For most physicians, disability insurance is a given. Indeed, it’s considered an essential form of income protection.
But assuming you have a disability insurance plan, it may surprise you to learn just how much of your future income is not protected.
New Quick Tool Shows Risk to Future Income
At TMA Insurance Trust we want to help you protect as much of your income as possible.
To do that, it’s important to understand how much of your income may not be protected – all the way to retirement.
To that end, we’ve created the Unprotected Income Calculator. In just minutes you can see how much of your future income may be unprotected – based on simple information you provide anonymously.
See a Hypothetical Example
Here’s a hypothetical example of what the Unprotected Income Calculator might reveal about the future income risk of a “typical” physician:
Dr. Summers is a 42-year-old physician specializing in emergency medicine. She has a family, a single family home with a mortgage and two vehicles that she leases. Her annual income is $228,000 a year. She secured a disability insurance policy when she left residency that provided a monthly benefit of $7,000 should she become too ill or injured to practice. Dr. Summers would like to retire by age 67.
By using our quick and easy calculator, Dr. Summers would learn the following:
- Number of years to retirement: 25
- Total projected income to retirement: $5,700,000
- Protected income to retirement: $2,100,000
- Unprotected income to retirement: $3,600,000
- Percentage of income not protected by disability insurance: 63.2%
Dr. Summers can now see that given the monthly benefit of her current disability plan, a large percentage of her projected future income is not protected. The question is: If Dr. Summers becomes too sick or injured to work, could her family live on an income that is reduced by over 63%?
Protect Your Family and Future Income
Once you know how much of your future income is at risk you can determine the right amount of coverage you need to protect your family accordingly. If you do wish to obtain more coverage you’re welcome to speak with one of our advisors. They can review ways to increase your coverage – without overextending your budget.
They’re available toll-free at 1-800-880-8181 weekdays from 7:30 am to 5:30 pm CST to answer questions and review your current disability coverage.
Isn’t it worth a few minutes to find out if you’re exposing hundreds of thousands, or even millions of dollars of future income over the course of your career.
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.