Protect your most important asset - ability to earn an income as a physician
You have made a significant investment of time and money into your medical training. You have before you years of earning potential. That all needs to be protected. A portfolio of quality insurance can help protect you, your family, and your future from the devastating impact of a major illness or injury.
Your employer-provided disability coverage may not be enough
Disability Insurance protects your ability to earn an income. Residents should consider purchasing sponsored Group Disability Insurance coverage-one that is portable (so you can take it with you throughout your career) and protects your medical specialty, not just your ability to practice as a physician. Your employer probably provides a base level of disability protection, but if you do the math, you’ll realize it may not be enough. Employer paid benefits are taxable, so you won’t collect as much as you expect, in the event of a disability.Consider supplemental disability to help offset the difference.
DisabilityPro Own-Specialty Disability Insurance® for Resident Physicians
Apply for up to $5,000 in own-specialty protection–regardless of current salary, debt, or existing coverage. This is physician exclusive coverage at competitive rates–additional discounts available. And you can increase your monthly benefit when you leave residency.
Protect your family from the unexpected
For residents who have a family, life insurance should be an equal priority to ensure your family is taken care of and can manage the family’s ﬁnancial obligations. This may be a good time to apply for term life insurance—when you’re young and healthy. Our 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 for a high coverage amount 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 can be ideal 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 apply for initial term life insurance coverage. Designed for young physicians, 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 apply for 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 obtain a high coverage amount. The Preferred Term Life Insurance Plan offers you an affordable, 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
Not all residents are alike, and your life circumstance and family situation require insurance protection. You now have access to Insurance Specialists who can help you explore your coverage options and choose a plan that’s right for your financial goals. Unlike other insurance agents, our Insurance Specialists do not work on sales–based commissions, they are here to help you secure 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 plan for your future. Your financial planning needs will change throughout your career. Today your focus may be on budgeting, managing debt, securing the right kinds of insurance, and establishing savings; developing 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.
Know what financial protection you may have through your residency program
The Med Plus Advantage (MPA) program was originated after residents voiced their concerns to the AMA about the lack of adequate insurance coverage that addressed their unique circumstances. Tailored Disability Income, Life, and Accidental Death and Dismemberment Insurance now provides coverage to addresses residents’ needs and is provided across the U.S. If your resident program does not participate in the MPA program you may want to ask your Benefits Director or GME Director if they are aware of the features and benefits of the program.
If you are a participant in a Med Plus Advantage Group policy you may access information about your specific plan here.