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Until You Have Enough Savings, You Need Life Insurance

Jun 10, 2017 7:00:00 AM

You may question the need for more life insurance simply because you believe you’ll have enough savings, if something should happen to you. But building a nest egg takes time, especially when you have a mortgage to pay, a family to support and medical school loans to pay off.


Protecting Your Family's Future


As your family’s dreams take shape, debts and expenses will undoubtedly continue to rise. If the unexpected should happen, you’d want your spouse to be able to pay the bills and maintain your family’s quality of life without your income. That’s why it’s important to review and adjust your life insurance coverage periodically. As you near retirement and accumulate more assets, you can consider reducing the amount of life insurance you hold.


Extra Security: Immediately and Affordably


The time to buy life insurance is when you’re young and healthy. For example, If you decided to buy a $1,000,000 level premium term life insurance policy at age 37, it could cost you as little as $500 a year for a 20-year policy. Ask yourself, with today’s low interest rates and market volatility, could you save $1,000,000 and guarantee it would be available when your family needed it most?


Preserving Your Financial Plan


Your untimely death could put your family’s future plans at risk. The money you put aside for retirement and your children’s education would have to be liquidated to pay living expenses. With life insurance your investments can be preserved for your family’s future, as you intended.


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How Much Life Insurance do You Need?


As a rule, the guideline for the proper amount of life insurance coverage is approximately 5 to 10 times your annual income. A TMA Insurance Trust Advisor can help you calculate the right amount of life insurance based on your family’s individual needs and goals.


How Much Does it Cost to Run Your Household?


Your estimate should include the yearly cost of mortgage and car payments, medical bills, credit card debt, medical school loans and childcare expenses, to name a few. You’ll also want to consider the future. Will your child want to go to graduate or medical school? Is there a vacation home or fairytale wedding in the cards?


In summary, the more you have invested in life, the more you’ll need life insurance. It’s necessary to protect your financial plan, at least until your family is grown, your mortgage and loans are paid off, and you’ve saved enough money to settle your estate and leave a legacy to your heirs.




TMA Insurance Trust is a full-service insurance agency with over 60 years of experience helping Texas physicians protect their assets, family and practice. Advocating for members, TMA Insurance advisors offer unbiased information and strategies, along with exclusive group rates on a range of the highest-rated plans in the industry. And since advisors don’t work on commission, there is never any obligation or sales pressure.


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Topics: Life Insurance, Disability Insurance

Posted by the TMAIT Team