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?
Disability Insurance Means More Income Protection
Long-term disability insurance provides partial income protection for you and your family in the event you are unable to work due to illness or injury. It is insurance for what is essentially the backbone of your financial security – your ability to earn an income.
If you cannot work it is obvious that your income would suffer dramatically. If you are out of work for an extended period of time it could cause financial damage that could be difficult to recover from.
Your Current Coverage May Not Be Enough
Many young physicians or residents have disability coverage where they are currently employed. For most physicians, however, that coverage may not be enough.
Some employer plans typically cover about 60 percent of a physician’s income. And employer-paid benefits are taxable as income. Could you and your family get by on what would likely be half your current income?
The Right Coverage is Critical
You have worked incredibly hard to become a physician. You have devoted years of your life to medical school and specialized training. No one knows better than you the sacrifices you have made to be where you are. Add to that the financial debt you have likely incurred with student loans. A serious illness that keeps you from working could derail your financial security very quickly.
It is very important to understand your policy and to know if you would have enough income to cover your family’s expenses if you were disabled and could not work. That includes living expenses like rent, mortgage, groceries, even your car and loan payments.
Supplement Your Coverage With Your Own Plan
It’s a good idea to have your own long-term disability plan that helps cover any gap in your current coverage. So if you were unable to work due to a disability you would have enough income not only to provide for your basic expenses, but to sustain your family’s current lifestyle.
In addition, if you end up moving to another employer or practice, you’ll want to consider a plan that is portable, one that travels with you if you change employers.
Choosing disability coverage can be complicated. There are many things to consider. Our experienced advisors can help you find the best disability coverage for your specific needs.
One option is the TMA Member Long-Term Disability Plan issued by The Prudential Insurance Company of America. It was designed to provide affordable coverage, especially in the earlier stages of your career when repaying student loans and starting a family can consume many of your financial resources.
The TMA Member Long-Term Disability Plan allows TMA members up to age 50 to apply for a benefit of up to $10,000/month with simplified underwriting. In fact, TMA member residents and physicians can apply for a monthly benefit of up to $4,000 without having to provide proof of income.
And, the coverage is portable. It follows you regardless of your employment situation. Even if you move out of Texas, you can keep your coverage at member-only rates if you maintain an affiliate membership in the TMA.
A Student Loan Benefit is Included
An added feature includes a Student Loan Reimbursement (SLR) benefit. This can help pay student loan obligations, so more of your benefit could be used for living expenses. TMA members who apply for coverage prior to age 40 can receive up to $250,000 of SLR added long-term disability benefits at no additional cost.
You are welcome to contact us for a free consultation. You will speak with a knowledgeable advisor with years of experience. And because we don’t receive sales-based commissions you can expect guidance that is unbiased and without sales pressure.
Our goal is to help you find the best options for your individual needs. Contact us today so you can continue to devote your energy and passion to your career knowing you have the right protection in place. You can call us at 1-800-880-8181.
Apply Online, Quickly and Easily
For convenience, TMA members may also apply for the TMA Member Long-Term Disability Plan issued by The Prudential Insurance Company of America online at any time. To get started .
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.
Want to speak to an advisor? Complete the form below and we will reach out shortly.
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.