If you are a female physician, your personal achievement and hard work has come with an economic reward. Because you have a significant income, you likely play a prominent role in the lifestyle your family leads. You also bring financial stability to your household.
Because your family’s well being likely hinges on your income, life insurance protection plays an important role. But according to life insurance industry estimates, about 58% of men have life insurance, but only 48% of women are covered.* Do you have the life insurance you need to help protect your family’s future?
When people think of life insurance, they usually think of its traditional use; a mother and/or father provides for their children and surviving spouse in the event of their death. The truth is, life insurance can do more than that. Let’s discuss several situations in which women physicians like you can use life insurance in a smart way.
Life Insurance Can Help Pay off Student Loans
Medical students often take education loans to help pay for medical school, and many times, a family member co-signed the loan. If you still have outstanding medical school debt, if you should pass away, your co-signer may still have to repay your debt. Obtaining life insurance to cover your education loans would help ensure that your co-signer does not meet with financial disaster if something happens to you.
Life Insurance Helps Protect Children
If you are a single parent, life insurance may be necessary to ensure your child or children will be cared for. With term life insurance, you can obtain coverage that offers immediate protection, and helps provide financial resources for your loved ones’ needs if anything happens to you.
Life Insurance and Separation
Some female physicians are married and are the primary breadwinners for their respective families. If this is your situation – and your marriage ends – you may be required to pay spousal and/or child support. Life insurance may be a requirement as part of the settlement to help ensure your financial support will continue even if you pass away.
Life Insurance in a Medical Practice
Life insurance can be useful to a medical practice in multiple ways. At times, the practice partners will use life insurance to help ensure that business operations continue even if one of the partners passes away. The insurance benefit can be used to help repurchase the ownership share of the deceased partner or to pay for the cost of finding a replacement physician.
Another use is when a physician or a group of physicians open a new practice. They may need loans to fund the start-up, and many financial institutions will require that the principals in the business have life insurance in place to help ensure repayment of the loan if they pass away.
Life Insurance Made Simple for Busy Physicians
Some think that life insurance is a hassle to obtain and that the application process is time consuming. This is not true for the TMA Member Term Life Insurance Plan. The TMA Member Term Life Insurance Plan issued by The Prudential Insurance Company of America is offered exclusively to TMA members and is an affordable option from a nationally known carrier.
You can now apply for life insurance in ways that are faster than ever before.
If you are a TMA member under age 45, you can click the "Life Express" option below to apply for up to $500,000 of coverage with an instant decision.
If you are a TMA member under age 55, you can apply online for up to $1 million of coverage with simplified underwriting by clicking the "$1 Million Life" option below.
If you’d like more coverage or to learn about other plans from national carriers, our advisors are here for you. They’re available at 1-800-880-8181, 7:30 am – 5:30 pm CST Monday to Friday.
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.