Most physicians understand the vital need to protect their family with life insurance coverage. If something should happen to you, you want your family to be cared for financially - and you want the dreams you have for their future to come true. This principle applies to both parents, even if your spouse or partner is not the primary breadwinner.
Your spouse’s role in the family cannot be overlooked. He or she may do the bulk of the work at home: caring for the children, preparing meals, cleaning the home, running errands, and a laundry list of other tasks. The work is surprisingly time-consuming. According to Salary.com, in 2016, the average stay-at-home parent works for 92 hours each week at their domestic responsibilities. This role is worth an astonishing $143,102 in salary and overtime to your household!
If your spouse works outside your home as well, he or she may spend less time at home - but his or her salary for domestic responsibilities would still be worth $90,223.
An Unexpected Role to Fill
A hard working parent is invaluable to the family; he or she could never be truly replaced. But what would happen to your loved ones if he or she passed away? Your household must continue to function, and finding qualified help to replace your partner/spouse would be costly. If you experience such a loss, a life insurance benefit could provide the funds needed to retain the proper help to care for your children and home while you continue your work.
Considering the tremendous emotional burden your family would carry during such a loss, would it not be a comfort to know that there would be no additional financial strain to bear? Whatever your children needed in a material way could be provided with the guaranteed benefit of your spouse’s life insurance policy.
Taking the Time to Protect Your Whole Family
Though you and your spouse lead very busy lives, it’s very important to take the time to examine your financial footing. Together, you must ensure that, if the unthinkable happens, all of your family’s income - and any potential loss - will be adequately covered.
Because life insurance coverage protects your family in such a profound way, it is of vital importance to review your needs periodically. Please take a moment and reach out to us; we will give you practical help in reviewing your life insurance coverage to make sure your loved ones are truly protected.
Remember, as a TMA member you and your mate can get trustworthy advice from an experienced advisor who works for your best interests - not for a commission. If you have questions or concerns about your life insurance policy, or would like help in reviewing your coverage, we’re here for you.
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.