The financial fallout from the coronavirus pandemic has had an impact on virtually everyone, including physicians. As a result, many are looking to eliminate or minimize some of their major personal expenses.
We understand that at this time you may be concerned about the cost of your disability insurance – and the challenge of making regular premium payments.
You may be thinking: Should I continue to make my payments? Should I look for ways to reduce the cost of my plan? Or should I stop making payments and let my coverage lapse?
As a physician treating patients during the pandemic, you risk exposure to the virus every day.
Our concern is that if you were unable to work due to the coronavirus – or any other serious illness or injury – you could lose your primary source of income. That could put your personal finances – and everything you have worked so hard for – at risk.
The policy you currently have is a contract between you and the insurance company. If you drop that policy, you would lose all the protections provided by that contract.
What’s more, if you were to drop your coverage now, and try to get your own plan again later, new underwriting would be required. You would then be older and may not be as healthy as when you secured your original policy.
That could certainly result in a higher premium than what you are paying today. Worse yet, you could be denied coverage.
If you are struggling with your disability payments, we urge you to contact a TMA Insurance Trust advisor to review your current policy.
There may be ways to lower the cost by eliminating some riders, adjusting the waiting period or changing the benefit amount. We can explore these types of cost-saving options with all our members.
We might also suggest you look into a group plan – which could have a lower premium than the individual plan you have now.
One group plan we offer is the TMA Member Long Term Disability Plan issued by The Prudential Insurance Company of America. It is available exclusively to TMA members and now comes with savings of up to 25% off our regular rates.*
Let our advisors see if they can find savings for you – either with a policy review or a quote on a new plan. Call us at 1-800-880-8181.
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.