If you are a young physician these can be hectic yet exhilarating times. You are in the early stages of the career you have always wanted to pursue. And you are establishing a foundation for a future which holds great promise and reward.
So right now the last thing you may want to think about is what might put that future at risk. But maybe it should actually be the first.
The Time To Protect Your Future Is Now
As a young physician, you may rarely think about the possibility of becoming seriously ill or injured. But that is a risk, even for young physicians. And if you were to have an accident or injury and were unable to work it could have dire consequences in many areas of your life – especially your finances.
One way so many physicians choose to help protect themselves from what could be devastating financial loss is with disability insurance, which is designed to help replace your income if you cannot work due to an illness or injury.
This can help you cover your monthly expenses – like mortgage payments, bills, even student loan obligations – so you don’t risk serious financial damage when you stop receiving a regular paycheck.
Your Current Plan May Not Fully Protect You
Like most young physicians you may have some disability coverage through your employer. But many employer-provided disability plans have a cap on the monthly benefit – often as low as $10,000. Would that be enough to cover your expenses and support your family’s quality of life?
And if your employer pays for your coverage – or if you write off the premium as a business expense – your benefits would typically be taxed as income. That could significantly decrease the amount of your benefit when you need it most.*
Also, once you leave where you are currently employed that coverage may no longer be available to you. This is why it is recommended that you consider obtaining your own disability insurance plan – one that can follow you wherever your career may lead.
One plan with exclusive member benefits is the **TMA Member Long Term Disability plan issued by The Prudential Insurance Company of America. Designed with affordability and simplicity, it can be an ideal plan for physicians just starting their career.
There is no need to qualify for coverage based on income when applying for up to a $4,000/month benefit or take into account any other coverage you may have. For that reason, it can also be an ideal way to supplement your current plan and close possible coverage gaps.
Members under age 55 can apply for up to a $10,000/month benefit with simplified underwriting – and up to $15,000 with additional underwriting.
Guardian Individual Plan – With Up To 20% Lifetime Discount
Another exclusive member option is a disability plan from Guardian – a top-rated national carrier. TMA Insurance Trust has negotiated an exclusive 10% TMA member discount for all members on Guardian disability plans, and depending on the type of medicine you practice, some may be able to increase the total savings up to 20%. Unlike some discount offers, this is not limited to a discount on the first year’s premiums. It is a permanent discount for the life of your policy.
Get A Plan That Grows With You
When choosing disability insurance, consider a policy with provisions that add flexibility and keep the plan valuable as your career evolves. Over time you will likely find that your income as well as your family continue to grow. Both TMA member plans mentioned above offer the following benefits:
• Student Loan Reimbursement benefit – to help you make your education loan payments when your balances are highest
• Cost of Living Adjustment provision – to help protect against the effect of inflation that could reduce the value of your benefits
• Future Increase Option provision – to increase the benefit amount when your salary increases
Speak With Us, Find Your Plan
If you are not sure which disability insurance plan may be right for you, we invite you to contact a TMA Insurance Trust advisor for a no-cost, no-obligation consultation. They will compare plan benefits, features and prices, so you can determine which is the best plan for your needs.
Our advisors do not work for sales-based commissions so the guidance you receive is always unbiased. And there will never be any sales pressure or obligation. To get started with a plan to help protect your income – and the future you are working so hard to create – call us today 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.
Want to speak to an advisor? Complete the form below and we will reach out shortly.
*Speak with a tax professional for advice about your income tax.
**TMA Member Long Term Disability Plan is issued by The Prudential Insurance Company of America, Newark, NJ. The Booklet-certificate contains all details, including any policy exclusions, limitations and restrictions, which may apply. CA COA# 1179, NAIC #68241. Contract Series 83500.