3 Built in Benefits AMA Disability Insurance Policy Has

Earning a physician’s income after college, medical school, and residency is very rewarding for the amount of study and training you’ve put in.

But would you be able to live the lifestyle you desire if you couldn’t earn your physician’s salary any longer?

AMA Disability insurance is one of the most effective strategies to safeguard your financial interests. With complete AMA disability insurance coverage, you can get a portion of your income even if you cannot work due to illness or injury.

Physicians should understand the significance and usefulness of ama physician disability insurance. However, simply owning it isn’t enough; you must also have a policy with the correct provider.

This article will detail the built-in benefits of AMA disability insurance.

Disability Insurance Premiums

One of the most appealing aspects of AMA disability insurance is that it is one of the most reasonable policies available. Despite its inexpensive monthly rates, it lacks many of the benefits of comparable insurance. That lack of additional coverage may cost you significantly more money in the long run.

Insurance rates differ depending on various characteristics, including age, gender, specialization, current health status, and the state where you live and work. They also vary depending on how much coverage you want (the more you require, the more you pay).

The AMA does make its approach more enticing by granting substantial discounts, particularly to AMA members. AMA members can save 35% on their first year of premiums. Non-member physicians can receive a 15% discount.

For more info about insurance claims and risks, please visit our page.

Elimination Period

You can select an elimination period in all disability insurance policies. This is the time between when you became ill or wounded and when you became eligible to receive benefits.

The AMA policy allows you to select an elimination time ranging from 60 to 365 days. Other insurance companies have elimination periods ranging from 30 to 720 days.

The shorter the time you select, the more your monthly insurance price will be. This is common practice in the industry. You’ll have to pay extra monthly if you want to start receiving benefits as soon as possible following your accident. A longer period can lower your monthly premiums, but you will have to wait longer to get benefits.

Residual Benefit for Part-time Work

AMA provides a residual benefit for those who work part-time. This suggests that changing from working full-time to working part-time may allow you to retain some of the benefits of your previous employment.

Most insurance carriers offer this benefit (and make it easier to become eligible). To qualify for this AMA benefit, you will need to make a job change that will reduce at least 20% of your previous salary.

Conclusion

AMA insurance payments for disability insurance help to receive those benefits if you cannot work in your current job due to illness. And the only way to achieve it is to purchase insurance that includes the real own-occupation definition of disability, which is AMA Disability Insurance.

AUTHORED BY:

Naomi Olson [Website • Twitter • Headshot]

I am a CFP® (Certified Financial Planner).

I have a severe phobia of bridges and dirty balance sheets.

Hobbies: blogging, meditation, and loving Bull Market (my dog).