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Protecting What Matters Most

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Why High-Income Earners May Require High-Limit Disability Coverage

As a specialist, you possess the ability to earn a sizable income after years of education and training. Yet if an unexpected illness or injury prevented you from practicing your specialty, you would need a disability benefit commensurate with your expenses to avoid depleting your savings and investments, and putting your family’s future at risk.

Traditional policies will insure around 65% of your salary with many plans capping benefits at $10,000 to $15,000 a month. If your income rises significantly, the percentage of income covered actually decreases due to limits on the plan’s benefits. In fact, some plans have caps that are so low the disability payments can leave a high- earning physician with a 35 to 75 percent deficit in income.

High Quality Supplemental Disability Coverage

To address this problem, TMA Insurance Trust offers supplemental coverage from major carriers such as Guardian, Principal and Standard. These carriers participate with each other so you can plan on a monthly benefit of $30,000 or more and lock in a rate until age 67. TMA members can also receive an exclusive 10% discount from Guardian for the life of a policy.

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Up to $100,000 of Monthly Disability Income for TMA Members

Need even more coverage? TMA Insurance Trust offers "own occupation" high-limit disability insurance from Lloyd’s of London. You can choose a benefit amount of up to $100,000 a month. Here’s a hypothetical example of how high-limit disability insurance can supplement group long-term disability and individual-disability coverage to fully protect your income.

A successful surgeon discovered a serious deficit in his insurance portfolio during a comprehensive financial review. At the time, his insurance benefits amounted to $21,400 a month, if he became ill or injured. According to his income, he was underinsured by $49,000 a month.

With so much at risk, the surgeon decided to purchase a high-limit disability insurance policy to close the gap in coverage. Thanks to his foresight, he was protected when he unfortunately suffered a serious injury. Due to a laceration and nerve damage to his dominant arm, he was unable to operate. Each month, the surgeon would receive a total of $70,400 in benefits from three disability policies:

$15,000 from a group long-term disability policy

$6,400 from an individual disability policy

$49,000 from a high-limit disability policy

In addition to the monthly benefits, the surgeon portrayed in this example could purchase a career ending benefit that provides a lump sum payment of $5,000,000 in the event, after a 60-month benefit period, the disability becomes permanent.

A high-limit disability policy from Lloyd’s of London can help close the gap left by traditional disability insurance policies in order to fully protect your income should you be unable to work due to an illness or injury.A licensed TMA Insurance Trust advisor can review your current disability insurance and help you design an insurance portfolio that more fully protects your standard of living. For peace of mind, call us today for a free, no-obligation consultation.

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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.

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