Term life insurance is the preferred choice of life insurance coverage for many physicians. It offers a straightforward and uncomplicated approach, providing immediate protection to your loved ones upon approval. Compared to whole life or permanent life insurance, term life plans are less complicated and more economical.
The advantages of term life insurance extend beyond safeguarding your family and leaving them a legacy should something happen to you. Consider some ways term life insurance can help provide more security in other aspects of your life.
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A Flexible Financial Tool
Term life coverage offers both valuable and adaptable financial support. Term life insurance can:
- Protect those who have co-signed your education loans. Many physicians secured financing for college and medical school by taking out loans. If you had co-signers and something were to happen to you, your loan would default to them. Making them your beneficiary can help ease their financial responsibility.
- Provide collateral to help secure a loan to open a practice. Physicians looking to establish their own practice will likely need financing. Most banks and financing companies now require the physician to have a life insurance policy that names them the beneficiary should the physician pass away to ensure the loan will be repaid.
- Help protect your business interests when practicing with partners. Shrewd physicians consider what would happen to their practice if a partner passed away. If this occurs, you may end up in partnership with the deceased partner’s spouse or family members who will now participate in how the practice is run. If the partners have taken out life insurance policies on each other, if one dies, the other is the beneficiary and will receive the funds necessary to buy out the heir’s interests. This can keep your practice running smoothly during the transition period.
- Protect your assets from estate taxes. TMA Insurance Trust can offer physicians in their 70s a ten-year, level term policy with some underwriting required. This option may work for you if you plan to use life insurance to help mitigate estate taxes.
A TMA Insurance Trust advisor can help you determine which term life plan is best for you and your needs. Take advantage of their decades of experience and get unbiased guidance and advice to help protect what matters most to you. Call 800-880-8181, Monday through Friday from 8:00 to 5:00, CST.
For over 65 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.