Residents in 2023
We believe the most valuable asset you have is your ability to generate income throughout your career, making individual disability income insurance policy a cornerstone of a sound financial strategy. Individual disability income insurance provides a monthly benefit if you are unable to work for an extended period of time due to sickness or injury. Through this offer, which is issued by Massachusetts Mutual Life Insurance Company (MassMutual) and separate from the administration, you are able to lock into excellent policy definitions, fixed rates, and significant discounts.1
The main features are as follows:
- Unisex rates and discounts and the policy is portable until age 65
- Protects you in your own occupation 2 (and insurer cannot change the policy terms)
- Up to $20,000 per month of individual coverage in this one policy
- Fixed premiums until age 65; coverage additions will increase the premiums
- The ability to increase coverage as your income rises annually (provided insured is not hospitalized, not disabled, and not collecting benefits) without further medical underwriting
Residents during training
By applying for coverage now, you can lock into this policy through age 65. If you wait 1-4 years to get coverage, you may pay substantially more for a policy. Even a small amount of coverage allows you to keep the discounts and apply for more coverage in this policy at a later date when your income rises. Provided you are eligible for benefits, we believe you should be protected during your training to the highest possible level.
Residents leaving WITHOUT group long-term disability (LTD) coverage
Many physicians have to provide their own long-term disability insurance. Additionally, many association plans do not offer non-cancelable coverage at fixed prices. This is one of the most important features of a policy for doctors because insurance companies, in some association plans, can cancel coverage or raise prices. You have a limited time to apply for this policy at discounted rates. You have the option to apply for more coverage in this policy (up to the maximum monthly issue limit) at the discounted rates as your income rises.
Through this offer, as long as premiums continue to be paid on time, the policy cannot be canceled or altered by the insurance company before age 65. If you do not know what your income will be or where you will work, you can still apply for this policy.
Residents leaving WITH group long-term disability (LTD) coverage from employer
Not all employers offer group LTD as a benefit. If they do, benefits payable under this group coverage would be taxable to you if your employer pays the premiums and you could still have a serious income deficit during a period of disability. The benefits payable under the individual disability income insurance policy are non-taxable because you pay the premium. By purchasing an individual disability income policy, you spend a small fraction of your income to help ensure that you have adequate income protection. As a disability income insurance policy is the cornerstone of your financial strategy, this is an important consideration. For higher income physicians, this policy will supplement your taxable group coverage and give you a higher possible net benefit, should you be eligible.3
Martin/Wight & Company, LLC 410-773-8373
1 This offer is subject to full underwriting. MassMutual reserves the right to rate, modify, exclude or decline coverage.
2 Riders are available at an additional cost except the Automatic Benefit Increase Rider and the Benefit Increase Rider which are available at no additional cost. Riders are subject to state availability.
3 This individual disability income insurance does not coordinate with your group long term disability coverage. Claim decisions are rendered independently of each other.
The information provided is not written or intended as specific tax or legal. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
Disability Income Insurance policies issued by Massachusetts Mutual Life Insurance Company, Springfield MA 01111-0001.Policies have exclusions and limitations. For costs and complete details of coverage contact me at the above number or call MassMutual at 1-800-272-2216 for a referral to an agent.
Securities, investment advisory and financial planning services are offered through qualified registered representatives of
MML Investors Services, LLC, Member SIPC. Insurance offered through Massachusetts Mutual Life Insurance Company and other fine companies.
Martin/Wight & Co., LLC is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies.
Supervisory office: 11350 McCormick Road, Executive Plaza IV, Suite 200, Hunt Valley, MD 21031 CRN # 202512-3502313