--- title: "Life Insurance: Are Tough Times The Right Time For A New Plan?" description: Term life insurance can provide an additional financial safety net if something should happen to us and we are no longer here to provide support for our family. image: https://www.tmait.org/hubfs/March%202021/March_2021_Week_2_Life.png --- - [800-880-8181](tel:800-880-8181) - [CONTACT US](https://www.tmait.org/contact) - [SELF-SERVICE PORTAL](https://tmait.aebsys.com/#/) [![](https://www.tmait.org/hs-fs/hubfs/TMA%20Insurance%20March%202019/Image/logo.png?width=197&name=logo.png)](https://www.tmait.org/) Topics All Accident Insurance Accidental Death and Dismemberment Auto & Home Insurance Auto Insurance Business of Medicine Business Overhead Expense Insurance Comparing Insurance Providers COVID-19 FAQs Critical Illness Insurance Dental Insurance Disability Insurance Employed Physicians Family Featured Financial Advice Group Benefits Group Coverage Health Insurance Homeowners Insurance HSA Independent Contractor Independent Physician Individual Coverage Insurance For Good Insurance for Women Insurance Review Key Person Insurance Life Events Life Insurance Locum Tenens Medevac Insurance Medical Insurance Medical Practice Medicare Medicare Part D Medicare Supplement Medigap Nearing Retirement Office Overhead Expense Insurance Open Enrollment Personal Umbrella Insurance Pet Insurance Practice Management Practice Managers Practice Owners Prescription Drug Coverage Renters Insurance Residents Retired Physicians Retirement Short Term Disability Short-Term Medical Insurance Supplemental Hospital Indemnity Insurance Term Life Insurance Travel Insurance Vision Insurance Women Physicians Young Physicans Young Physicians ![](https://www.tmait.org/hubfs/March%202021/March_2021_Week_2_Life.png) [Life Insurance](https://www.tmait.org/blog/topic/life-insurance) # Life Insurance: Are Tough Times The Right Time For A New Plan? 13 March 2021 *Could it get any worse?* That’s what so many Texans are asking these days. With a crippling pandemic, a devastating storm and its disastrous aftermath, the people of Texas – certainly Texas physicians – have seen enough tribulation this past year. It’s become clear that our lives can change dramatically overnight as a result of circumstances over which we have little or no control. It is from this perspective that we might approach the topic of life insurance. ## Life Insurance – Immediate Financial Protection We may not know what tomorrow may bring – but term life insurance can provide an additional financial safety net if something should happen to us and we are no longer here to provide support for our family. Not many financial strategies can match the **immediate protection of term life insurance**. Once your policy is in place, your coverage begins and therefore *provides immediate financial protection for your family*. You do not have to wait years to build equity – as with other financial strategies like a savings plan or investment funds. Your family has financial protection from day one. That said, it is important to find the right plan – with the right coverage at the right cost – that works for you and your family. So here are a few considerations to bear in mind as you explore your options for life insurance. ## Your Employer-Provided Coverage May Be Limited Like many physicians, you may have some life insurance that is provided by your employer. As a result, you may feel you have “checked that box” in your portfolio of essential insurance coverage. Employer-provided life insurance, however, often comes with limitations. For instance, if years have passed since you first obtained your policy, it’s possible that your life has changed and your needs are more complex. If your family has grown, **you may need more coverage now than your original plan provides.** It’s a good idea to review your plan to see if you have enough coverage to provide for your family’s needs today. Unfortunately, with employer-provided life insurance, it’s not always possible to increase your coverage. If that’s the case, you may want to **consider getting your own personal life insurance plan.** [![We're here to help - CLICK HERE or call today](https://no-cache.hubspot.com/cta/default/400074/0c212510-cb80-44e3-b386-120b47b495f5.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/0c212510-cb80-44e3-b386-120b47b495f5)***[800-880-8181](tel:800-880-8181) 7:30 – 5:30 CST Monday – Friday*** ## A Personal Plan Has Advantages You can look for a personal life insurance plan that not only provides increased coverage but also fits your budget. One important benefit of a personal policy you might get outside of your employment is that **it will be portable** – so it can stay with you throughout your career and your life, whether you decide to remain employed, or choose to open your own practice. ## Get More Coverage To Help Cover Student Loan Debt If you do opt to get your own plan, you may want to consider the amount of your student loan debt – and whether or not there is a co-signer on your loan. If you have a co-signer on your loan, you should find out what the financial consequences would be for them if you are no longer here to make your payments. Depending on your loan situation – whether you have a federal, private, or state loan – a co-signer’s estate could be compelled to repay the loan if you are not here to do so. It’s a good idea to take into account your student loan obligations and who is responsible for repayment when choosing how much coverage to obtain. If your family helped you pay for medical school, you likely would not want to leave them saddled with responsibility for this debt. ## The Best Time To Buy – When You’re Young Something else to consider: If you are young and healthy, you’ll be able to get the most affordable rates on term life insurance – which means you'll be able to purchase more coverage. As an example: a female physician, age 35, can get $500,000 of term life Insurance from a top-rated carrier for $27.50 per month. Remember, the best time to buy life insurance is before your next birthday. ## Apply Now – Quickly And Easily It doesn’t matter whether your goal is to secure a significant amount of coverage, or to find the most affordable plan, TMA Insurance Trust can help. We can help you review your options from leading national carriers as well as **take advantage of time-saving opportunities.** We know that as a physician, you’re pressed for time. So we’ve made the process of getting life insurance fast and easy – so easy you can apply right now from your phone. - **If you are a TMA Member under age 45**, you can apply online for up to $500,000 of TMA Member Term Life and get an approval in minutes by clicking on the Life Express button below. - **If you are a TMA Member under age 55**, you can apply online for up to $1,000,000 of coverage with simplified underwriting by clicking on the $1 Million Life button below. If you need more coverage, you can **apply for up to $2,000,000 of TMA Member Term Life coverage** by contacting one of our experienced advisors. They can also provide quotes from a range of other top-rated national carriers. One thing you should know: our advisors do not work for sales-based commissions, so you will never feel any pressure or obligation. While we continue to live and work through challenging times, we want you to know that we are here to help you find the financial protection you want for your family. Get started now. You can call us at [**1-800-880-8181 **](tel:1-800-880-8181)or click on the appropriate button below. [![New call-to-action](https://no-cache.hubspot.com/cta/default/400074/e2415d11-417d-4b17-8c98-d3cbd616cebc.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/e2415d11-417d-4b17-8c98-d3cbd616cebc)   [![New call-to-action](https://no-cache.hubspot.com/cta/default/400074/a4090e2e-10e3-4b5c-9686-3995897667f0.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/a4090e2e-10e3-4b5c-9686-3995897667f0)   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. ** [ Life Insurance ](https://www.tmait.org/blog/topic/life-insurance) ** [**Previous Entries](https://www.tmait.org/blog/reducing-the-challenges-of-owning-a-medical-practice-group-benefits) [Next Entries**](https://www.tmait.org/blog/get-free-support-for-your-medicare-decisions) ## Recommended Posts ### [When “Easy Online” Life Insurance Wasn’t So Easy](https://www.tmait.org/blog/when-easy-online-life-insurance-wasnt-so-easy) ### [Do Online Life Insurance Promises Tell the Whole Story?](https://www.tmait.org/blog/do-online-life-insurance-promises-tell-the-whole-story) ### [Is Your Life Insurance Stuck in the Past?](https://www.tmait.org/blog/is-your-life-insurance-stuck-in-the-past) ### [Don’t Let These Coverage Gaps Surprise You in Retirement](https://www.tmait.org/blog/dont-let-these-coverage-gaps-surprise-you-in-retirement-medicare) ### [One Conversation Changed the Way She Thought About Life Insurance](https://www.tmait.org/blog/one-conversation-changed-the-way-she-thought-about-life-insurance) ### [Protect Your People and Your Plans from the Start with Life Insurance](https://www.tmait.org/blog/protect-your-people-and-your-plans-from-the-start-with-life-insurance) ### [Income Protection Insights for Locum Tenens and Contractors](https://www.tmait.org/blog/income-protection-insights-for-locum-tenens-and-contractors) ### [Protecting Your Legacy Starts with the Right Life Insurance Plan](https://www.tmait.org/blog/protecting-your-legacy-starts-with-the-right-life-insurance-plan) ## Speak with a TMA Insurance Trust Advisor: 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. 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