their typical base compensation will be restored upon return which is typical of an employee contract. But some specialties and subspecialties often have a timeframe that their income needs time to ramp back up and get back on track; especially if that specialty/subspecialty is production based and/or in a private practice/group setting. ⚕️

Do you need the “Basic” residual rider that doesn’t include help for income loss after transitioning back to work or would you need the “Enhanced” version, that allows for recovery of income; after recovering from a disability.

In this video you will learn:
💭What is a residual rider?
💭What % of your income must be lost before you trigger the benefits?
💭 How residual riders are not all built the same
💭 If you have a recovery rider built into the residual rider
💭How to calculate the residual rider payout after triggering your benefits

Please let us know if you have specific questions on these elements and/or would like a review of your current plan. 🕛 To schedule your consultation, please click here: https://www.www.mddisabilityquotes.com/schedule-a-meeting

🔔 Subscribe for more here: https://www.youtube.com/channel/UCI5HghYhKie41HbiM7rB8Iw

🚀 Tools and resources we recommend:
⚡️FREE Physician Resources: https://www.www.mddisabilityquotes.com/resources-to-download
⚡️FREE Physician’s Guide to Disability Insurance: https://www.www.mddisabilityquotes.com/physicians-guide
⚡️How Future Purchase Options Work: https://www.www.mddisabilityquotes.com/future-purchase-option

***🔅 Let’s connect at Instagram for more education and business strategies on how to build your personal risk management process!
@md_disability & @amberstitt_ ***

👍🏽Recommended Resources for specific specialties:

☑️Resources for Dentists: https://www.www.mddisabilityquotes.com/dentists

☑️Resources for Federal Employees: https://www.www.mddisabilityquotes.com/federal-employees

☑️Resources for Females: https://www.www.mddisabilityquotes.com/females

☑️Resources for Residents and Fellows: https://www.www.mddisabilityquotes.com/mds-and-dos-resident-limits

☑️Resources for Optometrists: https://www.www.mddisabilityquotes.com/optometrists

☑️ Resources for Podiatrists: https://www.www.mddisabilityquotes.com/podiatrists

☑️Resources for Veterinarians: https://www.www.mddisabilityquotes.com/veterinarian

☑️Resources for Physicians in the Military: https://www.www.mddisabilityquotes.com/physicians-in-the-military

Thank you so much for stopping by today!

VOCAB FOR THIS VIDEO

RESIDUAL DISABILITY: A benefit will be paid if you are residually disabled and suffer a loss of income of at least 15% or 20% of your income.

WHAT IS ENHANCED RESIDUAL DISABILITY? This is the recovery rider that you can elect to have on your contract that pays a transitional benefit, if you return to work post disability but still have income loss.

WHAT IS BASIC RESIDUAL DISABILITY? This is the partial disability benefit, but without the recovery rider. You cannot select basic on MassMutual and Principal’s contract currently (as of 2021).

*Standard’s basic rider actually includes recovery within.*

WHAT NEEDS TO HAPPEN BEFORE I SEE RESIDUAL DISABILITY PAYOUT?
There needs to be an income loss based upon the contract’s definition after your waiting period is met. Some carriers let you have at least 50% of your base benefit as long as you meet the trigger, have income loss, among a few other provisions. Please contact us to give you assistance on which carrier, offers which version.

**Miss our first video? 1ST VIDEO IN THE SERIES HERE at https://youtu.be/-klcIpjYNys

💡 Videos for frequently asked questions:

WHAT IS OWN SPECIALTY
https://www.youtube.com/watch?v=CHVjlSqGLiQ&t=3s

HOW FUTURE PURCHASE OPTIONS WORK
https://www.youtube.com/watch?v=OH8mPfdB7Ms&t=29s

DO I NEED COLA?
https://www.youtube.com/watch?v=MmgiPQEJxvQ

THE UNDERWRITING PROCESS
https://www.youtube.com/watch?v=Sa611TSHeu8&t=18s

GROUP VS. PRIVATE INSURANCE
https://www.youtube.com/watch?v=7enAnIXXJxg

COMPLIMENTARY FEATURES INCLUDED
https://www.youtube.com/watch?v=k91_NHohecw

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Do You Need A Residual Rider and Which Type is Best for You?

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