--- title: Until You Have Enough Savings, You Need Life Insurance description: You may question the need for more life insurance simply because you believe you’ll have enough savings, if something should happen to you. image: https://www.tmait.org/hubfs/June%202017/Originals/bigstock-Happy-loving-family-Pretty-yo-168333854.jpg --- - [800-880-8181](tel:800-880-8181) - [CONTACT US](https://www.tmait.org/contact) - [SELF-SERVICE PORTAL](https://tmait.aebsys.com/#/) [![](https://www.tmait.org/hs-fs/hubfs/TMA%20Insurance%20March%202019/Image/logo.png?width=197&name=logo.png)](https://www.tmait.org/) Topics All Accident Insurance Accidental Death and Dismemberment Auto & Home Insurance Auto Insurance Business of Medicine Business Overhead Expense Insurance Comparing Insurance Providers COVID-19 FAQs Critical Illness Insurance Dental Insurance Disability Insurance Employed Physicians Family Featured Financial Advice Group Benefits Group Coverage Health Insurance Homeowners Insurance HSA Independent Contractor Independent Physician Individual Coverage Insurance For Good Insurance for Women Insurance Review Key Person Insurance Life Events Life Insurance Locum Tenens Medevac Insurance Medical Insurance Medical Practice Medicare Medicare Part D Medicare Supplement Medigap Nearing Retirement Office Overhead Expense Insurance Open Enrollment Personal Umbrella Insurance Pet Insurance Practice Management Practice Managers Practice Owners Prescription Drug Coverage Renters Insurance Residents Retired Physicians Retirement Short Term Disability Short-Term Medical Insurance Supplemental Hospital Indemnity Insurance Term Life Insurance Travel Insurance Vision Insurance Women Physicians Young Physicans Young Physicians ![](https://www.tmait.org/hubfs/June%202017/Originals/bigstock-Happy-loving-family-Pretty-yo-168333854.jpg) [Life Insurance](https://www.tmait.org/blog/topic/life-insurance) # Until You Have Enough Savings, You Need Life Insurance 10 June 2017 You may question the need for more life insurance simply because you believe you’ll have enough savings, if something should happen to you. But building a nest egg takes time, especially when you have a mortgage to pay, a family to support and medical school loans to pay off. ## Protecting Your Family's Future As your family’s dreams take shape, debts and expenses will undoubtedly continue to rise. If the unexpected should happen, you’d want your spouse to be able to pay the bills and maintain your family’s quality of life without your income. That’s why it’s important to review and adjust your life insurance coverage periodically. As you near retirement and accumulate more assets, you can consider reducing the amount of life insurance you hold. ## Extra Security: Immediately and Affordably The time to buy life insurance is when you’re young and healthy. For example, If you decided to buy a $1,000,000 level premium term life insurance policy at age 37, it could cost you as little as $500 a year for a 20-year policy. Ask yourself, with today’s low interest rates and market volatility, could you save $1,000,000 and guarantee it would be available when your family needed it most? ![June Week 2 Infographic- Value of Term Life (1).png](https://www.tmait.org/hs-fs/hubfs/June%202017/June%20Week%202%20Infographic-%20Value%20of%20Term%20Life%20(1).png?width=280&height=700&name=June%20Week%202%20Infographic-%20Value%20of%20Term%20Life%20(1).png) ## Preserving Your Financial Plan Your untimely death could put your family’s future plans at risk. The money you put aside for retirement and your children’s education would have to be liquidated to pay living expenses. With life insurance your investments can be preserved for your family’s future, as you intended. [![We're here to help - CLICK HERE or call today](https://no-cache.hubspot.com/cta/default/400074/0c212510-cb80-44e3-b386-120b47b495f5.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/0c212510-cb80-44e3-b386-120b47b495f5) ***[800-880-8181](tel:800-880-8181)*** ***7:30 – 5:30 CST Monday – Friday*** ## How Much Life Insurance do You Need? As a rule, the guideline for the proper amount of life insurance coverage is approximately 5 to 10 times your annual income. A TMA Insurance Trust Advisor can help you calculate the right amount of life insurance based on your family’s individual needs and goals. ## How Much Does it Cost to Run Your Household? Your estimate should include the yearly cost of mortgage and car payments, medical bills, credit card debt, medical school loans and childcare expenses, to name a few. You’ll also want to consider the future. Will your child want to go to graduate or medical school? Is there a vacation home or fairytale wedding in the cards? In summary, the more you have invested in life, the more you’ll need life insurance. It’s necessary to protect your financial plan, at least until your family is grown, your mortgage and loans are paid off, and you’ve saved enough money to settle your estate and leave a legacy to your heirs. [![New Call-to-action](https://no-cache.hubspot.com/cta/default/400074/eb481af3-01db-43fe-a4f7-52d45ae7522b.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/eb481af3-01db-43fe-a4f7-52d45ae7522b) TMA Insurance Trust is a full-service insurance agency with over 60 years of experience helping Texas physicians protect their assets, family and practice. Advocating for members, TMA Insurance advisors offer unbiased information and strategies, along with exclusive group rates on a range of the highest-rated plans in the industry. And since advisors don’t work on commission, there is never any obligation or sales pressure. ** [ Life Insurance ](https://www.tmait.org/blog/topic/life-insurance) ** [**Previous Entries](https://www.tmait.org/blog/texas-physicians-is-your-disability-insurance-coverage-discriminating-against-you) [Next Entries**](https://www.tmait.org/blog/tma-alliance-members-help-in-securing-your-familys-future-life-insurance) ## Recommended Posts ### [When “Easy Online” Life Insurance Wasn’t So Easy](https://www.tmait.org/blog/when-easy-online-life-insurance-wasnt-so-easy) ### [Do Online Life Insurance Promises Tell the Whole Story?](https://www.tmait.org/blog/do-online-life-insurance-promises-tell-the-whole-story) ### [Is Your Life Insurance Stuck in the Past?](https://www.tmait.org/blog/is-your-life-insurance-stuck-in-the-past) ### [Don’t Let These Coverage Gaps Surprise You in Retirement](https://www.tmait.org/blog/dont-let-these-coverage-gaps-surprise-you-in-retirement-medicare) ### [One Conversation Changed the Way She Thought About Life Insurance](https://www.tmait.org/blog/one-conversation-changed-the-way-she-thought-about-life-insurance) ### [Protect Your People and Your Plans from the Start with Life Insurance](https://www.tmait.org/blog/protect-your-people-and-your-plans-from-the-start-with-life-insurance) ### [Income Protection Insights for Locum Tenens and Contractors](https://www.tmait.org/blog/income-protection-insights-for-locum-tenens-and-contractors) ### [Protecting Your Legacy Starts with the Right Life Insurance Plan](https://www.tmait.org/blog/protecting-your-legacy-starts-with-the-right-life-insurance-plan) ## Speak with a TMA Insurance Trust Advisor: ### Latest Post ![A New Alternative for Group Health Insurance](https://www.tmait.org/hubfs/July%202026/July%202026%20Week%201%20-%20Group%20Health.png) ### [A New Alternative for Group Health Insurance](https://www.tmait.org/blog/a-new-alternative-for-group-health-insurance-group-benefits) Jul. 04 2026 ![Why Going It Alone on Group Health Coverage Costs Your Practice](https://www.tmait.org/hubfs/June%202026/June%202026%20Week%204%20-%20Group%20Health.png) ### [Why Going It Alone on Group Health Coverage Costs Your Practice](https://www.tmait.org/blog/why-going-it-alone-on-group-health-coverage-costs-your-practice-group-benefits) Jun. 27 2026 ![Dental Insurance and the Habits It Helps Shape](https://www.tmait.org/hubfs/June%202026/June%202026%20Week%203%20-%20Dental.png) ### [Dental Insurance and the Habits It Helps Shape](https://www.tmait.org/blog/dental-insurance-and-the-habits-it-helps-shape) Jun. 20 2026 ![Unexpected Doesn't Have to Mean Unprepared This Summer](https://www.tmait.org/hubfs/June%202026/June%202026%20Week%202%20-%20Accident.png) ### [Unexpected Doesn't Have to Mean Unprepared This Summer](https://www.tmait.org/blog/unexpected-doesnt-have-to-mean-unprepared-this-summer) Jun. 13 2026 ### POPULAR TOPICS - 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