Like most professionals, many physicians think of life insurance as a crucial part of their safety net of personal protection.

And chances are, whether you work at a hospital or medical practice, life insurance is routinely offered as an employee benefit. In fact, basic life insurance is frequently provided at little or no cost to physicians by their employers.

In many cases, however, the life insurance you receive from your employer may leave holes in the very safety net that was meant to provide protection.

Imagine going to a very nice restaurant. You sit down at a table and the waiter asks for your order. After you place your order he points to the kitchen and says “Please pick it up in 10 minutes. And when you’re done, kindly bring your dishes back to where you got them.”

Is this the type of service you expect from a high quality restaurant?

As the owner of a medical practice, we don’t have to tell you that providing group benefits for your employees can be costly. In fact, you could be paying a significant part of your revenue for employee benefits. So it makes sense that you are entitled to ask this question – am I getting the service that I’m paying for?

As a physician, you’ve devoted many years to study and hard work. You’ve paid your dues to get where you are, and continue to devote yourself to the practice of medicine with all its responsibilities. No one would question that you’ve earned the place you have in life. With hard work and dedication, financial success usually follows. Unfortunately, there are some who may view your financial situation in an opportunistic way. If you are involved in an accident and you are held responsible for damages or bodily injury, the other party may want to take advantage of your financial situation.

By definition, an accident is neither expected nor intended; in other words, you don’t see it coming, and when it does ... you wish it hadn’t. Out-of-pocket medical costs are also an unexpected surprise for many when an accident occurs. If you or a family member falls from a ladder, breaks an ankle during a soccer game, or burns an arm while trying out the new electric pressure cooker; expenses that aren’t covered by health insurance may add up quickly.

For TMA members, help is available to pay for the out-of-pocket costs related to an accident. Now that you have health insurance in place for the new year, why not examine your family’s need for accident insurance coverage?

Many physicians in the early stages of their career do not yet own a home. If you are currently renting, you may be among the 60% of renters who have overlooked something very important: renters insurance. Many renters do not carry insurance because they are unaware of the facts. At TMA Insurance Trust, we want our members to be fully informed. Here are some of the most common misconceptions about renters insurance, and why you should know the truth.

Imagine that you just purchased a brand new car. It gleams on the outside, handles flawlessly and comes with all the bells and whistles you could want. When you step into that car for the very first time one thing is almost certain: You wouldn’t dream of driving one block from the showroom if that car was not adequately insured.

So here’s a question: If you have insurance to protect your new car from potential damage, why wouldn’t you give the same consideration to insuring something even more valuable – your professional income?

As a physician, you see the importance of having disability insurance in place. Whether you are an independent physician and must purchase your own disability insurance, or you are employed and only receive coverage through your employer, you see the value in protecting your income.

Still, some physicians (whether independent or employed) may not have enough disability insurance to adequately protect their finances. If you become sick or injured and are unable to work, will your current disability coverage adequately protect you? Will your family have enough income to sustain the standard of living that you have achieved together?

Surviving a serious illness can be one of the biggest challenges of our life. It can consume most of our physical, mental and emotional strength. If we are lucky, we have support systems in place – with friends, colleagues and family members – to help us through.

But what about financial support? Have you thought about what might happen to your finances in the event of a serious illness? Have you given any thought to critical illness insurance?