We understand your primary motivation to obtain physician disability insurance is most likely to protect your loved ones. We also understand you want to care for your loved ones even after your passing. You may think of us for disability insurance, but we also have extensive experience with term life insurance. Here’s a quick overview of term life insurance, and why you may want to consider both types of insurance at the same time.
Term life insurance offers protection for a specific number of years with level premiums for that term period. Your Death Benefit is also guaranteed never to decrease as long as you pay the required premiums. Most insurance carriers will offer a 1, 10, 15, 20, 25 and 30-year term period, but you must also be eligible for that term period, which is determined by your age.
Term life insurance is a very cost effective way to cover a shorter term need, but it is also a very flexible policy. Over time you are also able to convert your term insurance policy into a permanent one that never terminates. Converting your term life policy can help preserve the life of the policy rather than going through your term period and having your premium cost increase.
Term life insurance can help your family with a number of financial debts and below is just a small list;
*Pay off mortgage
*Repay credit cards debts and car loans
*Provide funds for college
*Repay business loans and debts
*Pay estate taxes
*Supplement other life insurance
Matthew Defelice wrote a post explaining why you may want to consider getting physician disability and life insurance at the same time, and, if you already have them, examples of times when you would want to have them reviewed. You may read his post here, “Consider Physician Disability and Life Insurance at the Same Time.”
With 20 years of experience, our office can help you find both a disability and term life policy that is most suitable for you. Contact us today.