HomeLearnMining Contract Language for Gold

Doctors are discovering that many group disability insurance policies purportedly “customized for physicians” are actually not so doctor friendly come claim time. Many exclude policy language that would qualify them for coverage they expect, or include provisions that are detrimental to their interests.

The rub is that features doctors value most – those gold nuggets that mirror and supplement their IDI coverage – are buried in contract language that is seldom mined for physician purposes. These features rarely see the light of day on spreadsheets or proposals.

A big part of changing the conversation around physician group LTD insurance is knowing where the nuggets of gold – as well as harmful rock slag – are buried in key sections of carriers’ LTD contracts. Adding high-value nuggets to your LTD spreadsheet powers your proposal with differentiated IDI supplement features docs love – and highlights the detrimental impurities included in commercial alternatives.

“Half of what docs value most isn’t on the spreadsheet – It’s buried in the contract.” –Keith Oser, Regional Vice President – Sales, MGIS

We Do the Heavy Digging


At MGIS, we do the hard work of mining insurance carrier contracts, separating out the gold nuggets from the slag, and highlighting both in simple, clear language. These features – both shiny and dull – can be used to create spreadsheets and presentations that enhance your credibility and differentiation, with benefits that are truly best-in-class for doctors.

“Producers who understand and use “nuggets and slag” in their spreadsheets and presentations on average close 6-8 times more cases than their counterparts, and routinely achieve price premiums of up to 25%.”–Keith Oser, Regional Vice President – Sales, MGIS

In fact, research* and experience have shown that doctors value these features so much, they are willing to pay more for them – on average 25% more.  And, producers who focus on this type of “mine for gold” approach typically close cases 6-8 times more frequently than their counterparts. For more details, see The Race to Zero…Or 70 article.



High Percentage Selling Gold Mining

The next seven installments of our High Percentage Selling series will dig into the details of mining the gold – and slag – in group benefits contracts, and show how you can highlight these gems in your spreadsheets and presentations. Upcoming topics include:

  • Contract definition nuggets: Specialty; Duties
  • Contract definition nuggets: Earnings
  • “Hidden” gems: Part-time and return to work provisions
  • 24 Karat pure: keep the slag out of your contract
  • Shiny service: insurance licensed, designated per-account professionals
  • Gold standard riders: Med mal, pension, business protection
  • Extra bling: Older than 63; out-of-country eligibility

Group disability insurance policies are underwritten by Sun Life Assurance Company of Canada (Wellesley Hills, MA) in all states, except New York, under Policy Form Series 93P-LH, 07P-LH-PT/07C-LH-PT, 12-STDPort-C-01, 12-GP-01, and 12-DI-C-01. In New York, group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Windsor, CT) under Policy Form Series 13-GP-LH-01, 13-LTD-C-01-MGIS, 13-STD-C-01-MGIS, 13-ADD-C-01-MGIS, 13-GP-LF-01, 13-LF-C-01-MGIS, 12-GPPort-01, 13-LFPort-C-01, 13-ADDPort-C-01 and 12-STDPort-C-01.

The disability policies provide disability income insurance only. They do NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Insurance Department.

Administration for physician products is provided by Medical Group Insurance Services, Inc. (MGIS), in all states, except as follows: in CA by MGIS Insurance Agency, Inc.; in NY by MGIS Insurance Agency. Product offerings may not be available in all states and may vary depending on state laws and regulations.

Producer use only.

© 2015 Sun Life Financial and the globe symbol are registered trademarks of Sun Life Assurance Company of Canada. Visit us at www.sunlife.com/us.

GGEL-PHY-490                      SLPC 26819 10/15 (exp. 10/17)

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