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.
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:
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.
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.
You’ve acquired assets over the years, investing time and money in your career. Among those assets are your life and health insurance policies. Unfortunately, these policies tend to wind up on the back burner when preparing for a divorce, which can be a time-consuming and draining experience.
That responsibility includes taking care of your family under all circumstances, so updating your insurance policies should be right at the top of your family planning list. Getting everything squared away before baby arrives will help to avoid any last-minute surprises.
This quick-start guide helps you to determine what kind and how much life insurance you will need in order to ensure that your family is financially protected against the unthinkable.
The following primer answers common questions about permanent life insurance policy loans and will help determine whether a policy loan is a good idea for you.
