BMT Insurance Advisors specializes in implementing holistic insurance plans for medical professionals and medical practices, including: nurses, dentists, fellows, and medical students. These programs aim to educate these professionals about potential liabilities that could lead to losses in their day-to-day work. The plans within these programs can provide these professionals an alternative to achieve their financial goals and objectives in the event of death or disability.
These insurance plans include two insurance products that are key for asset protection and income replacement: life insurance and disability insurance.
Life Insurance for Physicians & Medical Professionals
There are two primary types of life insurance: term life and whole life insurance. Both forms of life insurance provide for dependents and can address a number of additional financial concerns following the death of the insured; such as transfer of business assets, estate cost mitigation, establishing a trust, and building wealth.
Term Life Insurance: Also referred to as “temporary life insurance,” Term Life insurance provides life insurance coverage for a predetermined amount of time, typically measured in years.
Whole Life Insurance: Also known as “permanent life insurance,” Whole Life insurance provides coverage until the insured passes away. Whole Life policies additionally build up cash value as they age, and what this cash value can be used for depends on the type of policy.
Each type of coverage comes with its own benefits. Term Life policies are attractive to those who wish to have comparably lower premium costs for the desired death benefit. The coverage provided is temporary, so it is an attractive option for people wishing to have coverage for a set period of time as they get their financial affairs in order, achieve a life milestone, or build up their savings. Whole Life provides a guaranteed payout, and its accumulated cash value could be borrowed against, withdrawn and used, applied toward premium costs, or simply left alone to grow.
Disability Insurance for Physicians & Medical Professionals
Residents and fellows are typically looking ahead to a well-planned, rewarding future career, and physicians and other medical professionals have established careers and lifestyles that they are looking to protect. If someone falls seriously ill, is injured or is otherwise unable to perform his or her duties, disability coverage comes into play to alleviate the financial impact.
This program includes both short-term and long-term disability coverage. Our professionals will work with medical professionals to determine the necessary coverage, certain occupational-specific benefits and rates, and what constitutes a disability (as well as the distinction between total and partial disabilities).