If you’re like most physicians the life insurance policy you have from your employer or purchased early in your career hasn’t kept pace with the changes in your life. If you’ve married or divorced, started a family or recently had another child, bought a new home or incurred more debt, it may be time to re-evaluate your overall life insurance coverage.
Whether you require a supplemental policy of $250,000 or a primary policy of a few million dollars, it pays to obtain adequate coverage while you’re young and healthy to avoid paying higher premiums later.
Here’s why our members prefer Level Premium Term Life coverage:
1. Premiums Won’t Increase; Benefits Won’t Decrease for the Term of the Policy
The advantage of level premium term life over a traditional term life policy is that premiums don’t rise for the entire term selected. Your TMA Insurance Trust advisor will gather quotes from multiple A.M. Best “A and A+” rated insurance companies. Not all carriers guarantee that the rate and benefit amount will remain level, so it’s good to have an advocate on your side.
2. Premium Rates Are Locked In at the Age You Apply
You can save money by enrolling early, preferably before your next birthday. Premiums are based on your age and state of health. The younger you apply the better, since you can lock in a lower rate for the term you prefer: 10, 20 or even 30 years. Depending on the amount of coverage you buy and the term selected, savings can be significant in contrast to regular term life insurance. You’ll never be surprised by a rate increase as you age.
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3. Coverage That’s Tailored to Your Needs and Budget
The amount of life insurance coverage you need requires careful planning and knowledge of your unique situation. Some experts say that the old rule of thumb: obtaining coverage that equals 10 times your annual income is far too general. When determining the right amount of life insurance, you’ll have to assess projected income, debt and expenses. These may include:
• mortgage and car payments
• household, medical and educational expenses
• college and higher education tuition
• a secure retirement for your spouse
• funds to settle your estate, taxes and final expenses.
4. No-Hassle Approval Process
TMA Insurance Trust licensed advisors can help you determine the right amount of coverage, finding the best options and rates available. They’ll do the research and paperwork necessary to make sure you’re fully covered and approved.
What’s more, they know the questions to ask that may qualify you for a simplified application process, one that doesn’t require a medical exam. And because our advisors don’t work on commission, they’re unbiased. There’s no incentive to sell you more coverage than you actually need. And, no obligation or sales pressure, ever! Services are provided free of charge as a benefit of membership.
5. Option to Convert to a Permanent Policy
Before your coverage ends, you may want to convert to permanent life insurance. This type of policy isn’t based on a term of coverage. It provides a death benefit when you die—even if you live to be 100. A TMA Insurance Trust advisor can help you decide whether to consider a policy with a conversion option, maintain your current policy or self-insure.
There’s never been a better time to fully protect your assets and loved ones. Whether you’re purchasing a primary policy or supplementing existing coverage, level premium term life may be the right type of life insurance at your stage of life. Don’t delay; ask your TMA Insurance Trust advisor to assist you in locking in an affordable rate now, before your next birthday.
Texas Medical Association Insurance Trust is a full-service insurance agency with over 60 years of experience helping Texas physicians protect their families, their assets, practice and practice staff. Whether you are buying your first life insurance policy or looking to supplement the coverage you have, TMA Insurance Trust is uniquely qualified to help you secure the best possible coverage at the best possible rate.
