The same can be said with respect to disability insurance. If you find you have a gap in your income protection coverage the time to address it is now, before you actually need your disability benefit.
Unfortunately, many physicians may not be aware of just how much of their income is – or is not – protected.
You may be surprised to learn that the coverage you currently have would not be enough to provide for your family’s needs in the event you become ill or injured and cannot work. This is true, regardless of whether your disability coverage is provided by your employer or you secured a plan years ago on your own.
Why Employed Physicians May Need More Coverage
If you’re an employed physician you may have some disability insurance. But there are typically limits to coverage provided by employers – both in the amount of coverage and for how long you can collect benefits. Employer-paid plans usually cover only 60-65% of your salary. If you were out of work could you live on 40% less than what you’re earning today?
On top of that, if your employer pays for your coverage, your benefit will be taxed as income. So it would be even further reduced by federal and local taxes. (Consult your tax professional to determine your tax liability.)
Independent Physicians Are At Risk Too
If you’re an independent physician you may also face serious financial risk. Why? Because many physicians who purchased their own policy years ago, often let it sit in the proverbial “desk drawer” without routinely reviewing their coverage.
Over time your income has likely grown – along with your family’s living expenses. The coverage you purchased when you were younger may have been right for you then, but it may not be enough to cover your family’s needs today.
Plus, if you pay the premiums as an expense of your practice, your benefit may be taxed as income and therefore reduced even further. (Consult your tax professional to determine your tax liability.)
Speak With An Advisor For Unbiased Options
So to avoid a costly mistake down the road, it’s important to review your disability coverage today. If there’s a gap in your coverage our advisors can help.
Their goal is to help you protect as much of your income as possible. And their recommendations are offered at no cost and without bias, because unlike other agents, they do not receive sales-based commissions. You will never feel any sales pressure or sense of obligation during a cost-free consultation.
Save Up To 30% From Top Carriers
If you need additional coverage – or a new disability plan – our advisors can provide you with a number of options. These include true own occupation individual policies from leading nationally known carriers.
For example, we offer a top-rated plan from Guardian that comes with discounts of up to 30% for physicians (depending on specialty) and rates that can be locked in until retirement. Below are some highlights of the plan:
- Permanent discounts of up to 30% (depending on specialty) for the life of the policy
- Up to $30,000/month benefit
- True Own Occupation definition of disability with enhanced medical specialty language
- 150% first-year benefit for a serious illness – at no additional cost
- Enhanced Partial Disability Rider with Recovery Benefits payable for the full benefit period
- Non-cancellable (premiums cannot change)
- Guaranteed Renewable (once coverage is placed, Guardian may not modify benefits)
- Future Increase Option—up to $30,000/month in total disability benefit
- Cost of Living Adjustment Rider options
- Retirement Protection Rider—up to $67,440/year in retirement contribution protection — this can also be purchased as a separate stand-alone product
Practice Owners Can Save Up To 40% With Guardian
All practice owners can opt for deeply discounted unisex rates of 25% (women can save up to 40%) when three or more participants (including male employees) in their office secure coverage together. This can provide your employees with a valuable benefit that previously may not have been considered affordable. Please speak with one of our advisors for details.
More Options Include High Income Plan
We offer additional options that include a high-benefit own occupation plan for physicians with higher earnings as well as an affordable Association plan from a top carrier that comes with a short, simple application process. Speak with one of our advisors about these options.
Protect Your Investment – Your Income
Your career is a direct result of hard work and a substantial investment of time and money. So don’t make a costly mistake. Protect your income to the fullest extent possible. Call our advisors at 1-800-880-8181, Monday through Friday, 7:30 to 5:30 CST.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.