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Life Insurance

Life insurance – protect the ones you love.

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The topic of life insurance can bring about a range of emotions and an influx of questions. For some, the various types of life insurance policies available may seem confusing and for others, the topic of death is uncomfortable. As a Texas physician with a family and/or assets to protect, purchasing a life insurance policy is a tangible way to protect and care for your loved ones, in addition to securing their lifestyle and resources.

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What Type of Life Insurance Do You Need?

One of the most common questions asked on this subject is which type of life insurance policy should be purchased. While Term Life and Permanent Life policies have different benefits, both are valuable products that can protect your family in their time of need. Here is what you need to know about each insurance solution:

Term Life Insurance

  • Affordable
  • Protects you and your family for a specified time frame – generally anywhere from 5 to 30 years.
  • Recommended product for anyone wanting to protect their family from financial hardship in the event of an untimely death.
  • Product of choice during times when protection needs are higher than normal, for instance, when starting a family.

Permanent Life Insurance

  • Builds life-long insurance protection that can never be canceled by the carrier, as long as premiums are paid.
  • Builds a cash value, allowing loans to be taken against the policy.
  • Ideal for anyone with a long-term need for insurance, and those who want to accumulate cash value.

Life Insurance Statistics

  • According to LIMRA, 132 million Americans rely on life insurance to protect their financial security. Fifty-one percent of policy owners state the money will be used for burial and other final expenses, 34 percent state the policy will be used to replenish lost income to their family, and the remaining 26 percent purchased the policy to help pay off their mortgage should an untimely death occur.

  • LIMRA also states many consumers miscalculate the cost for a policy, believing it to be much higher than its actual cost. In fact, consumers incorrectly estimated a policy costing $160 per year at $400.

How Much Life Insurance Do You Need?

When determining how much life insurance you will need, experts set 5 to 10 times your annual income as a guideline, however, other factors need to be weighed.

First, assess your family needs and consider the amount of money required each year in order for your household to run smoothly.

Make a list of current debts such as outstanding credit cards, medical bills and mortgage balances.

Determine expenses for funeral bills, burial costs and other final expenses.

Consider future monetary obligations from determining your policy amount. These include college tuition, wedding costs, living expenses and so on.

Tally your current resources (401k, IRAs, bank accounts) against the above-mentioned costs to help determine the correct amount of life insurance you will need.

How We Can Help

With fewer than half of Americans up to the age of 64 having a life insurance policy in place, many families are being left unprepared should an unexpected death occur.

TMA Insurance Trust’s expert advisors specialize in exclusively providing insurance solutions for Texas physicians. Let us help you determine which type of policy best suits your needs and budget. We will shop dozens of available carriers, all trusted names in the industry, in order to correctly match you with the right coverage.

A Few Words from Our Customers

“Working with [your advisor] has been the most positive experience we have ever had with an insurance agent.”

Dr. Trent Stephenson

“You’ve been great through this whole process and we really appreciate it.”

Dr. Kevin Cook

“I want you to know I'll never forget your promptness and efficiency, but even more, your kindness.”

Judy Werner

“I think you went above and beyond usual customer service. You were very compassionate and understanding. This has been a very stressful time for my family … know that you make a difference in people’s lives..”

Martha Clower

Get complete coverage to go with your life insurance.

TMA Insurance Trust provides comprehensive coverage for all of your personal insurance needs as a Texas physician. Consider exploring these related product types to ensure your coverage portfolio is complete.