As a physician, protecting your family with the right amount of life insurance isn’t a simple point and click operation. Inputting an income amount into a calculator will give you the estimated coverage for that income level. But It won’t account for any debt, savings or other risks. And it doesn’t look at your unique lifestyle, your goals or your future income.
Your local agent works on commission and may have a great sales pitch for certain types of policies. But there’s a risk: paying too much for the wrong type of policy. Or not getting the coverage your family needs, when they need it most.
A Better Approach: Unbiased Expert Advice
As a TMA member, you’re entitled to the services of a trusted advisor who works for members, not on commission. Highly trained insurance specialists, our advisors understand the complex financial issues you face.
Although your income may start out low over the course of your career, you’ll be among the highest paid in the nation. You may also have more debt than the average person because you’ve borrowed money to attend medical school or start a practice. An advisor can help you determine how much life insurance is necessary to offset any debt and protect your assets at every stage of your personal and professional life.
A Customized Strategy For Protecting Wealth
Creating a strategy starts with the vision you have for yourself and your family. You may want to buy a home and start a family. Down the road, you may have dreams of traveling abroad, owning a vacation home or retiring early. Providing for your children’s education or elderly parents may also be an important part of your plan.
Asking The Right Questions Leads to The Best Strategies
Talking to a TMA Insurance Trust advisor can help identify those areas of your life that are vulnerable to risk. If something should happen to you, your family would lose a significant source of income and their lifestyle would change drastically. Your intentions for protecting your family’s goals and dreams, as well as assessing the size of your estate are important steps in the planning process.
Here Are Some Important Questions We Can Help You Answer:
- Does the group life policy you have from your employer provide your family with sufficient coverage, if they could no longer depend on your income?
- Are you paying too much for your current life insurance? And does it provide adequate coverage?
- Would your current life insurance protect a family member who co-signed your medical loan?
- What role should life insurance play in your estate planning?
- If you’re planning on acquiring enough wealth so you don’t need to buy life insurance, when do you think you’ll attain that level of wealth? Does a short-term policy make sense until you reach that goal?
- What if one of your partners becomes ill or passes away, would you have the funds to keep the practice financially secure?
Life insurance planning for Texas physicians is as unique and complex as each one of you. Don’t hesitate to call us to discuss these questions and more. Our advisors are here to assist you with all your life insurance needs, personal or business. Remember, this service is a benefit to members. There’s no obligation or sales pressure.
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.