As a physician, what is your most valuable asset? Some would say it’s your ability to earn income. This can be particularly true if you are a surgeon or specialist.
Think about it. You’ve spent years in medical school, residency, and then more time acquiring the skills demanded of your specialty. We don’t have to tell you – this is an enormous investment of time, money, and very hard work.
Accordingly, it’s likely that by now you are earning an income which reflects this investment and commitment. So shouldn’t you take extra care to help protect that income?
That’s what disability insurance is meant to do.
Help Close The “Income Protection Gap”
Disability insurance should be a primary consideration for specialists. That’s because it can help provide a financial safety net in the event you become ill or injured and cannot work.
When it comes to disability insurance, however, some specialists may not realize they have what might be called an income protection gap. That is, there may be a gap between the coverage you have and the coverage you might need to sufficiently protect your finances if you were unable to work.
This may be for any of the following reasons:
1. Your plan is provided by your employer
If your plan comes from your employer, it may be limited in the amount of coverage it provides. Typically, employer-provided plans have limits on coverage. It’s also possible that your benefit payments could be reduced by “offsets” – i.e., if you have multiple disability policies, the insurance companies may only provide benefits up to a certain pre-set limit, further reducing the coverage you thought you had.
Take a look at your employer-provided plan. You may be surprised to find out how much – or how little – coverage you really have. Ask yourself if it would be enough to cover your family’s living expenses if you couldn’t work. Would you have enough to live on and to support your family’s current lifestyle?
2. You purchased a policy years ago – and haven’t reviewed it lately
It’s also possible you obtained a plan early in your career when affordability was a key factor and a lower benefit was suitable for your needs. Today your income – and your expenses – are higher. If you were to draw a benefit with that plan now, it might not provide a large enough benefit to cover your current living expenses.
3. The standard 60% limit
It’s common practice for most disability plans to only cover up to 60% of the earned income¹. That’s the standard in the industry. But ask yourself, could you maintain your family’s lifestyle – and fund your retirement – on a 40% pay cut?
4. You may have no disability insurance at all
Some physicians, for whatever reason, may have never secured a disability insurance plan. Or, it’s possible you had a plan with an employer and subsequently moved on to another work situation – and simply neglected to replace your disability insurance.
Find The Coverage That Fits Your Needs
If you do not have any disability insurance – or feel your coverage does not provide enough protection for you and your family today – we encourage you to review your options with a TMA Insurance Trust advisor.
We can offer more disability insurance options than you would likely find with other insurance agents – including true own-occupation plans from leading carriers in Texas. Here are some examples of plans that may work for you:
Get Up to a 20% Discount With Guardian
TMA Insurance Trust has negotiated a permanent discount of up to 20% with Guardian – a nationally known leader in disability insurance. They offer rates that can be locked in for the duration of your career. They also offer valuable riders to personalize your coverage – including one that provides a benefit that would continue to fund your retirement account while you are unable to work.
A High-Benefit Plan With up to 20% Savings
We also offer a high-benefit, own-occupation plan from Lloyd’s of London. It comes with benefits as high as $100,000 per month. Your benefit would be available regardless of any other benefits you may receive. It comes with a 20% member discount as well.
A Group Plan With up to 25% Savings
Our most cost-effective plan is The TMA Member Long Term Disability Plan issued by The Prudential Insurance Company of America. It comes with a 25% statement credit that effectively decreases your premium payments by 25%.*
It can also provide a monthly benefit of up to $4,000 with simplified underwriting and no income verification required. Higher amounts of coverage are available.
The TMA Member Long Term Disability Plan also pays regardless of any coverage you may have – so it can be a good option for those who wish to increase their existing coverage with a supplemental plan. For a quick look at what your rate would be click here for our premium rate calculator.
Call Now to Review Coverage Options and Quotes
TMA Insurance Trust is an independent insurance agency serving Texas physicians for over 60 years. Our advisors have experience with the special insurance requirements of high income physicians and can provide you with options which make the most sense for your individual situation.
They do not work for sales-based commissions so there will never be any pressure or obligation. Their goal is simply to help you find the coverage that works best for you and your family. Call us to review your income protection options at 1-800-880-8181, 7:30 am – 5:30 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.