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Disability & Life Insurance

Disability Insurance

Disability income insurance can make up the difference between the money you need to replace your lost income and what other programs will give you (social security, savings, etc.)

Massachusetts Medical Society Special Membership Discount

Members of the Massachusetts Medical Society are automatically eligible for a discount of up to 40% off premium rates for individual coverage. This coverage is true "own occupation" guaranteed non-cancelable coverage that you own. You cannot obtain this coverage at this price on your own or through any other broker. Female doctors will benefit greatly from unisex rates.

Policies can be customized with all optional riders. Remember, private disability benefits are usually tax-free. Consider extending the time between when the disability occurs and when you start receiving benefits. Choosing a 90- or 180-day waiting period instead of a 30-day waiting period can lower your cost substantially.


Life Insurance

Disability income insurance can make up the difference between the money you need to replace your lost income and what other programs will give you (social security, savings, etc.)

Traditional Life Insurance

  • Term Life insurance provides protection for a specified period of time. It has no cash value but carries lower premiums. (Can be purchased with options to convert to permanent life.)
  • Whole Life provides cash value, a portion is guaranteed by the insurance company.
  • Universal Life policy cash value buildup is tied to interest rate performance.
  • Survivorship Life insures two lives and is suited for paying estate taxes on death of the second spouse.

Variable Life Insurance

Cash value is invested among a variety of sub accounts allowing for more potential growth than traditional life insurance policies. There is a tax advantage in that the earnings are not subject to federal income taxes while they remain in the policy. Access to cash value is available through tax-free loans. Loans and withdrawals do, however, reduce the death benefit and cash value of the policy by the amount of any outstanding loan and/or any interest owed. Beneficiaries receive death benefit free of federal income taxes. However, cash value of a variable life insurance contract is not guaranteed. Variable Life offers permanent protection.

Contact PIAM

  • Telephone Numbers
781-434-7525 Insurance All Departments
781-434-7398 Medigap, MMS Member Benefits, Health, Financial Services, and Long-Term Care
  • Fax Number
  • 781-434-6929