<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1200425829968335&amp;ev=PageView&amp;noscript=1">

Protecting What Matters Most

border

Disability Insurance - An Income Protection Strategy for Physicians

TMA Member Insurance Insight - RevisedIt is often strongly recommended by experienced physicians that newly practicing physicians obtain a disability insurance policy as soon as possible. Establishing this coverage early in one's career is essential for safeguarding their income.

As years pass and your salary and income grow, your disability insurance coverage needs to keep pace or you could face risks to your financial stability. The policy you started your career with may not sufficiently protect your current income.

Maximize Your Coverage Affordably

One of the best strategies for increasing your income protection is not to replace your current disability policy but to supplement it by adding another policy. This is often the most affordable approach.

You likely secured your current disability coverage when you were younger and perhaps healthier. If you were to replace it now, it would cost you more. Utilizing an insurance policy strategy known as “stacking” or “laddering” - which refers to owning multiple policies - could help you get the most comprehensive disability coverage at the lowest possible cost.

Why “stacking” makes sense:

  • Disability insurance carriers have a maximum monthly benefit they will pay.
  • Carriers also stipulate in their policies a maximum monthly benefit amount that can be collected from all disability insurance policies the insured has.
  • Multiple policies will allow the physician to get the maximum monthly benefit allowed should he/she become disabled.

For example, if a physician has a policy that will pay a monthly benefit of $10,000 a month, but the policy will allow them to receive a maximum monthly benefit of $30,000 or $35,000 between multiple policies, it gives the physician the flexibility to obtain another policy that can be coordinated with their existing policy.

Have questions about your insurance needs? We're here to help - click here or call today
800-880-8181 8:00 – 5:00 CST Monday – Friday

Are you just beginning your career and purchasing disability insurance for the first time? This “stacking” strategy can be a way to secure more comprehensive coverage right from the start. Consider purchasing an individual policy with a longer waiting period that covers you through retirement; this will help drive down the cost of that policy. Then, “stack” the affordable TMA member plan with a shorter waiting period that would provide benefits before the individual policy begins paying benefits. This approach will help you receive coordinated, comprehensive benefits more affordably. For example, members can apply for up to $4,000 of coverage with the TMA Member Long Term Disability plan, issued by The Prudential Insurance Company of America. This coverage is available regardless of any other disability coverage they may have through another carrier and with no income verification required.

A Future Increase Option should be considered with this strategy. Up to a certain age, this option will allow you to increase your coverage as your income and financial responsibilities increase, without being subject to underwriting. Even if your health changes in the future, you can exercise your opportunity to secure more coverage, and not be saddled with significant cost increases due to changes in health or be denied coverage outright.

How Much of Your Income is Unprotected?

To know how much supplemental disability coverage to secure, first, you need to calculate how much of your current income is unprotected. TMA Insurance Trust makes this easy and convenient with our Unprotected Income Calculator. It can help you understand how much of your income is currently unprotected through retirement, and our knowledgeable advisors can then help you find the supplemental coverage that will maximize your benefits.

For decades, TMA Insurance Trust advisors have been offering their product knowledge, developing strategies, and offering assistance at no cost to Texas physicians so they can get the income protection they need and deserve. We work with leading disability insurance carriers to provide the best solutions for your insurance needs, some with discounts and savings.

Maximize your income protection by calling 800-880-8181, Monday through Friday from 8:00 am to 5:00 pm, CST.

New Call-to-action

For over 65 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.

Recommended Posts

Help Protect Your Income with TMA Member Short Term Disability Insurance

Guaranteed Income Protection with The TMA Member Short Term Disability Insurance Plan

Get Guaranteed Acceptance For The New TMA Member Short Term Disability Plan

Disability Insurance Costs More for Women - We Have a Solution!

Disability Insurance Myths Every Physician Should Know About

Help Prevent the Risk of Financial Hardship with Disability Insurance

Are There Hidden Risks In Your Employer's Disability Insurance Plan?

Help Protect Your Income with TMA Member Short Term Disability Insurance

Guaranteed Income Protection with The TMA Member Short Term Disability Insurance Plan

Protect Your Health and Retirement with a Medicare Supplement Plan

Get Guaranteed Acceptance For The New TMA Member Short Term Disability Plan

Empowering Independents: Get Group PPO Coverage With or Without Employees

Planning To Work Past 65? See What Medicare Says About That

Dental Insurance: A Smart Financial Move for Long-Term Savings

Give Your Family More Financial Stability With Term Life Insurance

Help Protect Your Income with TMA Member Short Term Disability Insurance

Guaranteed Income Protection with The TMA Member Short Term Disability Insurance Plan

Protect Your Health and Retirement with a Medicare Supplement Plan

Get Guaranteed Acceptance For The New TMA Member Short Term Disability Plan

Dental Insurance: A Smart Financial Move for Long-Term Savings

Surprising Ways to Utilize Your Term Life Insurance

Give Your Family More Financial Stability With Term Life Insurance

Disability Insurance Costs More for Women - We Have a Solution!

Help Protect Your Income with TMA Member Short Term Disability Insurance

Group Health Coverage - Last Chance to Lock in 2023 Rates

Guaranteed Income Protection with The TMA Member Short Term Disability Insurance Plan

Protect Your Health and Retirement with a Medicare Supplement Plan

Get Guaranteed Acceptance For The New TMA Member Short Term Disability Plan

Planning To Work Past 65? See What Medicare Says About That

Dental Insurance: A Smart Financial Move for Long-Term Savings

Your Group Health Insurance Plan Needs a Specialist

Help Protect Your Income with TMA Member Short Term Disability Insurance

Group Health Coverage - Last Chance to Lock in 2023 Rates

Guaranteed Income Protection with The TMA Member Short Term Disability Insurance Plan

Protect Your Health and Retirement with a Medicare Supplement Plan

Get Guaranteed Acceptance For The New TMA Member Short Term Disability Plan

Planning To Work Past 65? See What Medicare Says About That

Help Protect Your Practice’s Heartbeat With Business Overhead Expense Insurance

Dental Insurance: A Smart Financial Move for Long-Term Savings

Help Protect Your Income with TMA Member Short Term Disability Insurance

Guaranteed Income Protection with The TMA Member Short Term Disability Insurance Plan

Get Guaranteed Acceptance For The New TMA Member Short Term Disability Plan

Your Group Health Insurance Plan Needs a Specialist

Surprising Ways to Utilize Your Term Life Insurance

Give Your Family More Financial Stability With Term Life Insurance

Disability Insurance Costs More for Women - We Have a Solution!

Speak with a TMA Insurance Trust Advisor:

TMA Member Long Term Disability Plan is issued by The Prudential Insurance Company of America, Newark, NJ. The Booklet-certificate contains all details, including any policy exclusions, limitations and restrictions, which may apply. CA COA #1179, NAIC #68241. Contract Series 83500.

1070080-00001-00

Newsletter signup to receive our monthly newsletter

border