Like most professionals, many physicians think of life insurance as a crucial part of their safety net of personal protection.
And chances are, whether you work at a hospital or medical practice, life insurance is routinely offered as an employee benefit. In fact, basic life insurance is frequently provided at little or no cost to physicians by their employers.
In many cases, however, the life insurance you receive from your employer may leave holes in the very safety net that was meant to provide protection.
3 Reasons To Re-Think Your Coverage
When physicians are enrolled in a life insurance plan from their employer they often assume they are adequately covered. But there are three important reasons to consider the advantages of securing your own life insurance policy.
1. Your Life Moves, So Should Your Policy
Like most physicians, at some point, you will probably move on from where you are currently employed. At that time, you will want to think about life insurance once again. If you work for yourself that will mean getting your own policy.
Securing your own policy now can ensure that you won’t have gaps in coverage. Your insurance is portable and can travel with you throughout your lifetime. Whether you decide to stay employed or choose to open your own practice, your life insurance remains yours and you will stay covered. Also, there is no age limit, so you can keep your policy even after you go into retirement.
2. Have More Coverage When You Need It
As your career evolves and your family grows you may find that your standard of living changes and your expenses increase, in which case you may want to purchase more coverage.
Many employers offer the option to purchase additional coverage through their group plan. However, there may be limits on the amount available and you may not be able to buy as much as you need.
Also, as you get older, you could develop a medical condition that results in you being offered a very expensive premium or you might be denied coverage altogether.
If you apply for coverage when you are young and healthy, you are more likely to be approved and have a better chance of being accepted for a group rate. Having your own policy can help ensure that you have the coverage you need today – and tomorrow – for yourself and your family.
3. More Options Is Another Advantage
When you obtain life insurance through your employer, you frequently do not have a choice in carriers. You won’t find the range of insurers, types of coverage and policy options you might find if you were to explore your options independently.
Sorting through the questions, considerations and life insurance options that are available to you may seem challenging. It may seem easier just to stay with your employer-provided plan. But why take the risk that you and your family are not adequately covered?
A few minutes on the phone with a TMA Insurance Trust advisor can help you quickly determine what type and what amount of life insurance will best fit your needs.
Our advisors have years of experience helping young physicians make their best choices. And you should know that they do not earn sales-based commissions, so you will never feel any obligation or sales pressure.
Call Or Apply Online Now
If you have more questions about your term life insurance options, our advisors are ready to assist you.
Call now for a free consultation. Or you can apply online for TMA Member Term Life Insurance issued by The Prudential Insurance Company of America, a company that you may know and trust. You can click below to apply quickly and easily online.
TMA members under age 50 can apply online for up to $1,000,000 of coverage with simplified underwriting. If you need more coverage you can apply for up to $2,000,000 of coverage of TMA Member Term Life insurance by contacting one of our knowledgeable advisors.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.
Want to speak to an advisor? Complete the form below and we will reach out shortly.
*TMA Member Term Life coverage is issued by The Prudential Insurance Company of America, Newark, NJ. The Booklet-certificate contains all details, including any policy exclusions, limitations and restrictions, which may apply. Contract Series 83500