If you are a physician who is employed by a medical center or other practice, you probably have life insurance as an employee benefit. But does your current policy offer enough coverage to provide the right financial insurance protection for your family? And as some employers cut costs, can you be sure that your benefit will remain? Will it be reduced or eliminated at some point in the future?

Even if your benefits are not at risk, employer-provided life insurance may not provide the right amount of coverage you would need to help protect your family if something happens to you right now. That’s why it may be the right time to look at your needs for life insurance. You can get a personal plan that is tailored to your unique needs; one that stays with you regardless of where life takes you.

Life insurance is a crucial part of a physician’s safety net, and many employed physicians receive this insurance as a no-cost benefit upon employment. If this is the case for you, there are three important reasons that you should supplement your employer’s group policy with your own life insurance coverage.

An individual life insurance policy…

… Is portable.

Most Texas physicians won’t stay with one employer for their entire career. This may be especially true because of the current economic climate due to the pandemic. If you leave your current position, you may be able to convert your group policy to individual life insurance, but by that time the cost could go up significantly. Or you may have developed a medical condition that could seriously raise your premium… or even make it impossible to get coverage.

… Offers more coverage.

You may be able to purchase additional coverage through your employer, but there may be limits on the amount available and you may not be able to buy as much coverage as you need through your work.  Also, if your health changes before you apply for more coverage, the rates may go up prohibitively; or you may be denied coverage altogether.

… May offer more options.

When you buy life insurance through work, you typically have no control over which insurer your employer does business with. As an employee, you probably won’t find the range of insurers, types of coverage and policy options that you would likely find if you were to shop around.

Get The Insurance Coverage You Need

By contacting a TMA Insurance Trust advisor, you can confirm whether or not the group coverage you currently have provides enough financial insurance protection for your family in your current situation.

If you are a TMA member under age 45, you can apply online for up to $500,000 of TMA Member Term Life coverage - and you may get approved in minutes. This coverage is issued by The Prudential Insurance Company of America, one of the country’s leading life insurance providers. Select the Life Express link below to apply online.

TMA members under age 55 who want more life insurance can also take advantage of our streamlined online application process. You can apply online for a total of up to $1,000,000 of TMA Member Term Life Insurance with simplified underwriting that includes just a few questions. Select the $1 Million Life link below.

If you have questions about your life insurance needs, or want more coverage, you have personal assistance available to you. Our licensed advisors are ready to help you. Contact us today at 1-800-880-8181.

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.