Most of us are familiar with the basic concept of life insurance: It provides your beneficiary with a payment if you pass away during the time you are covered.
But as you may know, there are different kinds of life insurance. For example, there is term life insurance and whole, or permanent, life insurance.
Most people – including physicians – appreciate the value of life insurance. It is generally considered an essential way to help provide for your family’s financial security when you are no longer here.
But recent research has uncovered a significant finding: 1 in 5 people feel they don’t have enough life insurance.*
So what is the stumbling block to getting more coverage? Many seem to believe that the process of trying to obtain more coverage would be a time-consuming hassle. As a result, physicians with demanding workloads may feel they just don’t have time to get the life insurance protection they need.
From a young age, you, like most physicians, began thinking about the future in a proactive way. You likely spent years planning your education and life course, and continued to work hard to achieve your goals so your future would be secure. Once your career began, you sought out financial guidance from trustworthy sources - after all, what is the merit in working hard if it doesn’t pay off in the long term?
If you’re like most physicians the life insurance policy you have from your employer or purchased early in your career hasn’t kept pace with the changes in your life. If you’ve married or divorced, started a family or recently had another child, bought a new home or incurred more debt, it may be time to re-evaluate your overall life insurance coverage.
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.
Life insurance – you hear about it often, yet it still seems like a confusing topic. With so many products, solutions and varying opinions, it can be difficult to decide which type of life insurance will best suit your needs and protect your family if the unexpected happens. As a Texas physician, the two main types of life insurance you should familiarize yourself with are Term Life insurance and Permanent Life insurance. Below you will find must-know information regarding both types, in addition to each policy’s pros and cons. Keep this information handy when it comes times to purchase your policy.
