Permanent life insurance provides death protection for policyholders, but is it the right solution for all physicians?

Here are five reasons why physicians might want to obtain or keep a permanent life insurance policy:

For physicians, long-term disability insurance, also known as income protection, is one of the most important investments that can be made. No one wants to think about an unexpected illness or injury, but it is wise to arm yourself with the facts. Young workers today face a three in ten chance of being disabled before they retire, and medical problems are the reason stated in over sixty percent of the bankruptcy cases. In fact, the most startling statistic regarding disability comes from The National Safety Council, which states 498 Americans become disabled every ten minutes.

Health insurance offers more than just medical care; it offers peace of mind and reassurance. The harsh reality of the matter, however, is that even the best medical insurance plans can still leave you with expensive deductibles and co-pays, not to mention the unforeseen out-of-pocket expenses that can come with an extended hospital stay.

Insurance. If you’re a Millennial, the word probably evokes yawns and shrugs. But insurance is needed for many reasons in our lives. We purchase travel policies when we book a vacation. We insure our cars. But what happens when that car gets smashed by another car, sending you sideways into the landscape? Or the plane falls out of the sky? Or you get sick.

These are dramatic images, but they can happen. To anyone. At any age.

A stake in a business partnership is an amazing asset, but one that comes with responsibilities. What if you or a partner suddenly can’t work due to a disability? It usually makes sense for all parties to have an insurance-funded buy-sell agreement.

Not everyone needs medical evacuation protection, but if you’re a physician who travels, it may be a good idea. Tracey Hass, D.O., and husband, Tim Gueramy, M.D., of Austin, Texas are regular "pond-jumpers". Tracey is the volunteer medical director of the Miracle Foundation, an Austin-based non-profit. The job regularly sends her to India to provide patient care and to many emerging nations to assist with humanitarian efforts following natural disasters. Making the world a better place involves risk, so Tim and Tracy have learned to take precautions. 

No one likes to consider their own mortality.  But if you have a family or spouse who relies on your income as a Texas physician, set those feelings aside. Realizing the need for life insurance is an important first step, while qualifying for it is much more involved, as insurers evaluate each application based on a number of criteria, including age, lifestyle, profession, and health. If you're considering applying for life insurance in Texas, be aware that these health conditions listed below may affect your application, resulting in higher premiums or denial.

Life insurance policies are a critical element of a family’s financial plan. Selecting the right policy ensures your family’s well-being should the unexpected take place.