We pay for disability insurance for a good reason. We trust it will be there to provide a benefit payment if we get sick or injured and cannot work.
But if you did become ill or injured and couldn’t work, do you know how long it would take to receive your benefit payment? It may be longer than you think.
With most disability insurance plans you have to wait at least 90 days before you get your first benefit payment. Some policies have waiting periods of up to 180 days. That could be 3 to 6 months before you see your first disability benefit.
Waiting that long could really strain your finances. After all, when you’re not working, your bills will still keep coming. You’ll have rent or mortgage payments, utility bills, student loans and all your basic living expenses. And as usual, they’ll be due promptly every month.
Plus, your disability benefit will almost certainly be less than the income you were earning before you stopped working. That’s typical for virtually all disability plans. So the combination of a long waiting period and reduced income could put you in an even deeper financial hole.
There is, however, a way to get your benefit payment faster – when you can really use it. The TMA Member Long Term Disability Insurance Plan issued by The Prudential Insurance Company of America offers the option of a 30-day waiting period. So you could get your benefit:
The TMA Member Long Term Disability Plan provides “own occupation” coverage and is rich in features you might only expect to find with an individual policy. And with cost-effective group rates, it’s designed to provide valuable benefits without breaking your budget.
You’ll also find a streamlined application process that’s much less time-consuming than for an individual policy.
If you currently have disability insurance, you may not have to drop your plan to get a shorter waiting period. You could consider supplementing your existing coverage with the TMA Member Long Term Disability Plan. Then you could receive a benefit payment sooner – and you would not have to give up your current plan, which may have certain benefits you wish to keep.
If you purchased your policy some time ago, however, it’s possible that your income has grown and your current coverage may not be enough to provide what your family needs to comfortably live on today.
If you’re not sure about whether your current plan provides enough coverage, our advisors can help. They have deep experience working with Texas physicians and can help you determine the disability coverage that works best for your family and your budget.
Feel free to give us a call for a cost-free consultation. Remember, TMA Insurance Trust advisors do not work for sales-based commissions, so when you get on a call, there’ll be no pressure or obligation. Our only goal is to see that your income is protected with the right disability coverage for your needs. Call us at 800-880-8181, 8:00 am – 5:00 pm CST Monday to Friday.
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.