Make sure your insurance portfolio is up to date
This stage in a physician’s career is often a busy time. Whether your finishing residency, moving on to fellowship, or starting out in practice, change is happening. With these changes come added responsibility both professionally and personally. As your life changes—new job, new city, new home—so too should your financial plan. Your new circumstances should be taken into consideration as you develop strategies to protect your income, safeguard your family and save for the future.
Protect your most important asset - ability to earn an income as a physician
While your employer coverage may provide an adequate amount of disability income insurance protection, it is likely not enough. It’s important to understand that benefits you receive through disability insurance provided and paid for by your employer, would be subject to both federal and state income taxes, so what you thought would be your monthly benefit could turn out to be lower. What’s more, employer coverage is not portable, when you change jobs, you can not take the coverage with you.
DisabilityPro Own-Specialty Disability Insurance®
DisabilityPro Own-Specialty Disability Insurance® covers you as both a physician and a medical specialist, giving you an indispensable safety net. Completely portable own-specialty disability insurance coverage helps protect your family by protecting your income with up to $15,000 in monthly benefits. Benefits may be tax free, if premiums are paid with after-tax dollars. Consult your tax advisor.
Protect your family from the unexpected
If you have a family, life insurance should be an equal priority to ensure they are taken care of, and can manage the family’s ﬁnancial obligations. This is the optimal time to apply for term life insurance—when you’re young and healthy. The AMA-sponsored Insurance Plans include a variety of life insurance options to help you meet your unique insurance needs.
Level Term Life Insurance
For those looking to obtain the most coverage at a locked-in rate. A level term life insurance plan provides a cost-effective, predictable life insurance option. Choose your benefit up to $4 million and your term—10 year, 15 year, or 20 year. During that time, your rate and benefit will remain unchanged. This is coverage for physicians and their families looking to help protect the future they have planned and provide for ongoing living expenses, pay off a mortgage, or fund a child’s education. Your life insurance can be customized with optional coverage riders.
Pure Term Life Insurance with QuickDecision℠
For those looking for an easy way to request initial term life insurance coverage. Designed for young physicians under age 45, this plan offers the significant life insurance benefit you may need to help fill in the gaps left by the limited benefits of an employer plan. You can request up to $1 million of coverage with no medical exam, your acceptance is based on your answers to health questions, and other information you provide or give us permission to obtain. Apply in minutes and get a decision quickly, often on the spot. Helping to protect the financial security of those you love can be fast and budget friendly.
Preferred Term Life Insurance
For those looking to request competitive rates. The Preferred Term Life Insurance Plan offers you a cost-effective, flexible life insurance solution. Whether you are looking to supplement existing life insurance coverage or choosing primary coverage for a few years or longer this plan offers benefits from $25,000 to $3 million. Your life insurance can be customized with optional coverage riders.
Find customized solutions
Our team of Insurance Specialists are available to help you build a portfolio of insurance solutions that meet your unique financial goals. Unlike other insurance agents, our Insurance Specialists do not work on sales-based commissions, they are here to help you secure the insurance protection that meets your needs, not a sales quota.
Planning for every stage of your career
It’s never too early to develop a solid financial strategy for your future. Your financial planning needs will change throughout your career. Establishing strong ﬁnancial habits early on will help you get on track for how you want to live during your years of practice and retirement. We provide you access to vetted professionals in our Physicians Financial Partners Program who can help develop strategies to protect your income, safeguard your family and save for the future.
Are you a covered participant of the Med Plus Advantage Program through your residency?
As a resident you may have had the quality protection of the Med Plus Advantage Group Disability Income Insurance Program sponsored by the American Medical Association and underwritten by Standard Insurance Company to safeguard your income and student loan obligations. But when you finish your residency, your group coverage is scheduled to end—unless you make arrangements now to help protect yourself once you enter practice.
Finishing your residency?
Contact us for a consultation on your insurance.
If you are a participant in a Med Plus Advantage Group policy you may access information about your specific plan here.