The Employee Benefits Group division of the U.S. business group of Sun Life Financial, Inc. has launched a malpractice insurance reimbursement rider. The optional rider offers physician group long-term disability customers reimbursement of their malpractice insurance premium payments while they are out of work on long-term disability.
Physicians and dentists face additional financial pressure while on long-term disability, since they must continue to pay malpractice insurance premiums as a necessary business expense, according to MGIS, a national medical group administrator that provides administration services for all of Sun Life’s Physician Group products.
“There are about 600,000 physicians in the U.S. who practice in medical groups and need malpractice insurance,” said Jeff Brunken, president, The MGIS Companies, Inc. “Physicians pay, on average, $15,000 a year for malpractice insurance. This rider will provide help during a difficult time.”
Sun Life’s malpractice insurance reimbursement rider will provide reimbursement of up to $25,000 of malpractice insurance premium payments due and paid during a 12-month period of approved disability.
Sun Life Financial offers group products to physician and dentist employer groups, including physician group long-term disability, short-term disability, and life and accidental death and dismemberment.