We’ve become used to it by now – those little messages that pop up on our cell phone or computer. The notices that tell us it’s time for an update.
We often ignore them because we have more important matters at hand. But sooner or later, we bite the bullet, click on the button, and let the update begin. We do this because, in the long run, we know that updating our system is necessary.
When it comes to life insurance, we may not get a pop up message, but periodically it’s a good idea to review our coverage to see that it’s up to date for our needs.
When Should You Re-Evaluate Your Coverage?
As time passes, it’s natural that your personal and professional life evolve. You have started your own practice, and chances are, you’ve gotten married and started a family. You might have even moved into a bigger home.
Any change in your life is a good opportunity to review your current life insurance plan. If you purchased life insurance a while ago – or received it from a previous employer – the coverage you have now may no longer be adequate for your current needs. Here are a few questions you may want to ask to see if your life insurance could use an update.
For many people, getting married and raising children is a motivating factor for purchasing life insurance. If you purchased a plan previously you’ll want to be sure that your coverage is sufficient to maintain the quality of life your family has become used to today. If your monthly expenses have increased since you took out your current plan you may want to increase your coverage.
It’s also important to think about education for your children. You will want them to be provided for if you are not here to provide income. If your family has grown, or many years have passed since you obtained your current policy, be sure you have coverage to help provide the future you would want them to have.
Is My Practice Properly Covered?
Your life insurance portfolio should not only comfortably provide for your spouse and children, but also cover the needs of your practice.
For example, if you currently work with a partner or partners in a group practice, it can be agreed that life insurance be purchased for each partner. That way, in the event of the death of a partner, the funds to purchase their share of the practice from the heirs would be available to the remaining partner(s). If you do not already have a “plan of succession” in place for your practice, now is a good time to begin that process.
Where Do I Stand With My Loans?
Many independent practice owners may be responsible for both personal and professional loans. If you took out a student loan when you were younger, you may want to consider what the financial consequences would be if you were no longer available to make payments.
Was there a co-signer who would be responsible to repay the loan? You likely want to be sure you have enough life insurance coverage to help ensure that your student loan obligations are not a burden to others in your absence.
Also, if you and your partner(s) have taken out a loan to improve your practice, getting proper life insurance coverage can be a practical way to help each partner guarantee that their portion of the loan will be paid if something happens to them.
Sorting Through The Questions
Life insurance planning can raise many personal and professional questions. The answers will depend very much on your individual situation and needs.
Whether you wish to supplement your existing life insurance, or obtain new coverage, our experienced advisors are here to help. They can help you determine the most suitable type of life insurance for you and your practice, as well as what could be the appropriate amount of coverage.
Apply Online – Quickly And Easily
At TMA insurance Trust our goal is to make it easier for our members to get the insurance coverage they need. So we offer the following options:
TMA members can apply online for *TMA Member Term Life insurance issued by The Prudential Life Insurance Company of America. Simply click below. Applying online is fast and easy. Members under age 50 can apply for up to $1,000,000 of coverage with simplified underwriting.
Alternatively, you can apply for up to $2,000,000 of *TMA Member Term Life Insurance coverage issued by The Prudential Insurance Company of America, by contacting one of our knowledgeable advisors.
When you speak with a TMA Insurance Trust advisor it’s important to know that they do not work for sales-based commissions – so their advice is unbiased and is offered without obligation or sales pressure.
We invite you to contact us for a free consultation. You can call us 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.
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