As an independent physician, obtaining disability coverage at the beginning of your career is a smart decision. Many colleagues counsel younger physicians to do so because of the income protection it can provide. As time passes and your salary increases, are you making sure your income protection is increasing with it?
A Strategy for More Affordable Coverage
Some independent physicians might think their only option to increase their disability coverage is to secure a new policy. Often that means paying more than you originally did, because you now are older and may have health issues.
Instead of replacing your current policy, supplement it. The strategy of “stacking” disability insurance coverage by owning multiple policies may provide more affordable and comprehensive income protection for independent physicians.
Get Your Maximum Disability Benefits
Regardless of what you earn, all disability insurance carriers have maximum monthly benefits limits. What they will pay and how much is outlined in their policies. Carriers also stipulate in their policies a maximum monthly benefit amount that can be collected from all disability insurance policies you own.
Let’s consider an example. Your disability insurance policy may pay a monthly benefit of $10,000 a month, but you're allowed under that policy to receive a maximum benefit of $30,000 or $35,000 between multiple policies. Depending on your income, this may give you the opportunity to obtain a supplemental policy that can work with your existing policy and allow you to receive a larger benefit that may better protect your increased income.
How do you know how much additional coverage to get? TMA Insurance Trust makes it easy to take the first step with our Unprotected Income Calculator. In a few short minutes you can estimate how much of your income will be unprotected through retirement.
If you’re just starting out in your career, “stacking” disability insurance policies with varying waiting periods for benefits can be a smart way to obtain coverage now through retirement.
Sound complex? Don’t go it alone. A TMA Insurance Trust advisor can explain how the strategy of stacking can make your overall coverage more comprehensive and can also help you get your benefits more quickly. This is why TMA Insurance Trust exists—to help independent physicians know what strategies and policies will make the most sense for them.
We Give Advice, You Get Better Coverage
If stacking policies isn’t the strategy that will give you the most comprehensive disability coverage at the best price, we’ll tell you. Then we’ll research the market to help find a plan that may be a better fit for your current situation.
We work with multiple carriers and none of our advisors receive sales-based commissions. We’re here to share our decades of knowledge and strategizing expertise with you, so you can make an informed decision.
Our advisors are ready to assist you at 1-800-880-8181, Monday through Friday, 7:30 am to 5:30 pm CST. If you prefer, you can click the link below and fill out a brief form to have an advisor call you.
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.