Life insurance may be the last thing on your mind, if you’re a medical student, resident or young physician just starting out. Since you have few, if any dependents, you may think it’s a waste of money. Yet young physicians like you, in Texas and around the country, are starting careers with more financial risks than any previous generation of physicians.
Most residents and new physicians are now carrying six figure student loans. According to the latest statistics for 2015, the average medical graduate from UT Health Science Center at Houston is burdened with $117,381 in student debt. Life insurance can help protect against the financial risks of such large student loan debt.
But life insurance isn’t just for you. Life insurance can protect those you love from a financial catastrophe. Sending someone to medical school is often a family project. Parents, grandparents and other relatives often happily co-sign medical school loans as a way to help lower your interest rate and support your dreams.
What would happen to your family’s life savings and retirement plans if suddenly they had to repay your medical school debt? Here are some important facts to consider:
While federal student loans are discharged at death, private and some state loans are another matter.
Depending on state property laws, the co-signers estate can be forced to repay the loan. If that were to happen, your siblings, aunts, uncles and other relatives could lose all or part of their inheritance to pay off your debt.
A lifeline you can’t afford to be without. Whether married or single, every medical student, resident and young physician with any amount of student loan debt needs to think seriously about life insurance. If you are married or have dependents, the need is even more urgent.
The good news is, because you are young, you can buy life insurance at rates that make older physicians green with envy. How can you know which insurance is best and how to lock in the great low rate you now qualify for? As a TMA member, your membership entitles you to a free, no obligation consultation with a licensed insurance advisor who specializes in the needs of medical students, residents and new physicians.
As a physician, you've devoted countless hours and made some tough decisions to get where you are. Now make a very easy decision to help protect yourself, your family, and your future. Call us today and let us create a plan just 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.