Your income provides a strong financial foundation for you and your family and life insurance can be one of your biggest allies in helping to keep that foundation secure. However, according to life insurance industry estimates, about 58% of men have life insurance but only 47% of women are covered.* To appreciate the value of life insurance for you as a physician, it’s important to understand all the various ways it can help you as your career progresses.
How Life Insurance Helps Women Physicians
Life insurance can help ensure that your financial obligations are covered should anything happen to you. Perhaps you, like many physicians, needed to take out education loans to help cover schooling costs. Many times a family member co-signs on these loans. If anything happens to you, that family member may still be required to repay your loan. Life insurance can assist in paying that debt, thereby helping to protect your co-signer from a sudden financial burden.
If you’re a single parent or primary caregiver, life insurance becomes even more of a necessity. Life insurance can help make sure there are financial resources in place to continue care for your children, in-laws, or parents in the event of your passing.
Are you a partner in a medical practice? If so, owning life insurance can help ensure your practice can continue to operate smoothly even if a partner should pass away. The practice can own life insurance policies on each partner and make itself the beneficiary. Alternately, each partner can own a policy on every other partner. If your partner dies, the death benefit can be used to buyout the deceased partner’s ownership share of the practice. The funds could also be used to help cover the costs associated with recruiting and hiring a replacement. Life insurance can help protect you and all partners involved, so it’s important to meet and discuss all available coverage options. If this situation applies to you, please contact a TMA Insurance Trust advisor.
If you want to open a new practice, either on your own or with a group of physicians, a loan may be needed to fund your start-up. Most financial institutions require the principals on the loan to have life insurance in place as security for payment should one pass away before the loan has been repaid in full.
Assess Your Needs and Apply for Life Insurance
Whether you receive life insurance as a benefit of your employment, or you have your own coverage, as your life changes and your career advances, it’s important to periodically reassess your coverage. One of the best ways to determine if you have adequate financial protection is to schedule a consultation with a professional insurance advisor. At TMA Insurance Trust, our licensed advisors are ready to provide you with a complimentary consultation.
The TMA Member Life Insurance Plan issued by The Prudential Insurance Company of America can give members the coverage they need. As a professional woman, your premium may cost up to 20% less than those of your male colleagues. TMA members under age 45 can apply online for $750,000 of coverage and get an instant decision. Or members under age 60 can apply online for up to $2 million of coverage with streamlined underwriting--all in the privacy and comfort of your home.
As a full-service insurance agency, we offer other term life insurance options for all physicians in Texas. Our advisors stand ready to assist you with a no-cost, no obligation consultation Monday through Friday, 8:00 to 5:00 CST.
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.