The MSMS Physicians Insurance Agency (PIA) offers life and disability insurance options for physicians and their staff.
Individual disability insurance is designed to replace a portion of a physician’s income if they become disabled due to an accident or illness and cannot perform their regular duties. A key option is “Own Occupation for the Entire Benefit Period” coverage. This means that if a surgeon, for instance, becomes disabled but could work as an internist, they would continue to receive their disability benefit as a surgeon.
Group short-term and long-term disability insurance allows employees to earn an income while sick, on maternity leave, or injured. Short-term disability typically provides a 3-to-6-month benefit period, while long-term disability has longer benefit options, usually from 6 months to 2 years, but can sometimes extend for 10 years or until retirement age.
Life insurance is designed to cover the life of an individual in the event of premature death. Benefits are paid to a designated beneficiary, often a partner or spouse, but can also be used for estate planning and charitable giving. Group life insurance is typically provided as a flat benefit amount for all employees or can be structured at one or two times an employee’s annual salary, with options for employees to purchase additional insurance for themselves or family members.
For more information or to request a quote, contact Dee Wheelock, Insurance Agent at 517-336-7591 or email [email protected].
