Most medical residents receive life insurance as a benefit from their employers. Whether you have already taken advantage of this coverage or not, there are strong financial advantages in obtaining supplemental life insurance outside the workplace.
If you are a medical resident, you are likely young and healthy, and rightly feel like the world is ahead of you. Long-term disability insurance is probably the last thing on your mind. However, statistics show that 1 in 4 young adults will become disabled before retirement age. If you should ever become disabled, long-term disability insurance can provide the income to meet your living expenses – and pay back your student loans – while you can’t work.
We value the life-saving work you do and understand that practicing medicine isn’t just a job. It’s a way of life - one that impacts you and everyone in your life. That’s why TMA Insurance Trust is continually looking for new ways to support member physicians and their families.
Life insurance may be the last thing on your mind, if you’re a medical student, resident or young physician just starting out. Since you have few, if any dependents, you may think it’s a waste of money. Yet young physicians like you, in Texas and around the country, are starting careers with more financial risks than any previous generation of physicians.
Physicians are feeling pressure due to rising student loans burdens, lower compensation expectations and shrinking health care reimbursements. These factors can distract from their primary motivations for pursuing a career in medicine – helping others, contributing to advancements in the medical field, and promoting health in their communities.
Teenagers and college grads expect to “have it all together” by their 30s. It’s ok to be a kid in your 20s — even in med school — but when the infamous 3-0 rolls around, it’s time to focus on building a solid foundation, climbing the ladder, and settling down to start a family.
Physicians are among the highest earners, but many don’t feel like it. Having already managed large debt burdens on compressed budgets by the time they pay off their student loans and build up to a sizeable income, many physicians learn the value of setting financial goals and seeking professional advice early on.
There’s an old episode of “The X-Files” in which insurance salesman Clyde Bruckman, played by Peter Boyle of “Everybody Loves Raymond,” sits with a young couple at their kitchen table trying to sell them an insurance policy.
