MGIS and Sun Life Expand Partnership to Provide Leading Income-Protection Products to Veterinarian Groups

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Sep 26, 2022, 08:00 ET

SALT LAKE CITY, Sept. 26, 2022 /PRNewswire/ -- MGIS, a leading national insurance program manager, and Sun Life, a leading international financial services organization, announce that group disability insurance programs managed by MGIS will expand to include veterinarian groups.

"According to the AVMA (American Veterinary Medical Association), the starting salary for Vets has been rising every year since 2014.¹" MGIS President Jeff Brunken noted. "As a result, many veterinarians have growing income-protection needs—similar to those of other healthcare professionals. It's a natural fit to provide MGIS group long-term disability (LTD) insurance² to veterinarians so they can take advantage of our leading coverage features."

MGIS group LTD mirrors key provisions of individual disability insurance (IDI) while providing underwriting and cost advantages associated with group disability insurance.

Some of these features include:

Extended own occupation definition of disability
Favorable earnings definition and lagged earnings
"Best of both worlds" partial disability benefits
No mandatory rehabilitation requirement
No lifetime-max mental & nervous and drug & alcohol (MNDA) limitation
Guarantee Issue Underwriting³
Retro disability benefit
Dedicated claims unit for veterinarians and other healthcare professionals

Requests for proposals can be sent to an MGIS Regional Vice President of Sales (RVP) or via the Sun Life website.

Learn more at mgis.com

MGIS and Sun Life are partners in providing specialized disability income protection for healthcare professionals. MGIS provides specialized sales support, administration, and underwriting, and Sun Life provides claims management and insurance supported by its insurance subsidiaries' financial strength ratings.

MGIS is a leading national insurance program manager experienced in building and managing specialized insurance programs for healthcare professionals. We partner with highly rated insurers and focus on disability and life insurance for practices of all sizes, types, and medical specialties. Insurance policies managed by MGIS are backed by members of the Sun Life group that are insurance companies and Certain Underwriters at Lloyd's. We work exclusively through select brokers and insurance advisers. MGIS affiliated companies provide MGIS services: The MGIS Companies, Inc., Medical Group Insurance Services, Inc., and MGIS Underwriting Managers, Inc. (DBA as MGIS Professional Insurance Solutions in CA and MGIS Underwriting Agency in NY).

Group life and 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-GPPort-P-01, 15-GP-01, and 16-DI-C-01. In New York, group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Lansing, MI) under Policy Form Series 13-GP-LH-01, 13-ADD-C-01-MGIS, 13-GP-LF-01, 13-LF-C-01-MGIS, 12-GPPort-P-01, 13-LFPort-C-01, 13- ADDPort-C-01, 15-GP-01, 16-DI-C-01 and 12-STDPort-C-01. This policy provides disability income insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services. The expected benefit ratio for this policy is 66%. This ratio is the portion of future premiums that the company expects to return as benefits, when averaged over all people with this policy. 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; in NC by Insurance Administration, Inc., d/b/a MGIS NC. Product offerings may not be available in all states and may vary depending on state laws and regulations.

© 2022 Sun Life Assurance Company of Canada, Wellesley Hills, MA 02481. All rights reserved. The Sun Life name and logo are registered trademarks of Sun Life Assurance Company of Canada. Visit us at www.sunlife.com/us.

SLPC 31786 9/22 (Exp. 9/24)

¹ Increase in veterinarians' starting salaries long overdue, economist says. American Veterinary Medical Association. (n.d.). Retrieved April 4, 2022, from https://www.avma.org/javma-news/2021-12-01/increase-veterinarians-starting-salaries-long-overdue-economist-says
² Group long-term disability (LTD) insurance for healthcare professionals is issued by Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company (U.S.).
³ Some health questions may be required for late entrants. A GI level may be required for small groups or groups with high benefit levels.

SOURCE MGIS