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When Do I Need Life Insurance?

This blog will discuss the benefits of having life insurance, the dangers of not, and potential options for physicians and doctors looking for coverage.

When Do You Need to Get Life Insurance?

At the start of each new year, many people look to purchase life insurance as many new company health and insurance plans go into effect. Other common times insurance include marriage, parenthood, retirement, or when they experience a significant change in income or employment status. It is important to review your family’s financial situation frequently to ensure optimal coverage if something happens to you or another household member.

Types of Life Insurance

When considering options, it is important to understand the different types of coverage available. Term policies are often more affordable than permanent ones but only provide for a set period (typically 10-30 years). Permanent policies offer lifetime coverage but tend to be more expensive than term policies due to their long-term nature. Others can be added onto either policy type for additional protection needs such as long-term or disability care.

If you’re wondering when you need life insurance, there’s no reason not to be prepared for any and all situations. Check out how PRS can help secure a wide variety of insurance plans for any of your needs.

Physician Insurance

Danger of Not Having Life Insurance

One of the potential risks associated with not having life insurance is a lack of financial security or support in times of difficulty or crisis. Otherwise your loved ones could be left without sufficient funds for hospital bills or funeral costs if something were to happen to you unexpectedly. Your family could also be vulnerable to potential creditors who may try to recoup any outstanding debts from them after your death. And those dangers are just to start with.

End-of-Life Expenses

People should not be left without the means to cover things like funeral costs, outstanding debts, and other financial obligations that may arise in the aftermath of a loved one’s death.

Lack of Educational Resources

If you are the primary provider for your family and you pass away without life insurance, your spouse or children may be unable to afford college or pursue other future prospects, limiting their opportunities.

Difficulty Maintaining Standards of Living

If the family breadwinner passes away, it can be difficult for the surviving family members to maintain their standard of living. The loss of income can hurt their ability to make ends meet. This can lead to financial hardship and stress harming the family’s overall well-being.

Benefits of Life Insurance for Doctors

Life insurance can provide peace of mind and financial stability for your loved ones in the event of an unexpected death, as well as more specific benefits outlined below:

Your Medical Practice

Life insurance can be used to fund buy-sell agreements in the case of a partner’s unexpected death in a medical practice. These ensure the practice can continue to operate and provide income for the surviving partners.

Accumulating Cash Value

Life insurance can be used to fund buy-sell agreements in the case of a partner’s unexpected death in a medical practice. These ensure the practice can continue to operate and provide income for the surviving partners.

Additional Coverage Plans

Life insurance can also provide additional benefits, such as accidental death and long-term care coverage, which can be particularly important for doctors and physicians who may be at a higher risk for accidents or illness.

Choose Physicians Life Insurance With PRS Today

Everyone needs life insurance, including doctors and physicians. It’s especially important for individuals in these roles to consider their unique needs when choosing a life insurance policy, in order to work with a financial advisor to ensure that the right coverage is in place.

PRS helps physicians plan for unexpected events by providing consultative services to select life insurance options. By exploring and determining the best fit, we ensure your loved ones have the resources they need to maintain their financial status in the event of your passing. As your needs change, we adjust your coverage to align with your short and long-term goals. Whether you’re a medical student or a practicing physician, PRS is here to guide you through the process and secure the necessary benefit amount. Give us a call today to plan your future.

Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

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Chris Fullbright – FINANCIAL ADVISOR

Chris brings experience in financial services and the perspective of a successful entrepreneur who has launched several businesses. With over a decade in the industry, he has served as both an advisor and in a management role coaching new advisors. Chris attended the University of Georgia and Texas State University and graduated with a Bachelor of Applied Arts and Sciences.

He currently holds many financial services licenses and designations including FINRA Group One, Series 6, Series 63, Series 65, Series 7, ARPC, and Certification in Long Term Care (CLTC). In his free time he enjoys being involved in the local community through organizations such as Comfort Crew for Military Kids. Chris is also an active member of Austin Christian Fellowship Church, and enjoys spending time there as well as reading, fishing, and going to sporting events. He is happily married to Monique with two wonderful sons. In addition to serving physicians, Chris specializes in working with special needs families.

Kevin Burris – PARAPLANNER

Kevin received his BA and MBA from Indiana University, earned the Certified Financial Planner (CFP) designation from the University of Georgia, and Retirement Income Certified Professional (RICP) designation from the American College. Kevin is looking forward to helping physicians live their best life. Kevin enjoys spending time on the lake with his wife, playing golf, and watching Indiana University sports.

Michael Kohles – AGENT

Michael attended Lake Michigan College and Siena Heights University, graduating magna cum lade with a Bachelor of Business Administration, with a major in Finance and minor in Marketing. Michael has been in the financial services industry since 2015 and has experience with multiple insurance verticals. Michael is excited to help physicians achieve their financial goals by providing insurance solutions. Michael is married to Erin and has 4 children. Michael also enjoys reading, golfing, playing poker, learning, and traveling.

Erin Kohles – UNDERWRITING PROCESSOR

Erin supports our advisors and clients during the insurance underwriting process in multiple ways. On a given day, she helps by processing applications, tracking and following up on open cases, and answering client questions. She appreciates the part she plays in helping clients prepare for the future, and she strives to make the process as simple and efficient as possible.

Erin has been in the insurance industry for two years and brings with her six and eight years of experience in accounting and quality control, respectively. She graduated from Ball State University and has her life & health and property & casualty insurance licenses. In her free time, she enjoys cheering on her two boys who play basketball, soccer, and baseball; traveling with her husband; and playing with their Yorkie, Mingo.

Gabriela Chavez – ANALYST

Gabriela supports PRS’s advisors and client services team in a variety of ways, including updating our planning software, communicating with clients, and helping develop financial plans. Gabby sees it as a privilege to assist the hard-working, talented clients PRS serves, and one of her favorite things about her role is the opportunity to continually learn and grow alongside our team.

Gabby is currently double-majoring in accounting and finance at the University of the Incarnate World in San Antonio, and she plans to sit for her Certified Financial Planning exam in the fall of 2022. Before transferring to UIW, she attended the University of Texas Rio Grande Valley in Edinburg, Texas. Gabby was born in Germany and is Mexican American. She loves to travel and has visited 11 different countries. She has a five-year-old pug named Penny.

Erin Anderson – CERTIFIED PUBLIC ACCOUNTANT

As a certified public accountant, Erin is a valuable part of our tax division at PRS. She enjoys working with our advisors to develop tax-efficient strategies, and she strives to provide clarity for every client she serves. Erin started her career as an accountant after graduating from Oklahoma State University in 2012 with a master’s degree. She earned her CPA license in 2018. Erin and her husband have two little boys, and they love spending time outdoors as a family and watching OSU football.

Alex Simmons – BUSINESS DEVELOPMENT

Alex oversees Business Development at Physician’s Resource Services. She works with each department to assist in continually improving PRS so we remain a leading competitor in the industry. Alex graduated from Texas Tech University with a Bachelor of Business Administration in Energy Commerce. She is a Texas native who loves to spend her free time traveling and taking her pup, Teddi, to the dog park.

Karli Allen – PARAPLANNER

Karli brings four years of financial services industry experience with her to Physician’s Resource Services. As our firms paraplanner, Karli assists in on boarding new financial planning clients, gathering financial data, and meeting preparation. She holds FINRA Series 6, Series 63, and Series 65 licenses along with her insurance license. Karli is a graduate of The Master’s University in Santa Clarita, CA, and has a business degree with emphases in accounting, finance, and management. She and her husband, Jamisen, recently moved from Southern California and live in Leander, TX. Outside of the office, Karli enjoys photography, traveling, and exploring new coffee shops in the Austin area.

Jennifer Khan- UNDERWRITING SPECIALIST

Jennifer is an Underwriting Specialist at Physician’s Resource Services, with an extensive background in customer service and administration. Jennifer grew up in Texas, graduated from Southeast Missouri State University with a BFA in Theatre, and spent six years in Chicago performing sketch and improv. She is a graduate of the Conservatory Program at The Second City and iO Chicago. Jennifer and her husband, Qamar, moved to Texas with their dachshund mix, Dobby, to be closer to family, sunshine, and good BBQ.

Cheryl Breeden – OFFICE MANAGER

Cheryl is the Business Manager for the firm and a licensed service assistant. She graduated from the University of Texas at Austin with a Bachelor’s Degree in Business Administration. She has years of experience in the areas of process management, customer service, benefits, and insurance. Cheryl has three girls — Ashley, Hannah, & Olivia. She brings this experience to our firm where she manages the underwriting and service process. She also manages the business operations for the firm.

John C. Jackson IV – ASSOCIATE FINANCIAL CONSULTANT

John is an agent from Austin, TX, a graduate of Westlake High School and The University of Texas at Austin, with a Bachelor’s Degree in Economics and a Minor in Business Administration. While at UT, John was a 2-Time Captain and 4-Time All-Conference performer for the men’s lacrosse team. While away from the office, John coaches with the Westlake Youth Lacrosse program and volunteers with Austin’s Young Men’s Business League, and Austin Sunshine Camps.

Paul Smith, CFP® ChFC® MSFS – FINANCIAL ADVISOR

Paul has helped his clients in financial, business, and estate planning for over 10 years. Paul is a graduate of Texas State University, with a Bachelor’s Degree in Psychology. He has also completed the extensive studies necessary to earn the Certified Financial Planners (CFP®) and Chartered Financial Consultant (ChFC®) designations. Paul is actively involved in the community through his volunteer work and service on Community Action Board for the Helping Hand Home for Children. Paul is married to Heather and they have two children, Nyla and Hazel.

Richard Cunningham – MANAGING DIRECTOR

For 30 years, Richard has been helping clients reach their financial goals with sincerity and integrity. He works with GME program administrators, individual physicians and their families to help doctors achieve financial security. Richard is a graduate of the University of Texas at Austin, with a Bachelor’s Degree in Economics. He studied in Paris at the Sorbonne. Richard supports numerous charitable organizations, is actively involved in Austin Recovery, and he participates in the Leukemia Lymphoma Society as a survivor of CML. Richard is married to Adrienne with two children, Raven and Coates.