May 2010 - A Letter from the President of AMA Insurance Agency, Inc.

May 10, 2010

May … the kickoff month to summer!  In May, we honor mothers on a special Sunday.  We celebrate Memorial Day, remembering those who died in the service of a nation.  The Kentucky Derby, “the most exciting two minutes in sports”, is held on the first Saturday of this month. Cinco de Mayo, proms, graduations – all of these events take place in May.  Heck, there’s even a day set aside to honor Blueberry Cheesecake (May 26th)!

On a more serious note, though, May has also been designated “Disability Insurance Awareness Month” by the Life Foundation, a non-profit organization dedicated to consumer education on financial security issues. 

I was shocked to read a recent MetLife study that reported less than half of Americans who were out of work due to a disability had income protection in place.  And of those who did, only about one-third of their income was covered, meaning they were woefully underinsured from a financial standpoint.  Worse yet, 90% of the individuals in this group reported that the disability “had a major […] effect on their emotional lives”, including a “devastating” impact on their relationships.  People who had adequate coverage reported these same effects at a significantly lower rate.

Now, I’m confident that physicians are generally very cognizant of the need for Disability Income protection.  It’s clear that, unless you’re one of the fortunate few who are independently wealthy, your ability to earn a living is the most important asset you possess.  Everything – and I mean everything – related to your financial and emotional future is tied to this one resource.  And you’ve likely taken steps to make sure that you have some type of disability income protection.

I’d urge you, though, while you’re thinking about it, to take a few minutes to make sure that your coverage is up-to-date. As you’ve moved through your career, your responsibilities have likely increased … you may have a larger home and higher property taxes, a more expensive car, tuition, a reduced investment portfolio balance leaving you less able to self-fund your monthly obligations should you become disabled.  And always, the specter of your medical school debt is out there, particularly if you’re newly practicing.

Nobody means to overlook their insurance needs.  But physicians are so time-strapped that it’s easy to let the topic slide until a more convenient moment.  If you were disabled by an accident or illness tomorrow, it would be too late to fill the financial gaps that could crater all the plans you’ve so carefully made.

The AMA Insurance Agency can provide a number of physician-specific solutions to you.  If you’d like more information, just call us toll-free at 1-888-627-5883, or email us at   Also, feel free to check out our site.  There’s a lot of information here that can help guide you to the solution that’s right for you.


J. Christopher Burke, FLMI


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