TMLT provides 10% additional dividend in response to COVID-19 crisis
April 17, 2020
TMLT policyholders will receive an additional 10 percent premium dividend credited to their accounts. The dividend — approved by the TMLT Board of Governors in an emergency meeting — gives immediate financial relief to TMLT policyholders hit hard by the COVID-19 public health crisis. The dividend will provide policyholders approximately $13 million of additional relief in 2020 premium.
The amount of each policyholder’s dividend will be based on his or her in-force premium amount as of March 1, 2020.
The dividend is designed to help physicians experiencing financial difficulties that come with shelter-in-place orders and directives to postpone procedures. “This is not business as usual,” says TMLT President and CEO Robert Donohoe. “Doctors are wondering how they’re going to stay in business. This dividend can offer some relief to the enormous pressure physicians are now facing.”
The COVID-19 special dividend is in addition to dividends previously declared for TMLT policyholders. The COVID-19 special dividend will be effective immediately and applied to their next premium invoice.
Since TMLT began its dividend program in 2005, TMLT policyholders have saved approximately $329 million.