Like most physicians, you have life insurance. You know that it is a vital part of your financial safety net. Since many hospitals and large medical practices offer group life insurance as an employee benefit, many employed physicians have this type of policy. Signing up for group life insurance takes only a few moments - and sometimes it is an automatic benefit, requiring no input from you as the insured. This employee benefit is almost always provided to employees at no cost or at very low cost. Since obtaining group life insurance is so simple and affordable, it’s easy to see why 46% of all life insurance policies are group policies.Employer-provided life insurance is a valuable benefit; one you should not be without if it is available to you. Still, there are three important reasons why you as an employed physician should also consider supplementing your group life insurance with an individual life insurance policy.
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Individual Life Insurance…
...is portable. Perhaps one day you may need to relocate for personal reasons, are offered a better position with another employer, or decide to take on or change medical specialty. Whatever the case, chances are slim that you will stay with your current employer for your entire career. When you change employers, you might be able to convert your group policy to individual life insurance - but by that time, the cost of your premiums may have increased significantly. It is also possible that you may have developed a medical condition that may greatly raise your premiums (or make it impossible to obtain coverage at all.)
...will allow you to obtain more coverage. You may be able to purchase additional life insurance through your employer, but your insurer may have limits on the amount of coverage you can obtain. You may not be able to buy as much coverage as you really need if you are purchasing insurance through work, and the best time to buy individual life insurance always is before your next birthday, when you can lock in a more affordable rate.
...provides you with more options. When you buy life insurance as part of your employee benefits package, you have no say in the maximum amount of coverage your employer chooses. In the workplace, you won’t find the range of insurers, the types of coverage, and the policy options that you would find if you were to shop around for individual coverage.
Choosing the right life insurance coverage involves several variables, and requires careful consideration. The choices you have made in the past may no longer fit your current situation. How will you know whether you are properly protected?
A few minutes on the phone is all that is needed to determine whether you are properly protected with your current life insurance policy, or if adjustments are necessary. At TMA Insurance Trust, we honor the sacrifices you have made as a physician, and care about protecting you and your family. We’re here to help protect you and the ones you love. Reach out to one of our experienced, non-commissioned advisors for trustworthy advice.
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.